Fast food is a type of food served by the street vendors or quick service restaurants in minimal duration. It is mainly prepared in large quantities and is served quickly to the customers as per their demand. Different types of fast foods include chicken & seafood, Asian/Latin American food, burger/sandwich, pizza/pasta, and others.
According to study, “Global Fast Food Market to reach USD 843.4 billion by 2026” the key companies operating in the global fast food market are McDonald’s, Domino’s Pizza, Hardee’s, Dunkin Donuts, Pizza Hut, Firehouse Subs, Burger King, Subway, KFC, Auntie Anne’s. The key companies have successfully managed to reach out to new customers through quick-fire international expansion, product innovations, and upgrades in dining experience. With colossal investments by massive operators, the global fast food market is expected to exhibit dominance for more years to come.
Based on type, fast food market is segmented as burger/sandwich, chicken & seafood, pizza/pasta, Asian/Latin American food, others. Among them, burger/sandwich segment dominates the market owing to broad range of product line such as cheeseburgers, giant burgers, and hamburgers among others. Additionally, pizza/pasta segment is estimated to exhibit substantial growth rate due to extensive outlets of pasta mad pizza to level up with the rising requirement during the forecast period. Based on the service type, market is segmented as eat-in, drive through, take away, home delivery, and others. The home delivery segment is expected to witness higher growth rate on account of various facilities and ease added by manufacturers, followed by inclination of consumers towards availing doorstep delivery facility during the forecast period. In addition, based on end-user, market is segmented as Quick Service Restaurants (QSRs), full-service restaurants, caterings and others. QSRs segment holds major share in market because of rise in demand for fresh, tasty, and appealing food at affordable cost.
The fast food market is driven by increase in number of fast food restaurant/trucks, followed by tech-savvy ordering systems, growth in urbanization, increase in per capita disposable income, rise in number of working women, change in consumer tastes & preferences and rise in demand for international cuisines. However, rise in health concerns and high setup cost may impact the market. Moreover, increase in fast food outlets and fast paced lifestyle of consumers looking out for convenient food products are key opportunities for market.
Based on geography, the North-American is the prevalent region in global fast food market owing to high disposable income and busy lifestyle of the consumers caused by higher employment and increase in number of working women in the region. Whereas, the Asian-Pacific and European regions are anticipated to show higher growth rate due to change in lifestyle coupled with rise in adoption of western cultures among the population over the forecast period. In upcoming years, it id predicted that future of the global market will be bright because of growth in adoption of cross-cultural food during the forecast period. It is anticipated that the global fast food market will be reached at US $843.4 billion by 2026.
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Ankur Gupta, Head Marketing & Communications