Global
Fast Food Market: Snapshot
The
global fast food market has gained traction and demonstrated
resistance even in the time of recession to grow as one of the
leading drivers responsible for the worldwide rise of the consumer
foodservice sector. Finding its roots in North America, fast food is
mainly accepted based on its quick availability and taste factor. The
global vendors have successfully managed to reach out to new
consumers through product innovations, quick-fire international
expansion, and upgrades in dining experience. With colossal
investments by giant operators, the worldwide market is expected to
exhibit dominance for more years to come.
Transparency
Market Research (TMR) predicts the global fast food market to rise to
US$617.1 bn by 2019 at a moderate CAGR. The radical change in food
preference and eating habits and surging demand for healthy and
convenient fast foods have promised sturdy growth for the market.
Pizza/Pasta
and Burger/Sandwich Ride over Chicken and Latin American Food
One
of the key parameters that the global fast food market is categorized
on is product type. Out of all the different forms of fast food, the
burger/sandwich and pizza/pasta segments are projected to inflate
their market size at a sweeping CAGR. This growth of the
aforementioned giant segments is calculated to shy away the markets
for chicken and Latin American food. However, with the coveted health
boons and bold and spicy flavors offered, these fast food markets are
foreseen to climb on a growing trend in the developed regions. The
other critical segments of the global market by type are sea-food,
snacks, and Mexican.
If
the types of delivery chain are considered, the classification of the
international fast
food market follows as quick service restaurants (QSR) and
street vendors. In terms of distribution channel, local fast food
chains are foretold to take advantage of their cost-effectiveness and
unique taste to thrive significantly in their respective regions with
a greater market share. By the end of the forecast period, chained
fast food outlets are envisaged to take hold of a dominant share in
the global market while emerging as the most preferred distribution
channel.
Asia
Pacific and Other Emerging Regions Run Toward a Brighter Future
North
America and Europe as the conventional markets for fast food have
clasped a stupendous market share in the recent past, owing to heavy
dependence on convenience owing to a busy lifestyle and high demand
for convenient restaurant food. Moreover, the healthy changes in fast
food menus and introduction of unprocessed cheese, organic
vegetables, hormone-free meat, and natural ingredients have
contributed toward the maturation of these markets. Such brilliant
transformations with changing fast food preferences of consumers and
the transparency in fast food chain operations have proved to be
significant for growth.
Nevertheless,
emerging regions such as Asia Pacific, the Middle East and Africa,
and Latin America are poised to seize the fast food market at a rapid
pace in the near future. Favorable demographics, increasing
disposable income and purchasing power, greater urbanization, and
fast adoption of the Western lifestyle have substantially made the
future brighter for the developing markets. With the preference for
offers, proximity, and easy prices, the developing regions have
proposed a change in the global market.
Howbeit,
North America still dominates the global market with more number of
fast food consumers than the other regions. North America and Asia
Pacific had collectively dominated the market with a share of over
60.0% in the past.
The
list of the prominent players in the global fast food market
incorporates Wendy’s International Inc., Doctor’s Association
Inc., Burger King Worldwide Inc., Jack in the Box Inc., Yum! Brands
Inc., Domino’s Pizza Inc., and McDonald’s Corporation.
