Fast
food refers to easy to prepare food and its main ingredients are
bread, meat, cheese and sauces. It is one of the staple foods in
North American people’s diet. Fast food differs from region to
region according to local tastes and traditions. However, burger,
pizza, sandwich, pasta, noodles and chicken have become universal
fast food items. There is a radical change in consumer’s eating
patterns and choices in different regions of the world.
North
American and European consumers are moving towards more healthy and
organic fast food. They are concerned about the ingredients being
used in their fast food as they look for hormone free meat, organic
vegetables, unprocessed cheese and transparency in the operations of
fast food chains. In emerging countries, people look for prices,
proximity and offers. In the emerging markets such as India and China
among others, increasing purchasing power of consumers and growing
preference for eating out of the home are expected to fuel the demand
for fast food in the next six years. Moreover, greater urbanization,
higher disposable income and westernized life style support the
demand for fast food in emerging countries. On the other hand,
growing health concerns, preference for side dishes such as fruits
smoothies, desserts and salads is expected to support the growth of
fast food in developed markets such as the U.S and Germany among
others. In addition, consumers from these countries prefer portion
diets over a heavy bunch of calorie loaded platter.
The
global
Fast Food Market was worth USD 477.1 billion in 2013 and it is
expected to reach USD 617.1 billion in 2019. The Fast Food Market is
expected to grow at a CAGR of 4.4%from 2013 to 2019 globally. The
growth in the market is mainly attributed to growing demand for
healthy and convenient fast food.
Geographically,
North America held the largest market share globally followed by Asia
Pacific in 2013. The demand for fast food in these geographies is
driven by busy lifestyle of people and their dependence on the
convenient restaurant food. There is an increased consumption of fast
food in emerging countries of Asia Pacific, Middle East, Africa and
Latin America due to higher disposable income, favorable demographics
and adoption of western life style in eating patterns. The
consumption of fast food is higher in North America compared to other
regions. The consumption of fast food is expected to increase in
geographies such as Asia Pacific and Rest of the World by 2019. In
2013, Asia Pacific and North America together accounted for more than
64% of the global fast food market.
The
market size of Pizza/Pasta and Burger/Sandwich are expected to grow
at a higher CAGR compared to chicken or Latin American food. However,
developed markets are expected to witness the growing trend for
chicken and Latin American Food due to its bold and spicy flavors and
health benefits.
Chained
fast food outlets are the most preferred distribution channels and
are expected to dominate the distribution share of fast food by 2019.
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Local
fast food chains are flourishing in their respective regions and are
expected to capture greater market share due to their unique taste
and cost effectiveness. Some of the market leaders across the four
geographies are McDonald’s Corporation, Yum! Brands Inc., Dominos
Pizza Inc., Doctor’s Association Inc, Burger King Worldwide Inc.,
and Wendy’s International Inc. and Jack in the Box Inc., among
others.
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