The Fast Food Market is being driven by Increasing online presence of fast food vendors
The Fast Food Market is expected to grow at a CAGR of 3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 119.6 billion. The fast food market in the US experienced significant growth between 2022 and 2023, with the number of outlets increasing from 197,163 to 201,865. This expansion can be attributed to several factors, including the growing popularity of fast food culture among urban youth, the influx of people into urban areas, and the emergence of varied tastes and preferences for food and beverages. Notable players in the industry, such as Krispy Kreme Doughnuts and Dunkin Brands Group Inc., have capitalized on these trends, contributing to the sector's robust growth.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
204 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3% |
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Market growth 2025-2029 |
USD 119.6 billion |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
2.9 |
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Key countries |
US, China, Germany, Canada, India, South Korea, France, Japan, Italy, Brazil, UAE, UK, Spain, Mexico, US, Japan, China, Mexico, Germany, South Korea, India, UK, France, and Brazil |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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In the fast-food market, technology plays a pivotal role with advancements in restaurant tech, food tech, and various kitchen models like ghost, dark, virtual, and cloud kitchens. Delivery aggregators and food delivery platforms dominate the scene, offering meal kits and subscription services through food ordering apps. Mobile payment solutions and online ordering platforms facilitate data-driven decision making. Food safety certifications and handling regulations ensure quality, while restaurant industry trends include foodservice equipment, supplies, consulting, franchise development, food photography, food styling, and brand identity creation.
The global market for hotels, resorts, and cruise lines encompasses businesses involved in the operation of lodging establishments, resorts, and maritime vessels, including travel agencies, tour operators, and related services. According to Technavio, the industry's revenue is derived from the combined earnings of companies in casinos and gaming, hotels, resorts and cruise lines, leisure facilities, and restaurants. Key growth drivers for this sector include the expanding travel and tourism industry, with annual increases in international and domestic travelers from developing and developed economies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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