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Fast-food market to grow by $123.4B from 2022 to 2027
October 30, 2023
The fast-food market is estimated to grow by $123.43 billion from 2022 to 2027, according to a report by Technavio. The segment will grow at a CAGR of 3.28%, according to a press release.
The market includes North America, APAC, Europe, South America, the Middle East and Africa. The APAC segment accounts for 34% of the market growth during the forecast period. The report said APAC consumers' demand for convenient food options is increasing, and rapid urbanization is fueling the dependency of fast food. Countries impacted include China, Japan and India.
The market share by the non-vegetarian fast-food segment is significant during the forecast period. There is a growing popularity for non-vegetarian fast-food products among the working population. Non-vegetarian wraps, burgers, sandwiches, and pops are some of the popular on-the-go fast food products.
Technavio is a global technology research and advisory company.
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