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Global Fast Food Market to Grow at a CAGR of 6.2% During 2022-2027, Aided by the Rising Prevalence of Online Food Delivery Apps

According to a new report by EMR titled, ‘Global Fast Food Market Report and Forecast 2022-2027’, the global market for fast food attained a value of about USD 617.9 billion in 2020. The market is further expected to grow at a CAGR of 6.2% between 2022 and 2027.

The global fast food industry is being driven by the heightened usage of online food delivery apps. With the rapid spread of the internet and the advent of the COVID-19 pandemic, consumers were increasingly utilising food delivery apps, as visiting brick-and-mortar restaurants was not viable due to the lockdown restrictions. Moreover, innovative strategies such as attractive discounts and a wide variety of options further contribute to the popularity of food delivery apps. In addition, creative recipes, cost-effective food, excellent flavours, and speedy services are some of the factors adding to the market growth.

The growing focus of the leading players in conceptualising innovative dishes by adopting varied cooking styles in order to attract consumers is expected to significantly catalyse the industry growth in the forecast period. In March 2021, Restaurant Brands International Inc (NYSE: QSR) announced the agreement of Popeyes, their subsidiary fast food chain, with Jubilant Foodworks Limited to develop and open Popeyes restaurants all over India, Bangladesh, Bhutan, and Nepal in the coming years. Another leading fast food chain, McDonald’s (NYSE: MCD), in May 2021, announced its collaboration with world-renowned South Korean Popstars, BTS, with an eponymous menu.  Such developments are expected to positively impact the growth of the fast food industry in the forecast period.

Market Breakup by Type, End User, and Region:

  • The market is divided based on type into pizza/pasta, burgers/sandwiches, chicken, Asian/ Latin American food, and seafood, among others.
  • On the basis of end user, the market can be distributed into full-service restaurants, quick service restaurants, and caterings, among others.
  • Region-wise, the global market for fast food can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for fast food is being driven by the rising popularity of internet-based food delivery apps.
  • The increased demand for cost-effective and speedy food services has significantly contributed to the market expansion.
  • In addition, increasing working population globally is also aiding the industry growth.
  • Moreover, the rising technological advancements and the innovations in the production of fast food are further propelling market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for fast food for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types, end users, and major regions of fast food.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global fast food market are Auntie Anne’s Franchisor SPV LLC, Cinnabon Franchisor SPV LLC, Domino’s Pizza (Jubilant FoodWorks Ltd.), Inspire Brands, Inc., Hardee's Restaurants LLC, and Firehouse Restaurant Group, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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