According to the report, global fast food market was valued at over USD 539.63 billion in 2016, is expected to reach above USD 690.80 billion in 2022 and is anticipated to grow at a CAGR of slightly above 4.20% between 2017 and 2022.
Fast food is considered as the empty calorie food. An empty calorie food can be defined as food with the bulk of calories and fewer or no micronutrients. Globalization and urbanization had heavily impacted on the intake routine of consumers and fascinated them towards fast food. Fast food restaurants can be classified on the basis of their infrastructure, namely quick service restaurants (QSR) and roadside vendors. The QSRs are grasping the fast food market owing to their authenticity and hygiene. Strict government regulations and pollution may hamper the functioning of the roadside vendors.
The fast food market is mainly driven by the rise in the pace of life of the urban population and their requirement for inexpensive and faster options for their meals. It is also driven by the languid population who expect their meals delivered at their doorstep. Also, appetizing fast food with desired flavors may positively lift up the fast food market in the forecast period. However, rising health awareness among the consumers may impede the growth of the fast food industry in the foreseeable future. Even so, the rise in trend of online ordering and app-based companies offering delivery services could open up more opportunities in the future. Moreover, easily accessible healthy fast food may provide huge options to the health conscious populace bolstering the fast food market growth in the upcoming years.
Based on the type, the fast food market can be segmented as chicken, burger/sandwich, Asian/Latin American food, pizza/pasta, seafood, and others. Burger/sandwich held the largest slice of the pie owing to the wide range of product line such as hamburgers, cheeseburgers, and giant burgers among others. Pizza/ pasta are likely to achieve the huge market in coming years due to widespread outlets of pizza and pasta to cope up with the increasing requirement. Chicken emerged as potent segment due to potential demand from the emerging economies.
North America and Europe are considered to be the most prominent markets for the fast food. This mainly attributed to the hectic lifestyle coupled with on-go lifestyle. It was noted that among 25% of the North Americans consume their one time meal from street stalls. Asia Pacific is experiencing an unprecedented boom in recent times and is likely to gain traction due to growing food chain particularly in India and China. Growing pull towards western fast food among the Asian population is expected to strengthen the fast food market in the forecast period. Latin America is likely to show splendid growth over the coming years owing to rapidly growing fast food chain across Brazil. Moreover, strong demand for Asian/ Latin American food due to bold flavors is expected to boost the growth of the fast food market in the near future. The Middle East and Africa is anticipated to witness sustainable growth in the upcoming years due to rapidly improving lifestyle.
The existence of various manufacturers including the street food producers in fast food market has generated intense competition among the leading players to primarily focus on research and product development to sustain in this market. McDonald’s Corporation, Yum! Brands Inc., Wendy’s International Inc, Burger King Worldwide Inc, Doctor’s Associates Inc, Jack in the Box Inc, Domino’s Pizza Inc, Dunkin Brands, Dairy Queen, and Papa John’s Pizza.