Here are some fast facts to get you excited about the prospect of fast tracking the road to riches in the fast-food industry!
- In 2021 alone, the US fast food industry generated revenue of $296.6 billion
- The industry is expected to grow 5.1% from 2020-2027
- Globally, the fast-food industry generated $797.7 billion in 2021
If that doesn’t get your heart beating fast, nothing will.
Hamburgers are Still the King, but Sandwiches and Pizza Closing the Gap
- Hamburger-focused fast-food restaurants make up 31% of the market
- Pizza brands make up about 15% of the market
- Sandwich Shops make up about 12% of the market
- Chicken Franchises account for about 8% of the market
- Mexican food brings up the rear with about 7% of the market
When you think of fast food, hamburgers are usually the first thing that comes to mind. Statistics back this up, with nearly 1/3 of American fast-food restaurants being primarily focused on hamburgers, such as McDonald’s. Pizza and sandwiches are the next most common items on the menu, followed closely by Chicken and Mexican food.
The market size of the fast-food restaurant industry continues to grow
The market size of the fast-food restaurant industry is expected to increase 8.9% in 2021. The global fast-food market garnered $647.7 billion in 2019 and is estimated to reach $931.7 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027.
The index for food away from home rose 5.8% from 2020-2021.
That’s the largest year-over-year increase in 40 years. Americans clearly missed their favorite snacks during the pandemic, and the sharp increase in demand over 2021 is a clear indicator of that.
As of 2021, there were roughly 785,000 franchise owners of fast-food restaurants in the United States. In 2022 there will be even more. Will you be one of them?