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.
- Asian/Latin American Food
- Others (Snacks, Mexican etc)
- Quick Service Restaurant (QSR)
- Street Vendors
- North America
- Rest of the World