Technology

McDonald's, Subway, DQ to lead fast-food market growth through 2024

Photo: iStock.

March 5, 2021

By 2024, the global fast-food market will have grown by $75.85 billion, but that growth will be slow when compared to 2019, according to the research company, Technavio.

In the wake of the pandemic, the company said many fast food businesses will go through three stages — response, recovery and renewal — with many already having deployed restaurant technologies to "flatten" their recessionary curves. Technavio advised that businesses work to build resilience and agility in order to come out from the pandemic's negative effects.

To form its fast food market forecast, Technavio analyzed everything from the impact of lockdowns and supply chain disruptions to an array of business scenario possibilities. From the company's analysis, it identified three major fast-food market participants, including:

• American Dairy Queen Corp.
• Doctor's Associates LLC (Subway).
• McDonald Corp.

Technavio said that the fast-food market was being driven by the increasing online presence of fast-food vendors. Likewise, it said that increasing numbers of fast-food outlets and growth into new areas will drive a CAGR of over 2% between now and 2024.

As a global technology research and advisory company, Technavio is based in London.