Fast Food Market Overview:
Fast Food Market size valued at $533,244 million in 2015, and is expected to grow at a CAGR of 6.6% to reach $743,859 million by 2022. There is a lot of rise in concerns related to the fast food.
Researches claimed that consumption of fast food causes overweight, obesity, and other medical issues. The health issue is the biggest restraint in the market growth of fast food market. This rise in concerns has resulted people to switch from fast food to fast casual food. The fast food market is losing its market share to fast casual food. According to WHO in 2014, around 39% of the world population were overweight and 13% of the population was suffering from obesity.
The world has witnessed a significant growth in the women employment rate. With the increase in number of employed women, it becomes significantly difficult for them to cook meals, which results in consuming fast food. For instance, according to United States Department of Labor, the U.S. female employment rate in 2015 was 51.7%. Similarly, in UK in August 2015, there were 803,000 unemployed women which were 73,000 less than a year earlier. In China, the women employment rate was around 64% and in South Africa it was around 45%. All these factors collectively drive the fast food industry growth during the forecast period.
Primary Interview Responses Split
Chicken food market has a reducing Y-o-Y growth rate which shows the maturity stage of the product. However, the revenue generated by the chicken food market is expected to increase. The market is estimated to grow at a CAGR of 5.44% during the forecast period.
Seafood is used by fast food restaurants in their various dishes and its consumption is highly dependent upon the taste and preference of the consumers. Seafood is often considered healthy in comparison to other foods. The increase in health consciousness among the consumers has fueled the fast food industry growth. The market growth is also attributed to the consumer taste and preference.
Fast Food Market Segmentation
Top Winning Strategy
The winning strategies described below are a result of the analysis performed on company profiles of key market players. These strategies are gathered and analyzed in reference to their recent developments. The data obtained through press releases by the companies has limited scope to publicly available information. The key strategies tracked from the recent developments of the companies in fast food market include:
Product launch: Several new healthy fast food products are launched in fast food industry by the leading market players.
Acquisition: Takeovers implemented by market leaders to strengthen their reach to customers or to capture large market share.
Agreement & partnership: The leading players sign supply & sales agreements and manufacturing partnerships to capture fast food market major market share and compete with other players.
Expansion: The leading players try to expand their operation area regionally by investing in different countries and franchising.
Top winning strategies, 2014-2016 (%)
The fast food market is largely driven by the product launches strategy and partnership & agreements. Merger & acquisitions, expansions, and joint venture are other prominent strategies adopted by the key market players to remain competitive. The product launches and partnerships & agreements collectively accounted for around 70% in the market. Expansion, joint ventures and merger & acquisitions accounted for 22, 4, and 4%, respectively, of the overall key strategies.
Top Investment Pockets
In the year 2015, Asian/Latin American food held largest market share and expected to maintain the trend during the forecast period. This is attributed to the presence of different types of spices in the Asian/Latin American cuisines. However, easy availability of burger/sandwich and worldwide consumption makes it the most lucrative segment. Moreover, same growth and factors are forecast to be constant making burger/sandwich lucrative segment in 2022.
Similarly, in 2022, pizza/pasta segment has larger market share in comparison to chicken. However, chicken is expected to be more lucrative as consumers are more driven toward healthier and less oily meals. Moreover, chicken segment is expected to be lucrative attributed to the worldwide acceptance and its uses in different meals.
The remaining emerging segments seafood and others (beef, pork meat) are expected to show an inclining growth during the forecast period. However, the limited acceptance of these foods across the globe is a biggest factor which restrains the growth of these segments.
FAST FOOD MARKET - TOP INVESTMENT POCKETS, 2015
The fast food market in LAMEA has a decreasing Y-o-Y, which denotes the slow market growth during the forecast period. Large number of restaurants open in Middle East and the food chains come with new products exclusively for this region. LAMEA is estimated to have the highest CAGR of 7.61%. The market growth is attributed to the factors like large number of tourism and high per capita income in Middle East. As companies look for new markets to increase their market share, Africa has emerged as a big market.
Key players profiled in the report include McDonald’s, Hardee’s, Pizza Hut, Domino’s Pizza, Burger King, KFC, Subway, Dunkin’ Donuts, Firehouse Subs, and Auntie Anne’s.
Other key players (not profiled in the report) in the market value chain include Wendy’s, Starbucks Corporation, Taco Bell, Jimmy John's, Jack in the Box, Papa Murphy's, Sonic, Carl's Jr., Cinnabon, Buffalo Wild Wings, and others.
This report provides an extensive analysis of the current trends, future estimations, and dynamics from 2014 to 2022 of the global fast food market, which assists to identify the prevailing opportunities.
Geographically, the fast food market share is analyzed based on North America, Europe, Asia-Pacific, and LAMEA.
Exhaustive analysis predicts the types that are currently used along with the variants are expected to gain prominence in the future in the fast food market.
Competitive intelligence of leading manufacturers and distributors highlights the competitive scenario across the geographies.
Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the fast food market framework.
Key market players are profiled and their strategies are analyzed thoroughly, which portray the competitive outlook.
FAST FOOD KEY MARKET SEGMENTS:
By Product Type:
Asian/Latin American Food
Rest of Europe
Rest of Asia-Pacific