FAST FOOD MARKET ANALYSIS

Fast Food MarketSize and Trends

The global fast food market size was valued at US$ 745.8 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 4.6% from 2023 to 2030. The rapid industrialization and urbanization worldwide are key factor driving fast food market growth. Additionally, the growing disposable income of consumers is again expected to support the market growth during the forecast period. The major players in the fast food market are focusing on increasing the efficiency of their operations to reduce operating costs and increase profitability. They are investing in technology and automation to streamline their processes. In addition, they are focusing on marketing and advertising to enhance their brand visibility in the global market. All these factors are projected to propel the market growth.

Global Fast Food Market Trends:

Emergence of new fast food outlets

The emergence of new fast food outlets is a key factor driving the market. These outlets offers a range of dishes such as burgers, pizzas, sandwiches, pastas, and more. They also offer different services, such as food deliveries and drive-through facilities. Additionally, many of these outlets are offering healthy foods that promote better health and aid in weight loss. The growing popularity of fast food delivery apps like Swiggy and Zomato is further fueling market growth.

Growing number of merger and acquisition in the market

Some of the key players are adopting merger and acquisition to promote their products in the global fast food market. In March 2023, Rebel Foods, a Pune-based cloud kitchen operator, has acquired master franchise rights to operate Wendy’s restaurants in the country.