The global fast food market demand is expected to be augmented by increasing disposable income and the changing food habits of consumers in emerging economies such as China, India and Brazil. In addition, the market for global fast food is driven by local consumer tastes and demographics. Additionally, convenience and affordability of fast food is likely to aid the global fast food market growth over the projected period. However, the increasing regulations regarding food safety and animal welfare are anticipated to act as key restraining factors for this market. Furthermore, consumer health awareness, especially obesity is expected to be another restraint to market growth. Changing customer needs, are likely to present the global fast food industry with growth opportunities such as introduction of new product variants and flavors in upcoming years. The market also allows smaller players to tap into the global market share of fast food by catering to local consumer tastes and by keeping competitive prices.
Fast food is class of food that can be prepared and served in minimum duration. Common fast foods types include pizzas & pastas (Italian), burgers & sandwiches (American), chicken, sea-food, Chinese and others snacks such as potato finger fries and pastries. Additionally, fast food is classified according to the provider type such as street vendors, quick service restaurants and take-away.
U.S. accounted for a significant share of the global fast food market, in light of high disposable income and consumer eating patterns in the country. Asia Pacific and Latin America are expected to witness fastest growth over the forecast period due to a large potential consumer base and changing lifestyle of the middle class population in China, India and Brazil. Emerging markets are likely to be a more lucrative playground for market players owing to large population along with lower investments in land and labor.
The global fast food market is concentrated in nature with market being dominated by major companies such as Burger King, McDonald’s, Domino’s Pizza, Wendy’s International, Doctor’s Associates, KFC Jack in the Box and Yum! Brands.
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The demand for packaged and processed foods is expected to increase owing to their longer shelf life. Furthermore, manufacturers are closely monitoring the product supply to major retailers through specialized communication channels in order to improve restocking. In addition, processed food manufacturers have urged the packaging raw material suppliers as well as contract packers to ensure a steady flow of goods during the lockdown related to COVID-19. The report will account for Covid19 as a key market contributor.