The global fast food market size was USD 862.05 billion in 2020. The market is projected to grow from USD 972.74 billion in 2021 to USD 1,467.04 billion by 2028 at a CAGR of 6.05% during the 2021-2028 period.

This information is published by Fortune Business Insights™, in its report titled, “Fast Food Market, 2021-2028.”

According to our analysts, the chaotic lifestyles among millennial and extending working populations across the globe have played a vital role in the ingestion of fast-food. This, in turn, has elevated the demand and supply of the same.

COVID-19 Impact

Lockdowns in Prime Markets for Food Service Industry amid COVID-19 to Hamper Market Growth

The fast foods market faced an exponential decline in sales owing to the lockdown triggered by COVID-19 pandemic. The impact on the foodservice industry was distressing in the first half of 2020. With full-service restaurants, QSRs and pubs being closed for on-premise services, combined with the struggle that several establishments are facing to keep their businesses running, the market is witnessing mixed growth signals.

List of Key Players Covered in the Report

McDonald's (Minnesota, U.S.)
Burger King (Florida, U.S.)
Wendy's (Ohio, U.S.)
Domino's (Michigan, U.S.)
Pizza Hut (Texas, U.S.)
Papa John's International, Inc. (Kentucky, U.S.)
Little Caesars (Michigan, U.S.)
Chipotle Mexican Grill (California, U.S.)
Dunkin (Massachusetts, U.S.)
Wallace, Fujian Food Co., Ltd. (Fujian, China)
Browse Complete Report Summary:

https://www.fortunebusinessins....ights.com/fast-food-

The important players embrace numerous tactics to boost their position in the market as dominating companies. One such prominent tactic is procuring companies to boost the brand value among users. Another fundamental stratagem is intermittently presenting groundbreaking products with methodical review of the market as well as its target audience.

For example, in October 2021, Burger King extended its U.S. menu with a plant-based version of nuggets, called, “Impossible Nuggets” and the countrywide LTO launch of Ghost Pepper Nuggets. The chain will be termed as the prime quick-service restaurant to examine nuggets from Impossible Foods when the product unveils in Boston, Des Moines, Iowa, and Miami.

Industry Development

September 2021: Papa John’s International entered in a domestic franchisee progression deal in the U.S. with franchisee operator Sun Holdings in the U.S. As per the terms of the contract, Sun Holdings is set to launch 100 novel stores throughout Texas by 2029.