Global fast food market to reach US$1.25t by 2033
Meanwhile, takeaways in Australia are also contributing to its growth.
Expansions of quick-service restaurants are boosting the market's growth, estimated to reach US$1.25t by 2033, up from US$ 788.72b in 2024 at a compound annual growth rate of 5.28%, according to a report by Research and Markets.
The industry has been steadily growing due to the rising demand for ready meals, cold cuts, on-the-go snacks, and convenience foods.
In Australia, the busy lifestyles driven by work and family commitments have increased demand for convenient meal options. This trend has allowed food ordering and delivery platforms to thrive by addressing a gap in the market.
IBISWorld report reveals that in 2024, the fast food and takeaway services market was worth US$25.2b. This was an increase of 1.1% over the past five years.
Last year, major fast food chains like KFC, Grill’d, and Guzman y Gomez focused their attention in opening more drive-thru locations, catering to on-the-go customers.
Looking forward, though consumers remain convenience-driven, cost of living increases continue to impact decisions which means QSRs must also recognise elevating value aside from convenience.
