Change in Food Habits Encourages Growth of Global Fast Food Market, TMR Says
The competitive landscape of the global fast food market includes companies such as Yum! Brands Inc., Burger King Worldwide Inc., McDonald’s Corporation, Jack in the Box Inc., Doctor’s Association Inc, Dominos Pizza Inc., and Wendy’s International Inc. The competition in the market is intense owing to the presence of a large number of fast food players catering to a smaller population. The market players are focusing on adding healthy options in their menus owing to the growing demand for nutritious and natural food among customers.
Key Players Focus on Asia Pacific and Latin America as Upcoming Markets for Fast Food
Among the key regions in the global fast food market, Asia Pacific and Latin America have emerged as the promising regions and are expected to register significant growth in the near future. The market players are strategizing to expand across the developing countries in these regions. “It is important for these market players to expand judiciously and steadily to avoid losses due to unplanned expansions in these regions,” cites a TMR analyst. The key companies had initially expanded across North America where fast food is very popular. High real estate cost and labor cost are the major hiccups in the growth of the players in this region. However, the increase in disposable income in emerging economies in Asia Pacific is anticipated to push the market’s growth. Furthermore, the cheap labor cost in the emerging economies such as China helps to increase the operating margin of these market players.
Growing Awareness about Healthy Eating Compels Market Players to Introduce Nutritious Items in their Menus
Changing food habits, coupled with the rapid growth of the middle class population in emerging economies have aided the growth of the global fast food market. Rise in disposable income and the growing demand for convenient and affordable food at low prices have also resulted to the growth of this market.
However, the growing health concerns regarding the presence of unsaturated fats in the fast food items and the ensuing food safety regulations have restricted the growth of the global fast food market. The rise in consumer awareness about healthy food options has led to the decline in sales of fast food products. As a result, the market players are including healthier fast food options containing hormone-free meat, natural vegetables, hormone-free meat, and organic ingredients, across their stores. This would open new opportunities for the growth of the market during the forecast period.
The global fast food market is expected to expand at a CAGR of 4.40% during the period between 2013 and 2019. The market stood at a valuation of US$477.1 bn in 2013 and is anticipated to be worth US$617.6 bn by 2020.
The review is based on the findings of a report published by Transparency Market Research, titled “Global Fast Food Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2019.”
Global fast food market has been segmented as:
Global Fast Food Market by Type
The different types of Fast Food covered under this research study are defined as follows:
- Asian/Latin American Food
- Others (Snacks, Mexican etc)
Global Fast Food Market by Type
- Quick Service Restaurant (QSR)
- Street Vendors
Global Fast Food Market by Geography
The different geographies covered under this research study are defined as follows:
- North America
- Rest of the World
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