PORTLAND -- According to a new report published by Allied Market Research, titled, "Fast Food Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022," the global fast food market was valued at $533,244 million in 2015 and is expected to reach $743,859 million by 2022, growing at a CAGR of 4.84% from 2016 to 2022.
Also read, The Rise of the Canadian Fast-Casual: What to Know.
Fast food is a term used for easily prepared, processed food served in snack bars and restaurants as a quick meal or to be taken away. It is a quick and low-price meal alternative for home-cooked food. The global fast food market is poised to witness significant growth during the forecast period, owing to increase in number of fast food restaurants and working women, rise in tech-savvy ordering options demand for international cuisines, and change in consumer taste and preference. Change in consumer taste and preference is a key impacting factor in the fast food market. However, factors such as high setup cost of restaurants and rise in health concerns among fast food consumers hamper the market growth.
According to Eswara Prasad, Team Lead Chemicals & Materials at Allied Market Research, "Recent development in the fast food ordering technology such as telephonic ordering, online, mobile apps, and others have helped the fast food restaurants to provide better services to the consumers, thereby driving the market growth."
Based on the type of fast food, the market is segmented into burgers/sandwiches, pizza/pasta, chicken, seafood, Asian/Latin American food, and others. The Asian/Latin American food segment generated highest revenue 2015, however, the burgers/sandwiches segment is expected to grow at the highest CAGR of 6.02% to reach during the forecast period.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The North American region is expected to grow at a CAGR of 3.66% during forecast period. However, LAMEA is an emerging market for fast food and is estimated to grow at a CAGR of 7.61%.
KEY BENEFITS FOR STAKEHOLDERS
The demand for new cuisines has increased worldwide owing to the advent of Internet, television shows, magazines, and newspaper that provide insights about various cultures. For instance, the "taco" being a Canadian dish, is a successful business in the U.S. Similarly, other cuisines such as Thai food and Chinese food are a great success worldwide.
The prominent players profiled in this report include McDonald's, Hardee's, Pizza Hut, Domino's Pizza, Burger King, KFC, Subway, Dunkin' Donuts, Firehouse Subs, and Auntie Anne's.
SOURCE Allied Market Research
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