The fast food is used for quickly providing customers with a fast and convenient food option. Fast food is a quickly prepared food option that is cheap and easily available. Convenience and taste are the main selling points of fast food.
According to Virtue Market Research The global fast food market grew from $610.66 billion in 2022 to $652.73 billion in 2023 at a compound annual growth rate of 6.9%. The main type of fast food services are: on premise, delivery, and take away.
The increasing number of restaurants is a key factor significantly contributing to the growth in the fast food market. The new advancement in online food delivery is a key trend gaining popularity in the fast food market.
Major companies operating in the fast food market are coming up with new ways to improve the online food delivery experience for customers. The notable countries covered in the fast food market reports are Australia, Brazil, China, France, Germany, Indonesia, Japan, Russia, South Korea, UK, USA.
Fast food market in Africa was valued at $30.8 billion and is projected to reach a market size of $62.44 billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 9.2%.
Nigeria’s fast food market is flavored with local spices and traditions. It’s a vast and diverse sub segment characterized by the incorporation of Nigerian cuisine into the fast food experience. Jollof rice, suya and pounded yam take their place alongside burgers, shawarma and fried chicken.
Fast food has often been discouraged due to its hazardous effects on health however in recent times there have been efforts being made to improve the nutritional content and healthiness of fast foods by adding healthy ingredients.
