Fast Food Market Market Business is Booming. Asia-Pacific is Expected to Experience the Fastest Gr
Added: (Fri Nov 03 2017)
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The global fast food market generated revenue of $533,244 million in 2015, and is estimated to reach $743,859 million by 2022, registering a CAGR of 4.84% during the forecast period.
The fast food is defined as a food which is quick to prepare and serve. It acts as an alternative of the home cooked food. One of the prevailing phenomena of the 21st century is the quick adoption of fast food. The increase in the demand of fast food has introduced the new concepts like ‘take away’ or eating on the run concept. The fast food market observes rapid growth due to quick and inexpensive meals.
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Changing lifestyle patterns such as hectic schedules and working women have steered the necessity for small meals leading the market growth. Growing female employment rate because of which women do not have enough time to prepare meal, increasing number of fast food restaurants which results in easy access to the fast food, and tech-savvy ordering have fueled the market growth. In addition, rise in exposure to international cuisine through media and travelling is expected to drive this market. However, there is high cost related to the establishment of a restaurant or a food truck which as acts as a restraint for fast food market. Moreover, the rise in health issue among the people like obesity and overweight, which are caused due to unhealthy oils and preservatives that are used in preparation of fast food products has also restrained the market growth. The market opportunity for fast food serves of low calorie and organic healthy food. For instance, Subway, a leading market player in fast food industry is planning to remove azodicarbonamide from bread in the near future.
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The fast food market is segmented based on product and geography. By product, the market can be segmented into pizza/pasta, burger/sandwiches, Asian/Latin American food, chicken, sea food, and others. Geographically, the market is further segmented into North America, Europe, Asia-Pacific, and LAMEA.
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