The global fast food market generated revenue of $533,244 million in 2015, and is estimated to reach $743,859 million by 2022, registering a CAGR of 4.84% during the forecast period.
The fast food is defined as a food which is quick to prepare and serve. It acts as an alternative of the home cooked food. One of the prevailing phenomena of the 21st century is the quick adoption of fast food. The increase in the demand of fast food has introduced the new concepts like ’take away’ or eating on the run concept. The fast food market observes rapid growth due to quick and inexpensive meals.
Changing lifestyle patterns such as hectic schedules and working women have steered the necessity for small meals leading the market growth. Growing female employment rate because of which women do not have enough time to prepare meal, increasing number of fast food restaurants which results in easy access to the fast food, and tech-savvy ordering have fueled the market growth. In addition, rise in exposure to international cuisine through media and travelling is expected to drive this market. However, there is high cost related to the establishment of a restaurant or a food truck which as acts as a restraint for fast food market. Moreover, the rise in health issue among the people like obesity and overweight, which are caused due to unhealthy oils and preservatives that are used in preparation of fast food products has also restrained the market growth. The market opportunity for fast food serves of low calorie and organic healthy food. For instance, Subway, a leading market player in fast food industry is planning to remove azodicarbonamide from bread in the near future.
The fast food market is segmented based on product and geography. By product, the market can be segmented into pizza/pasta, burger/sandwiches, Asian/Latin American food, chicken, sea food, and others. Geographically, the market is further segmented into North America, Europe, Asia-Pacific, and LAMEA.
The market is estimated to grow in near future by offering menu according to the taste of people and region, modifying fast food menu for breakfast or dinner, and expanding delivery services. Moreover, top players are getting into partnerships with other food markets to capture the market share such as McDonalds have partnership with Kraft for McCafe coffee. Furthermore, use of marketing techniques such as children toys, credit points, and other premiums are used by major players.
The leading companies operating in the global fast food market include:
- Pizza Hut
- Domino’s Pizza
- Burger King
- Dunkin’ Donuts
- Firehouse Subs
- Auntie Anne’s
KEY BENEFITS FOR STAKEHOLDERS
This report provides information regarding key drivers, restraints, and opportunities with detailed analysis.
The study provides an in-depth analysis of the fast food market with current and future trends to elucidate the imminent investment pockets in the market.
Current and future trends are outlined which will help new entrants and key players to gain a stronger foothold in the market.
Quantitative analysis of the current market and estimations through 2014-2022 are provided to showcase the financial competency of the market.
Porters Five Forces model of the industry illustrates the potency of the buyers & suppliers participating in the market.
Comprehensive analyses of all geographical regions are presented that determines predominant opportunities in North America, Europe, Asia-Pacific, and LAMEA geographies.
Key market players are analyzed to understand the competitive outline of the global fast food market.
KEY MARKET SEGMENTS
By Product Type:
- Asian/Latin American Food
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
OTHER KEY PLAYERS IN THE MARKET VALUE CHAIN INCLUDE
- Starbucks Corporation
- Taco Bell
- Jimmy John’s
- Jack in the Box
- Papa Murphy’s
- Carl’s Jr.
- Buffalo Wild Wings