Fast Food Market: Fast-paced Lifestyle of Consumers Boosts Demand for Fast Foodmarket 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.
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The global fast food market has gained traction and demonstrated resistance even in the time of recession to grow as one of the leading drivers responsible for the worldwide rise of the consumer foodservice sector. Finding its roots in North America, fast food is mainly accepted based on its quick availability and taste factor. The global vendors have successfully managed to reach out to new consumers through product innovations, quick-fire international expansion, and upgrades in dining experience. With colossal investments by giant operators, the worldwide market is expected to exhibit dominance for more years to come.
North America and Europe as the conventional markets for fast food have clasped a stupendous market share in the recent past, owing to heavy dependence on convenience owing to a busy lifestyle and high demand for convenient restaurant food. Moreover, the healthy changes in fast food menus and introduction of unprocessed cheese, organic vegetables, hormone-free meat, and natural ingredients have contributed toward the maturation of these markets. Such brilliant transformations with changing fast food preferences of consumers and the transparency in fast food chain operations have proved to be significant for growth.
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Nevertheless, emerging regions such as Asia Pacific, the Middle East and Africa, and Latin America are poised to seize the fast food market at a rapid pace in the near future. Favorable demographics, increasing disposable income and purchasing power, greater urbanization, and fast adoption of the Western lifestyle have substantially made the future brighter for the developing markets. With the preference for offers, proximity, and easy prices, the developing regions have proposed a change in the global market.
Howbeit, North America still dominates the global market with more number of fast food consumers than the other regions. North America and Asia Pacific had collectively dominated the market with a share of over 60.0% in the past.
“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)
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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