Increasing number of fast food restaurant & Tech-savvy ordering systems dominating the fast food industry
Fast food is a term used for easily prepared, processed food served in snack bars and restaurants as a quick meal or to be taken away. It is a quick and low-price meal alternative for home-cooked food. Global fast food market is expected to garner $743,859 Million by 2022, registering a CAGR of 4.84% during the forecast period 2016-2022.
The global fast food market is poised to witness significant growth during the forecast period, owing to increase in number of fast food restaurants and working women, rise in tech-savvy ordering options demand for international cuisines, and change in consumer taste and preference.
Change in consumer taste and preference is a key impacting factor in the fast food market. However, factors such as high setup cost of restaurants and rise in health concerns among fast food consumers hamper the market growth.
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Based on the type of fast food, the market is segmented into burgers/sandwiches, pizza/pasta, chicken, seafood, Asian/Latin American food, and others. The Asian/Latin American food segment generated highest revenue 2015, however, the burgers/sandwiches segment is expected to grow at the highest CAGR of 6.02% to reach during the forecast period.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The North American region is expected to grow at a CAGR of 3.66% during forecast period. However, LAMEA is an emerging market for fast food and is estimated to grow at a CAGR of 7.61%.
Key Benefits of the Fast Food Market Report:
· It provides an extensive analysis of the current and future trends, during the period, 2014‐ 2022
· It includes significant data which assist in identifying the prevailing opportunities
· It provides competitive intelligence and highlights scenario of the leading manufacturers and distributors across the geographies
· It offers an in-depth analysis by following key product positioning and monitoring the top competitors within the market framework
· It includes profiles and strategies of the key market players to portray the competitive outlook
Fast Food Market Key Segments:
By Product Type:
· Pizza/Pasta
· Burger/Sandwich
· Chicken
· Asian/Latin American Food
· Seafood
· Others (Beef and Pork Meat)
By Geography:
· North America
· Europe
· Asia-Pacific
· LAMEA
· Latin America
· Middle East
· Africa
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The demand for new cuisines has increased worldwide owing to the advent of Internet, television shows, magazines, and newspaper that provide insights about various cultures. For instance, the taco being a Canadian dish, is a successful business in the U.S. Similarly, other cuisines such as Thai food and Chinese food are a great success worldwide.
The prominent players profiled in this report include McDonalds, Hardees, Pizza Hut, Dominos Pizza, Burger King, KFC, Subway, Dunkin Donuts, Firehouse Subs, and Auntie Annes.
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