With a large pool of established players, the global fast food market is displaying a highly competitive and fragmented landscape, states a new report by Transprency Market Research (TMR). The leading participants, such as Burger King Worldwide Inc., Jack in the Box Inc., McDonald’s Corp., Wendy’s International Inc., Domino’s Pizza Inc., Yum! Brands Inc., and Doctor’s Associates Inc., are investing heavily in this market to gain significant traction across the world. Innovation in the offerings and advancements in the current product portfolio, in terms of flavor and nutrients, are the key strategies adopted by these players to remain strong in this competitive environment. Untapped opportunities in the emerging markets are likely open new revenue streams for these players in the years to come, notes the research study.
According to TMR, the global market for fast foods, which stood at US$477.1 bn in 2013, is anticipated to progress at a CAGR of 4.40% over the period from 2013 to 2019, rising to US$617.6 bn by the end of the forecast period. Among the types of fast foods available across the world, the demand for pizza/pasta and burger/sandwich is much higher. Researchers at TMR project this scenario to remain so in the near future, states the report.
North America to Continue Reporting High Demand for Fast Food
The report presents an exclusive geographical analysis of the global fast food market. As per the study, Europe and North America are the traditional market for fast food. In 2013, North America acquired the leading position in this market and is projected to continue here over the forecast period. Thanks to the high consumption of fast food in China, Asia Pacific will also gain momentum in this market over the forthcoming years.
Street vendors and quick service restaurant (QSR) are considered as the two main types of distribution channels for sales of fast food across the world in the research report. Local fast food chains have an upper hand in this market due to their cost-efficiency and familiarity with the local taste, notes the study.
Fast-paced Lifestyle of Consumers Boosts Demand for Fast Food
“As the lifestyles of consumers across the world has increasingly become fast-paced, the demand for such consumables, which do not require much of cooking and can be eaten on the go has soared substantially,” says a research analyst at TMR. With regular innovation in flavors, the market players have been successful in materializing people’s obsession with fast food, globally.
The increasing population of kids and young adults is likely to boost this market considerably in the years to come. However, the rising level of awareness among people regarding the harmful effects of fast food on the health may limit its uptake over the next few years, reflecting negatively on the global market, reports the study.
The review is based on a report by Transparency Market Research, titled “Fast Food Market (Product - Burger/Sandwich, Pizza/Pasta, Chicken, Asian/Latin American Food, Sea-food, Snacks, and Mexican; Distribution Channel - Quick Service Restaurant (QSR) and Street Vendors) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2019.”
The market is categorized into the following segments:
By Product Type
- Asian/Latin American Food
- Others (Snacks, Mexican etc.)
By Distribution Channel
- Quick Service Restaurant (QSR)
- Street Vendors
- North America
- Rest of the World
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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