by The fast food market has seen substantial growth over the past few decades through the availability of affordable and convenient meal options. Fast foods like burgers, pizza, tacos, fried chicken, and snacks are highly popular among consumers. However, with growing health concerns, fast food chains are introducing healthier alternatives made with natural and organic ingredients.
The global fast food market is valued at US$ 898.69 billion in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period between 2024 to 2031.
Key Takeaways
Key players operating in the fast food market are Epicurean, John Boos, Edward Wohl, San Jamar, SAGE, Neoflam, Catskill Craftsmen, Proteak, Carver Board, Virginia Boys Kitchens, Totally Bamboo, Lipper International, Madeira, Fackelmann, TOPULORS. Fast foods high in calories and fat content have led to rising obesity and lifestyle diseases. However, the demand for healthy fast food options with low calories, less fat and sugar is growing rapidly. Major chains are innovating their menus by introducing salads, wraps, burritos and proteins made with whole grains and plant-based ingredients.
The global Fast Food Market Trends is expanding aggressively worldwide. International chains are entering new markets in Asia Pacific, Middle East, Africa and South America. The availability of affordable delivery and takeaway options through online food ordering apps is fueling the growth. Fast food consumption is rising sharply in developing nations with growing disposable incomes and changing consumer lifestyles.
Market key trends
One of the key trends gaining momentum in the fast food market is embracing plant-based ingredients. Major chains have launched vegan burger and chicken patty options made from wheat, soy, pea or jackfruit in response to growing demand for sustainable packaged foods. Plant-based meat and dairy alternatives have similar taste and texture but are lower in saturated fat and calories. Their adoption allows fast food chains to cater to health-conscious, environmentally conscious consumers and vegetarians/vegans.
Porter’s Analysis
Threat of new entrants: Low start up costs and availability of resources lower barriers to entry in Fast Food Market.
Bargaining power of buyers: Large customer base with multiple options gives buyers high bargaining power in fast food market.
Bargaining power of suppliers: Established supplier network with specialized ingredients and logistics gives suppliers moderate power in fast food market.
Threat of new substitutes: Emerging healthy fast casual restaurants pose potential threat of substitution in fast food market.
Competitive rivalry: Major players compete intensely on pricing, promotions, brand loyalty and geographic presence in saturated fast food market.
Geographical Regions
North America accounts for the largest share of the global fast food market, both in terms of value and volume. Major food chains originated and grew rapidly in the US, driving early widespread popularity and consumption of fast food.
Asia Pacific region is poised for fastest growth in the fast food market over the forecast period. Countries like China and India are witnessing expanding middle class, westernization of diets, and proliferation of global and local fast food chains – resulting in surge in demand for fast, affordable and convenient food options.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
