Fast Food are the sort of foods served quick and acts as an alternative to home cooked food that can be preserved as well. The rising number of hotels and restaurants with changing lifestyles, taste preference and globalization is boosting the growth of fast food market globally.
According to United States of labour, the growing women employment rate is also boosting the fast food consumption. The global fast food market accounts more revenue in comparison to economic value of other countries and is estimated to grow rapidly and reach up to approximately USD 843.4 billion during forecast period with CAGR registering 5.6 %.
Health consciousness and demand for healthy food is restraining the growth of fast food market as some studies claimed that consumption of fast food causes obesity, overweight and other medical issue which is leading to people switching from fast food to fast casual food but now most of the fast food are healthy and helps in reducing weight.
Market research comprises of:
Historic data: - 2016-2019
Base year: - 2020
Future Forecast Period: - 2020-2025
Market key players:
Leading brands like Domino’s, Burger King, Mc Donald’s and YUM! BRANDS are dominating the fast food market by expanding their market size and providing quality and inexpensive food. Other prominent vendors are also about to put their footprint internationally for their market growth by innovating food technology.
Market Dynamics
Raising Factors:
Threats:
Opportunities:
Raising demand for quality food in quick time is the driving factor for fast food market as people are preferring cheaper food with no waiting. But the earlier assumption regarding consumption of fast food that it causes obesity and other diseases is somehow restraining the fast food market growth but launch of new products with health benefits are overpowering those assumptions and boosting the fast food market. Hectic schedule and taste preference lead to adoption of western food which results as upsurge in global fast food market.
Market Segmentation
Fast food market segmentation by type:
Based on the segmentation, amongst all burger/ sandwich engage the largest market share of about 30% owing to the wide range of variety. Whereas, Pizza is the most consumed fast food globally and is expected to boost the fast food market with highest CAGR growth.
Fast food market segmentation by End user:
Fast food market segmentation by region:
North America is likely to dominate the fast food market growth owing to its largest market share, as US has the highest demand. However, the growth in US might fall down by 2% because of the lacking satisfaction. Asia-Pacific and Latin America region are also expected to witness growth because of the large potential consumer base and changing lifestyles of middle-class families in developing countries like China and India. The countries are expected to witness huge opportunities for the market key players as a result of adoption of cross culture food.
Conclusion
The global fast food market is evolving rapidly with time and is expected to grow more during forecast period as a result of the hectic life and changing lifestyles of major part or population. Raise in working class, opening of new hotels, adoption of cross culture food etc are the major driver for the fast food market. Popular brands with innovative ideas are expanding their market size by providing quality food and services. Major consumption of fast food is by the youth and working-class people and is likely to boost the fast food market during forecast period as well.