The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The fast-food market has experienced robust growth in recent years, with the market size surging from $295.03 billion in 2023 to $316.11 billion in 2024, showcasing a substantial Compound Annual Growth Rate (CAGR) of 7.1%. This expansion in the historic period can be attributed to dynamic shifts in consumer preferences and lifestyles, rapid urbanization, globalization, increased demand for convenience foods, and a rising working population.

Catalysts for Historical Growth

• Change in consumer preferences and lifestyles
• Rapid urbanization
• Globalization
• Increased demand for convenience foods
• Rise in the working population

Future on the Fast Track: Projected Growth

Anticipating continued strong growth, the fast-food market is expected to reach $412.53 billion in 2028, with a Compound Annual Growth Rate (CAGR) of 6.9%. The forecasted growth in the coming years is linked to factors such as rising consumer expenditure on food, rapid industrialization, an increase in the young population, a surge in disposable income, and overall economic growth. Noteworthy trends in the forecast period include the rise of plant-based options, the emergence of ghost kitchens, a focus on contactless ordering and payment, menu customization, and an emphasis on healthier menu options.

Future Trends to Watch

• Plant-based options
• Ghost kitchens
• Contactless ordering and payment
• Menu customization
• Healthier menu options

Fueling the Market: The Role of the Food Service Industry

The growth of the food service industry is expected to be a driving force behind the fast-food market’s continued expansion. The term “fast food” is synonymous with quick, on-the-go consumption, catering to busy lifestyles. This industry’s commitment to providing convenient, quickly prepared, and standardized meals aligns with the demand for efficient dining options. As of August 2023, the U.S. restaurant industry generated a staggering $898 billion in sales, marking a significant increase of $166.5 billion from the previous year.

Market Pioneers

• Auntie Anne’s Inc.
• Domino’s Pizza Inc.
• McDonald’s Corporation
• Yum! Brands Inc.
• Subway SA
• Starbucks Corp.
• … and many more.

Tech-Infused Innovation: AI-Powered Voice Ordering

Fast-food giants are uniting to streamline and enhance the customer experience through AI-powered voice ordering at drive-thru locations. Strategic partnerships between major companies, such as CKE Restaurants Holdings, Presto Automation, OpenCity, and Valyant AI, aim to boost accuracy, speed, and revenue while addressing staffing shortages. The introduction of AI-powered solutions like Presto Voice is transforming the drive-thru experience, providing a competitive edge, and ensuring improved service efficiency.

Read The Full Fast Food Market Report Here:
https://www.thebusinessresearchcompany.com/report/fast-food-global-market-report

AI Integration Highlights

• CKE Restaurants Holdings partnership
• Presto Automation, OpenCity, and Valyant AI collaboration
• Drive-thru automation for accuracy and speed

Expansion Moves: Restaurants Brands International Acquires Firehouse Subs

In November 2021, Restaurants Brands International made a significant stride in expanding its fast-food portfolio by acquiring Firehouse Subs for a substantial $1 billion. This strategic acquisition leverages Restaurants Brands International’s development expertise, global franchise network, and digital capabilities to propel Firehouse Subs into a global brand, further solidifying the company’s position in the fast-food market.

Strategic Acquisition Details

• Restaurants Brands International acquires Firehouse Subs
• Deal valued at $1 billion
• Utilizing global franchise network and digital capabilities

Market Dynamics: Segmentation and Regional Insights

The fast-food market is multifaceted, characterized by diverse service types, product offerings, and end-user segments.

1. By Service Type:
   • On-Premise
   • Delivery and Take Away
2. By Product:
   • Seafood
   • Latin American Food
   • Chicken
   • Sandwich
   • Burger
   • Pasta
   • Other Products
3. By End-User:
   • Quick-Service Restaurants
   • Fast-Casual Restaurants
   • Other End-Users

Regional Footprint

• North America led the fast-food market in 2023
• Asia-Pacific anticipated as the fastest-growing region in the forecast period

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The Fast Food Global Market Report 2024  provides an overview of the fast food market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The fast food market forecast analyzes fast food market size, fast food market share, leading competitor and their market positions.

The Table Of Content For The Fast Food Market Include:

1. Fast Food Market Executive Summary
2. Fast Food Market Segments
3. Fast Food Market Size And Fast Food Market Growth Rate
4. Key Fast Food Market Trends
5. Major Fast Food Market Drivers
……
25. Key Mergers And Acquisitions In The Fast Food Market
26. Top Fast Food Companies
27. Fast Food Market Opportunities And Strategies
28. Fast Food Market, Conclusions And Recommendations
29. Appendix

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