LONDON--(BUSINESS WIRE)--The global fast food market is expected to grow at a CAGR of over 5% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global fast food market based on product types such as vegetarian fast food and non-vegetarian fast food. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: changing consumer taste preferences
Consumers' taste preferences are influenced by factors such as cultural and ethnic diversity. As many consumers are moving to cities for their work, they are increasingly getting exposed to various cultures and are getting the opportunity to try various cuisines. Most of the sales generated from fast-food outlets are due to the scarcity of time associated with urban lifestyle.
According to a senior analyst at Technavio for food service research, “Many consumers are showing an inclination toward multicuisine food items. To meet this demand, fast food operators are coming up with a variety of new products on their menus. Hence, the change in consumer taste preferences is making a positive impact on the growth of the market.”
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Market trend: expansion to various regions
As consumers across countries are showing an interest in experimenting with fast food, vendors are focusing on expanding their business into various geographical areas. Most quick service restaurants have a simple, attractive ambience which appeals to consumers. The fast food available in such restaurants is appetizing and are quick to make, as the name implies.
The number of quick-service restaurants across various countries has increased significantly. To cater to consumer interest, operators are introducing new outlets with an innovative and varied menu. For example, in 2016, Yum! Brands opened 2,316 restaurants across various countries. The increase in the number of fast food outlets and the expansion to new geographical areas will lead to further growth of the fast food market during the forecast period.
Market challenge: health concerns pertaining to the excessive consumption of fast foods
There are various concerns with respect to consumption of fast food such as the increase in health issues such as obesity and diabetes. The rising occurrence of health issues associated with food habits and lifestyle have made consumers more conscious about the food items that they consume. This is likely to restrain market growth, and hence it is acting as a major challenge impeding the growth of the global fast food market.
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Some of the major contributors in the global fast food market:
- Domino's
- McDonald's
- Papa John's International
- Restaurant Brands International
- Starbucks Corporation
- Subway
- Yum! Brands
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