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.
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Transparency Market Research (TMR) predicts the global fast food market to rise to US$617.1 bn by 2019 at a moderate CAGR. The radical change in food preference and eating habits and surging demand for healthy and convenient fast foods have promised sturdy growth for the market.
Pizza/Pasta and Burger/Sandwich Ride over Chicken and Latin American Food
One of the key parameters that the global fast food market is categorized on is product type. Out of all the different forms of fast food, the burger/sandwich and pizza/pasta segments are projected to inflate their market size at a sweeping CAGR. This growth of the aforementioned giant segments is calculated to shy away the markets for chicken and Latin American food. However, with the coveted health boons and bold and spicy flavors offered, these fast food markets are foreseen to climb on a growing trend in the developed regions. The other critical segments of the global market by type are sea-food, snacks, and Mexican.
If the types of delivery chain are considered, the classification of the international fast food market follows as quick service restaurants (QSR) and street vendors. In terms of distribution channel, local fast food chains are foretold to take advantage of their cost-effectiveness and unique taste to thrive significantly in their respective regions with a greater market share. By the end of the forecast period, chained fast food outlets are envisaged to take hold of a dominant share in the global market while emerging as the most preferred distribution channel.
The list of the prominent players in the global fast food market incorporates Wendy’s International Inc., Doctor’s Association Inc., Burger King Worldwide Inc., Jack in the Box Inc., Yum! Brands Inc., Domino’s Pizza Inc., and McDonald’s Corporation.