The
presence of a copious number of prominent players is what makes the
global fast food market intensely competitive and fairly fragmented,
finds researchers at Transparency Market Research (TMR). Top players
operating in the market include Doctor’s Associates Inc., Yum!
Brands Inc., Domino’s Pizza Inc., Wendy’s International Inc.,
McDonald’s Corp., Jack in the Box Inc., and Burger King Worldwide
Inc. TMR observes that the top players are making sizeable
investments aimed at introducing advancement in their product
portfolio. They are tinkering with innovative flavors and taste in
their products and adding more nutrients to attract consumers. A
growing number of players are also looking to tap untapped avenues in
emerging markets to gain a firm foothold in the regions.
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The
global fast foods market was valued at US$477.1 billion in 2013 and
is projected to rise at a 4.40% CAGR during the forecast period of
2013–2019. Rising at this pace, the market is estimated to be worth
US$617.6 billion by 2019 end.
The
various types of fast food products are categorized into burger and
sandwich, pizza and pasta, chicken, Asian/Latin American fast food,
Mexican, sea-foods, and snacks. Of these, the demand for pizza/pasta
and burger/sandwich is potentially more attractive than all others.
The extensive consumption of these fast foods in developed regions
will sustain the rapid CAGR of the segments during the assessment
period.
Regionally,
Europe and North America have been potential markets for fast food,
with the latter taking the lead in 2013. North America is expected to
retain its sway through 2019. However, the notably rising appetite
for fast food in emerging economies such as China will lead Asia
Pacific to gain massive shares in the coming years.
Fast-paced
Lifestyle and Transforming Food Habits of Worldwide Consumers drive
Demand
The
global
fast food market has evolved rapidly over the past decade
gaining strength from the constantly changing dining habits of people
world over residing on the back of hectic lifestyle they are
increasingly adopting. The easy availability of fast food and the
inclination toward less cooking have inflamed the consumption of fast
food among consumers across emerging and developed emerging
economies.
Advancement
in food delivery technologies and players focused on bringing
innovations by experimenting with exotic ingredients augur well for
the fast food market. Aggressive promotional activities by top brands
have also paid off well in recent years.
Innovative
Flavors and Texture might Appeal to Consumer Palates but Health
Concerns continue to Impede Demand
The
introduction of new flavors, texture, and taste in fast food is
substantially catalyzing the growth of the market over the assessment
period. However, the market also suffers from some noticeable
setbacks. The adverse health effects of ingredients used in fast
foods, especially on children, and the purported health concerns
their consumption have given rise to in recent years are factors that
continue to have adverse impact on the attractiveness of the market.
Nevertheless,
several fast foods companies in recent years are taking measures to
make their products more appealing and acceptable among worldwide
consumers by making their offerings healthier. For instance,
prominent fast food brands are avoiding artificial preservatives and
colors, apart from adding more nutrients to their products. This is
gathering steam with the palates of young adults and kids and stoked
the popularity of fast foods.
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