The attendance of various players comprising the street food makers in fast food market has created strong competition among the leading companies to majorly aim on research and product development to stay in fast food market. Yum! Brands Inc., McDonald’s Corporation, Burger King Worldwide Inc, Wendy’s International Inc, Jack in the Box Inc, Doctor’s Associates Inc, Dunkin Brands, Domino’s Pizza Inc, Papa John’s Pizza, and Dairy Queen are some of the major players of fast food market.
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Analysts at Zion Market Research claim that the global fast food market was capitalized at more than USD 539.63 Billion in 2016. The fast food market is likely to cross more than USD 690.80 Billion in 2022 and is likely to develop at a CAGR of slightly more than 4.20% from 2017 to 2022.
Delicious Fast Food With Preferred Flavors Positively Affects The Growth Of Fast Food Market In The Near Future
The fast food market is majorly boosted by the increase in the speed of life of the urban population and their need for faster & inexpensive options for their food, as per analysts at Zion Market Research. The fast food market is also boosted by the languid population who anticipate their meals to be delivered at their home. In addition, delicious fast food with preferred flavors might positively increase the growth of fast food market in the near future. On the other hand, increasing health awareness amongst the users might hamper the development of the fast food market in the foreseeable period. Still, app-based companies providing delivery services and increase in trend of online ordering can unlock more opportunities in the forecast period. In addition to this, easily available healthy fast food might offer options to the health conscious population fostering the development of fast food market.
In addition to this, rising M&A in the sector by market players is set to bolster the fast food market. For instance, in December 2017, a software company based in Australia inked worldwide deals with Yum! Brands Inc. in order to profit from the vast reach of its clients, boosting the fast food market.
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Pizza & Pasta Likely To Attain Huge Piece Of Fast Food Market In Years To Come
On the basis of type, the fast food market can be divided as burger/sandwich, chicken, pizza/pasta, Asian/Latin American food, and seafood. Burger/sandwich grabbed the biggest piece of the fast food market due to the broad range of product line such as giant burgers, cheeseburgers, and hamburgers among others. Pizza/pasta are likely to attain the huge piece of fast food market in years to come owing to extensive outlets of pasta mad pizza to level up with the rising requirement. Chicken surfaced as potent sector owing to promising demand from the emerging nations.
The global fast food market is segmented as follows:
- Asian/Latin American Food
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- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa