Global Fast Food Market Report, published by Variant Market Research, forecast that the global market is expected to reach $850.6 Billion by 2024 from $556.1 Billion in 2016, growing at a CAGR of 5.5% from 2016 to 2024. By geography, RoW and Asia-Pacific are expected to grow at a CAGR of 7.9% and 6.1%, respectively, during the forecast period.
"Fast Food Market (By Product Type: Burger/Sandwich, Chicken, Pizza/Pasta, Asian/Latin American Food, Sea-Food, And Other Foods; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors fueling the growth of the global fast food market include growing fast food chains, rising rate of women employment rate, rapid pace of urban life, changing food habits, and increasing disposable income. Growing health consciousness among consumers could hinder the growth of the market. However, advanced technologies in fabricated foods and customization would provide growth opportunities for market players in the forecasted period.
The global fast food market is bifurcated into product type, and geography. Product type is further categorized as burger/ sandwich, chicken, pizza/pasta, Asian/Latin American food, sea-food, and other foods. Among all the types of fast food, the Asian/Latin American food is the highest revenue generating segment with maximum market share in 2016. While, burger/sandwich is expected to witness fastest growth rate during the forecast period.
By geography, the fast food market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America and Asia-Pacific accounted for majority of the market share in 2016 with 45.9% and 29.9%, respectively. Whereas, RoW is anticipated to dominate the market with fastest CAGR, driven by high disposable income and investment friendly environment.
Major players operating in this market include Kentucky Fried Chicken, McDonald’s, Domino’s Pizza Inc, Pizza Hut, Burger King, Dunkin’ Brands Group, Inc., Papa John’s Pizza, Subway, International Dairy Queen, Inc., and Wendy’s International Inc., among others.