Dublin, Oct 21, 2021 (GLOBE NEWSWIRE) – The report “Fast Food Market, Global Forecasts, Impact of COVID-19, Industry Trends, by Product Type, End User, Growth, Business Analysis of opportunities “has been added to ResearchAndMarkets.com offer.
The global food industry has changed and grown over the decades to meet customer needs and consumer behavior. Therefore, fast food has found its roots in both developed and developing economies with the evolution of time, which is mainly accepted due to its quick availability and taste factor. Additionally, global suppliers have been successful in reaching new consumers through product innovations, rapid international expansion, and improvements in the dining experience. According to the publisher, the global fast food market will reach $ 884.56 billion by 2027.
Additionally, the global fast food industry is defined by a complex set of activities involving the sourcing, consumption and delivery of food products across the globe. The market revolves around burgers / sandwiches, pizza / pasta, chicken, Asian / Latin American cuisine, and seafood depending on the type. Among which Asian / Latin American food has been the most favorite fast food of consumers, due to its flavors and added ingredients in the products. However, the burger / sandwich attributed to increased consumer demand for tastes and preferences is expected to advance at a breakneck pace during the fast food market forecast.
Impact of COVID-19
By the end of 2019, due to the novel coronavirus outbreak, most consumers had started to avoid fast food restaurants to maintain cautious measures. In addition, operational disruptions in the hospitality and food and beverage industry, and supply chain disruptions due to the COVID-19 outbreak, have impacted the market. fast food in terms of income. Nonetheless, the sale is expected to rebound rapidly in the near future.
End user – Fast food restaurants are most favored by consumers
Further, the end users divide the fast food market into catering restaurants, fast food restaurants and catering. Quick service restaurants are the most popular among consumers, with the growing demand for affordable, fresh, tasty and attractive products. As a result, the need for quick service restaurants is increasing. The preservation of healthy and natural ingredients along with the maintenance of taste is also driving the growth of the quick service restaurant market. According to the analysis, the global fast food industry is expected to grow at a CAGR of 7.35% from 2020 to 2027.
By region – China and India dominate in fast food consumption
The global fast food market is analyzed in North America, Europe, Asia-Pacific, Middle East and Africa and South America in this report. According to the analysis, the Asia-Pacific region is expected to experience strong growth mainly due to increased urbanization, increased disposable income and demand for the Western way of life. Among the emerging Asia-Pacific economies, China and India dominate fast food consumption, due to their massive population and growing number of QSRs such as McDonald’s, Burger King, Wendy’s, Subway and Dunkin ‘Donuts.
Nonetheless, North America attributes the high consumption of fast food restaurants to the United States, Canada and Mexico. Consumers in the region are drawn to fast food with new flavors, textures and better nutrition. In addition, North America, due to increasing disposable income, fast-paced consumer lifestyles and growing female labor force, is supporting the fast food market. Additionally, in the era of COVID-19, digital payment is helping the fast food market to grow using contactless delivery options across the globe.
In addition, significant growth of fast food chains in Brazil and the rest of South America is expected to enhance the development of the fast food market during the forecast period. Plus, South American cuisine has opened up the market with bold flavors. The Middle East and Africa are expected to show sustainable growth with better living standards and discretionary income. According to this research study, the global fast food market size was valued at US $ 538.34 billion in 2020.
Analysis of key players
Companies featured in this report include Starbucks Corp., Papa John’s International Inc., Domino’s Pizza Inc., The Wendys Co.mino’s Pizza Inc, The Performance Food Group. Players in the fast food industry have adopted new product launch and increased business as a vital development tactic to expand their market share, increase profitability, and stay competitive in the global fast food market. For example, Starbucks offered the “Future Drive-Thru Concept” and Wendy’s also launched Spiced-Up Breakfast in January 2021 to increase its fast food market.
Main topics covered:
2. Research and methodology
3. Executive summary
4. Market dynamics
4.1 Growth drivers
5. Global fast food market
6. Market Share – Global Fast Food Restaurant Analysis
6.1 By product type
6.2 By the end user
6.3 By region
7. Product Type – Global Fast Food Market
7.1 Pizza / Pasta
7.2 Burger / Sandwich
7.4 Asian / Italian-American cuisine
8. End User – Global Fast Food Market
8.1 Full service restaurant
8.2 Quick service restaurant
9. Region – Global Fast Food Market
9.1 North America
9.4 Middle East and Africa
9.5 South America
10. Business analysis
10.1 Starbucks Corp.
10.1.2 Recent Development
10.2 Papa John’s International Inc.
10.2.2 Recent Development
10.3 Domino’s Pizza Inc.
10.3.2 Recent Development
10.4 The Wendys Co.mino’s Pizza Inc.
10.4.2 Recent Development
10.5 Performance food group
10.5.2 Recent Development
For more information on this report, visit https://www.researchandmarkets.com/r/1s6scx