With
a large pool of established players, the global
fast food market
is displaying a highly competitive and fragmented landscape, states a
new report by Transprency Market Research (TMR). The leading
participants, such as Burger King Worldwide Inc., Jack in the Box
Inc., McDonald’s Corp., Wendy’s International Inc., Domino’s
Pizza Inc., Yum! Brands Inc., and Doctor’s Associates Inc., are
investing heavily in this market to gain significant traction across
the world. Innovation in the offerings and advancements in the
current product portfolio, in terms of flavor and nutrients, are the
key strategies adopted by these players to remain strong in this
competitive environment. Untapped opportunities in the emerging
markets are likely open new revenue streams for these players in the
years to come, notes the research study.
According
to TMR, the global market for fast foods, which stood at US$477.1 bn
in 2013, is anticipated to progress at a CAGR of 4.40% over the
period from 2013 to 2019, rising to US$617.6 bn by the end of the
forecast period. Among the types of fast foods available across the
world, the demand for pizza/pasta and burger/sandwich is much higher.
Researchers at TMR project this scenario to remain so in the near
future, states the report.
North
America to Continue Reporting High Demand for Fast Food
The
report presents an exclusive geographical analysis of the global fast
food market. As per the study, Europe and North America are the
traditional market for fast food. In 2013, North America acquired the
leading position in this market and is projected to continue here
over the forecast period. Thanks to the high consumption of fast food
in China, Asia Pacific will also gain momentum in this market over
the forthcoming years.
Street
vendors and quick service restaurant (QSR) are considered as the two
main types of distribution channels for sales of fast food across the
world in the research report. Local fast food chains have an upper
hand in this market due to their cost-efficiency and familiarity
with the local taste, notes the study.
Fast-paced
Lifestyle of Consumers Boosts Demand for Fast Food
“As
the lifestyles of consumers across the world has increasingly become
fast-paced, the demand for such consumables, which do not require
much of cooking and can be eaten on the go has soared substantially,”
says a research analyst at TMR. With regular innovation in flavors,
the market players have been successful in materializing people’s
obsession with fast food, globally.
The
increasing population of kids and young adults is likely to boost
this market considerably in the years to come. However, the rising
level of awareness among people regarding the harmful effects of fast
food on the health may limit its uptake over the next few years,
reflecting negatively on the global market, reports the study.
The
review is based on a report by Transparency Market Research, titled
“Fast Food Market (Product - Burger/Sandwich, Pizza/Pasta, Chicken,
Asian/Latin American Food, Sea-food, Snacks, and Mexican;
Distribution Channel - Quick Service Restaurant (QSR) and Street
Vendors) - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2013 - 2019.”
The
market is categorized into the following segments:
By
Product Type
- Burger/Sandwich
- Pizza/Pasta
- Chicken
- Asian/Latin American Food
- Sea-Food
- Others (Snacks, Mexican etc.)
By
Distribution Channel
- Quick Service Restaurant (QSR)
- Street Vendors
- Others
By
Geography
- North America
- Europe
- Asia-Pacific
- Rest of the World
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