The global fast food products market was valued at USD 8.1 billion in 2022 and is expected to expand at a CAGR of 4.5% from 2023 to 2030. Fast food has become increasingly popular over the past few years, particularly among the younger population. Changing lifestyles, time-constraints, and the availability of ready-to-eat food items have made fast food a preferred option among consumers. Moreover, fast food outlets have been offering a variety of options and have been customizing their menus according to the needs of their customers. This has increased the customer base and is expected to drive the growth of the market.

The introduction of healthy options on the menus of fast food outlets is expected to propel the market growth. For instance, in April 2021, Burger King announced the launch of its new plant-based Rebel Whopper in the U.K. to meet the increasing demand for plant-based fast food options. Furthermore, increasing product innovations are also driving the growth of the market. For instance, in June 2021, McDonald’s launched its new McFalafel sandwich, which is made with a falafel patty and served with tahini sauce and fresh vegetables.

Furthermore, the increasing prevalence of snacking culture is driving the demand for fast food products. Moreover, the trend of convenience is also driving the demand for fast food products. Moreover, the increasing number of working-class people, who prefer to have meals outside, is expected to fuel the market growth. Additionally, the growing popularity of food delivery apps such as GrubHub and UberEats is further driving the growth of the market.

In addition, the growing trend of premiumization is expected to drive the demand for fast food products. For instance, in October 2021, Burger King launched its new premium burger, the Signature Range, which includes premium ingredients such as beef patties, bacon, cheese, and special sauces. Furthermore, the increasing number of food festivals and food events is also expected to drive the demand for fast food products. For instance, in June 2021, the first-ever fast food festival was organized in London, which featured a variety of fast food dishes from all around the world.

The hamburgers & sandwiches segment held the largest share of the market, accounting for 43.3% in 2020. The growing demand for fast food products, especially among the working-class population, is supporting the growth of the hamburgers & sandwiches segment. According to an article published by the University of Michigan, in December 2019, hamburgers & sandwiches are the most preferred meal among the working population as they are easy to prepare and do not require much time.

The snacks segment is expected to register the fastest growth rate of 5.6% during the forecast period. The increasing popularity of snacks among younger generations is driving the growth of the segment. According to a survey conducted by the University of Oxford, in June 2020, over 80% of young adults prefer fast food snacks over traditional meals. Furthermore, the increasing number of quick-service restaurants and the high availability of these products is positively influencing the growth of the segment.

The restaurants segment captured the major share of over 38.9% in 2022. The growth of the segment is mainly driven by the rising popularity of fast food restaurants among consumers. According to a study by National Restaurant Association in 2020, the demand for fast food restaurants is increasing due to convenience, affordability, and convenience. In addition, the availability of a wide range of products at low prices is a major factor driving the growth of this segment. Furthermore, the presence of loyalty programs and discounts offered by these establishments is also driving the growth of the segment.

The online segment is anticipated to expand at the highest CAGR of 13.4% over the forecast period. The growth of the segment is mainly driven by the rising adoption of online food delivery services among consumers. According to a study by Statista in 2020, the online food delivery market in the US reached a market value of US$12.4 billion in 2020. In addition, the availability of a wide range of products and discounts offered by online distributors is also driving the growth of the segment.

The quick-service restaurant (QSR) segment accounted for the largest revenue share of 57.3% in the year 2022. The increasing demand for convenient food options and the growing number of QSRs in developing countries are the key factors driving the growth of this segment. For instance, in March 2022, Yum! Brands Inc., the parent company of Taco Bell and Pizza Hut, announced the opening of 3,000 new restaurants in India over the next 10 years due to the increasing demand for fast food in the country.

The convenience store segment is expected to expand at the highest CAGR of 8.6% over the forecast period. Easy availability and a wide range of food items offered by convenience stores are making them popular among consumers, especially in developed countries such as the U.S. In addition, convenience stores also provide take-away and delivery services in some countries, which is increasing their popularity and contributing to the growth of the segment. For example, in April 2022, 7-Eleven Inc. launched a new delivery service in the U.S., which allows customers to order food from the store’s website and have it delivered directly to their doorstep.

North America held the largest share of the market in 2022, owing to the presence of prominent players and an increasing number of quick-service restaurants in the region. In addition, the development of innovative fast food products, such as plant-based burgers, has significantly driven the market growth in North America. For instance, in March 2022, Burger King launched the first plant-based burger, the Impossible Whopper.

Asia Pacific is expected to witness the highest growth in the coming years, owing to the increasing demand for convenient and cost-effective food products in the region. Rising disposable income in countries such as China is expected to drive the growth of the market in this region. Furthermore, the development of frozen fast food products, such as frozen pizzas, is expected to drive the market growth in the region. For instance, in April 2022, Nestlé launched the frozen pizza range in India.

In this part of the fast food products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your fast food products. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main sources of revenue for a fast food products business comes from sales of products, catering services, and franchising fees. Here you will find a list with a description of each of them and other possible sources of profit such as discounts, promotional offers, and loyalty programs.

Projecting Expenses
In this section, all the regular expenses related to keeping the fast food products business running will be described. The list of operating expenses includes rent, wages, ingredients, packaging, marketing, utilities, insurance policies, and others.

Some of the key companies operating in the fast food market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, McDonald’s Corporation launched its plant-based burger, the McPlant, in the US market.

– In August 2022, Burger King Corporation launched its vegan burger, the Impossible Whopper, in the US market.

– In December 2022, KFC Corporation launched a plant-based chicken sandwich in the US market.

Some of the prominent players in the fast food market include:

– McDonald’s Corporation
– Burger King Corporation
– Yum! Brands, Inc.
– Subway
– Wendy’s Company
– Domino’s Pizza, Inc.
– Starbucks Corporation
– Dunkin’ Brands Group, Inc.
– Taco Bell Corporation
– KFC Corporation

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global fast food products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Burgers
– Pizza
– Sandwiches
– Wraps
– Salads
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Fast-Food Restaurants
– Online
– Supermarkets & Hypermarkets
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Product Innovation in the Fast Food Market?
[A]: Fast food businesses are increasingly relying on product innovation and packaging designs to capture more market share. The expansion of product portfolios with healthier options is a key factor contributing to the demand for fast food. For instance, McDonald’s has introduced its McPlant line of plant-based products, while Burger King has launched its Impossible Whopper. Additionally, the use of biodegradable packaging materials such as cardboard and paper is gaining traction in the market.

[Q]: Who are the Key Players in the Fast Food Market?
[A]: The key players in the fast food market include McDonald’s Corporation, Yum! Brands Inc., Starbucks Corporation, Domino’s Pizza Inc., Dunkin’ Brands Group, Inc., KFC (Yum! Brands, Inc.), Subway (Doctor’s Associates Inc.), Papa John’s International Inc., Wendy’s Company, and Taco Bell (Yum! Brands, Inc.).

[Q]: What is the Market Outlook for Fast Food?
[A]: The global fast food market is expected to grow at a CAGR of 4.1% during the forecast period, 2021–2026. The market is anticipated to be driven by the growing demand for ready-to-eat meals, the increasing number of fast food outlets, and the growing demand for convenience food.

[Q]: What are the Factors Driving the Fast Food Market?
[A]: The main factors driving the growth of the fast food market are the rising disposable income and the changing lifestyles of consumers. Additionally, the increasing demand for convenience and ready-to-eat meals, the growing number of fast food outlets, and the increasing use of technology to enhance the customer experience are some of the key factors driving the market growth.