Global Fast Food Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019
Albany, NY -- (SBWIRE) -- 11/13/2014 -- U.S.-based market intelligence company Transparency Market Research (TMR) has recently published a report titled, “Global Fast Food Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 – 2019”. The well-researched report indicates, the global fast food market was worth US$477.1 billion in 2013 and it is expected to reach US$617.1 billion in 2019, growing at a CAGR of 4.4% from 2013 to 2019. The global fast food market research report highlights the threats of new entrants, substitute products or services, assesses the bargaining power of customers and of suppliers, and determines the intensity of competitive rivalry.
Fast food refers to food that is easy and convenient to prepare or food that is cooked commercially and ready to eat. Oftentimes, its chief ingredients are bread, cheese, various types of sauces, and meat. This concept of ready-cooked food was popularized by Americans and soon became a phenomenon amongst all classes of society. The fast food market changes in terms of cuisines depending on regions, the local food products, ingredients, and traditions. However, some of the items from the fast food market such as noodles, pasta, burgers, pizzas, and sandwiches have become universal.
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Drive-in restaurants and the concept of food-on-the-go popularized fast food markets and become the sole drivers for flourishing fast food chains in United Sates after World War I. However, after witnessing a negative impact of consuming unhealthy convenient food for decades, regions such as Europe and North America in the global fast food market are slowly moving towards healthy and organic fast food. As a result of this growth in this region is likely to vary in the forecasted period, while emerging economies such as India and China are all poised to be the next big game changers in the global fast food market. The evident rise in the higher disposable incomes and shifting inclinations towards convenient methods of eating are two most important growth drivers in emerging economies of Asia Pacific region and Rest of the World.
The dynamic global fast food market faces certain challenges such as rising cost of real estate of setting up shops, increasing labor cost, strategic selection of store locations, intelligent menu planning to suit the client base, efficient inventory management of perishable items, and crucial promotional strategies to increase profitability at a fast pace. Additionally, cutthroat competition in developed markets with huge chain restaurants is the biggest threats for global fast food market.
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The global fast food market has been segmented on the basis of types of food items, type of service provided, and geography. On the basis of types of food items the global fast food market is segmented as burger or sandwich, pizza or pasta, chicken, Asian or Latin American food, sea-food, and others. The types of services segmented in the global fast food market are quick service restaurant (QSR), street vendors, and others. Geographically speaking, the global fast food market has been segmented as North America, Europe, Asia Pacific, and Rest of the World. The market research report on global fast food market also profiles some of the key players in the market such as Yum! Brands Inc., McDonald’s Corporation, Doctor’s Association Inc, Burger King Worldwide Inc., Dominos Pizza Inc., Wendy’s International Inc. and Jack in the Box Inc.
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