Fast Food Market to Top $931 Billion Worldwide By 2027
A new report predicts the global fast food market will surge to more than $931 billion by 2027 at a combined annual growth rate of 4.6%. The report from Dublin, Ireland-based Research and Markets attributes the growth to an increase in number of fast food restaurants, rise in number of working women, tech-savvy ordering options, rise in demand for international cuisines, and change in consumer taste and preference.
But the report also cautions that factors such as high setup cost of restaurants and rise in health concerns among fast food consumers are expected to hamper the growth of this market. Furthermore, the rise of fast casual food is forecasted to negatively affect the fast food market growth.
- The fast food market size was valued at $647.7 billion in 2019 and is estimated to reach $931.7 billion by 2027, growing at a CAGR of 4.6% during the forecast period.
- By type, the Asian/Latin American food segment is estimated to witness the fastest growth, registering a CAGR of 3.4% during the forecast period.
- In 2019, by end-user, the QSR segment held the highest share, accounts for 42.59% of the global fast food market share.
- In 2019, the U.S. was the most prominent market in the North America region and is expected to grow at a significant CAGR throughout the forecast period.
The full report can be found at www.researchandmarkets.com.
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