The rapid expansion of the middle class population in various parts of the world has augured well for fast food brands. There is a shift in dietary patterns and food habits, modern consumers seek both time and quality. Food & beverage is among the various sectors that are deeply influenced by the fast-paced lifestyle of modern consumers, especially the millennial population. To work in tandem, fast food brands are aligning themselves with the evolving consumer trends. Today, the fast food sector enjoys widespread popularity worldwide and the future certainly looks promising at this point. Global fast food consumption has grown in leaps and bounds over the years, creating tones of opportunities for fast food brands.
Increased discretionary spending and growing preference for convenience food has reflected favorably on the global fast food market. In addition, factors such as increased tourism, recovery of the global economy are also partly driving the global fast food sales. However, rising concerns over onset of diseases such obesity, diabetes and blood pressure due to excessive junk food consumption and its sever health implications in the long-run continues to act as major growth deterrent for the market. The volume of unsaturated fat is significantly high in majority of fast food items, which usually does not go well with health conscious consumers. Increasing awareness about food ingredient is one of the major consumer trend, many of consumers look for healthy food options, which is prompting fast food chains revise their recipes and menus. Further, many of brands are promoting and advertising their product with healthy and fresh food themes.
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Market players are introducing menus that epitomize topics such as natural or organic vegetables, organic ingredients, and use of meat with no added hormone. Such new efforts are likely create new growth avenues for market players in the during the forecast period.
Some of the top companies mention in MRFR’s report include Burger King Worldwide Inc., Yum! Brands Inc., Wendy’s International Inc., Doctor’s Association Inc, McDonald’s Corporation, Domino’s Pizza Inc. and Jack in the Box Inc.
Latest Industry Trends and News:
• Philippines base fast food company, Jollibee Foods Corp is set to back a private equity fund, which is preparing to acquire Tim Ho Wan restaurant chain’s Asia Pacific business.
• Fast food giant Pizza Hut is reportedly going to continue with its test of delivering beer to over 100 locations in California and Arizona. This move is aligned with it ongoing efforts to compete with Domino’s Pizza.
Based on type, the global market for fast food has been segmented into pizza/pasta, Asian/Latin American Food, burger/sandwich, sea-food, chicken, and others. Based on delivery, the market has been segmented into online, take away, dining-in, and others.
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On the basis of region, North America and Asia Pacific (APAC) are expected present lucrative growth opportunities for market player throughout the assessment period. In North America, factors such as the strong consumer preference for ready to meals and the frequent dine-out-of-home culture is expected to usher the growth trends over the next couple of years. Meanwhile, busier lifestyle and increasing disposable income are two major factors supporting the growth of the market in APAC. The market in the region is expected to witness a relatively faster compound annual growth rate during the forecast period. Therefore, the region remains a key designation for fast food brand planning to expand.
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