Food prices rose 7% in January 2022 due to supply chain disruptions and labor shortages. In 2021, the prices of items at some of the most popular fast-food restaurant chains increased about 8% year-over-year. However, the ease of online food ordering, efficient delivery services, and introduction of new vegan recipes should drive the growth of fast-food restaurants.
An improving job market should increase demand at quick-service restaurants and online platforms, owing to their convenient service offerings and expanding footprint. Moreover, the growing impact of food price inflation on the food at home should drive the sales of fast-food restaurants in the near term and help them overcome rising input costs. The global fast-food market is expected to grow at a 7.8% CAGR to $1.05 trillion by 2027.
