Global Fast Food Market to reach US$617.6 bn by 2019
Fast food refers to easy to prepare food and its main ingredients are bread, meat, cheese and sauces. It is one of the staple foods in North American people’s diet. Fast food differs from region to region according to local tastes and traditions. However, burger, pizza, sandwich, pasta, noodles and chicken have become universal fast food items. There is a radical change in consumer’s eating patterns and choices in different regions of the world.
North American and European consumers are moving towards more healthy and organic fast food. They are concerned about the ingredients being used in their fast food as they look for hormone free meat, organic vegetables, unprocessed cheese and transparency in the operations of fast food chains. In emerging countries, people look for prices, proximity and offers. In the emerging markets such as India and China among others, increasing purchasing power of consumers and growing preference for eating out of the home are expected to fuel the demand for fast food in the next six years. Moreover, greater urbanization, higher disposable income and westernized life style support the demand for fast food in emerging countries. On the other hand, growing health concerns, preference for side dishes such as fruits smoothies, desserts and salads is expected to support the growth of fast food in developed markets such as the U.S and Germany among others. In addition, consumers from these countries prefer portion diets over a heavy bunch of calorie loaded platter.
The global Fast Food Market was worth USD 477.1 billion in 2013 and it is expected to reach USD 617.1 billion in 2019. The Fast Food Market is expected to grow at a CAGR of 4.4%from 2013 to 2019 globally. The growth in the market is mainly attributed to growing demand for healthy and convenient fast food.
Geographically, North America held the largest market share globally followed by Asia Pacific in 2013. The demand for fast food in these geographies is driven by busy lifestyle of people and their dependence on the convenient restaurant food. There is an increased consumption of fast food in emerging countries of Asia Pacific, Middle East, Africa and Latin America due to higher disposable income, favorable demographics and adoption of western life style in eating patterns. The consumption of fast food is higher in North America compared to other regions. The consumption of fast food is expected to increase in geographies such as Asia Pacific and Rest of the World by 2019. In 2013, Asia Pacific and North America together accounted for more than 64% of the global fast food market.
The market size of Pizza/Pasta and Burger/Sandwich are expected to grow at a higher CAGR compared to chicken or Latin American food. However, developed markets are expected to witness the growing trend for chicken and Latin American Food due to its bold and spicy flavors and health benefits.
Chained fast food outlets are the most preferred distribution channels and are expected to dominate the distribution share of fast food by 2019.
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Local fast food chains are flourishing in their respective regions and are expected to capture greater market share due to their unique taste and cost effectiveness. Some of the market leaders across the four geographies are McDonald’s Corporation, Yum! Brands Inc., Dominos Pizza Inc., Doctor’s Association Inc, Burger King Worldwide Inc., and Wendy’s International Inc. and Jack in the Box Inc., among others.