Fast Food Market to Reach $743,859 Million, Globally, by 2022 - Allied Market Research
PORTLAND, Oregon and PUNE, India, January 24, 2017 /PRNewswire/ --
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.
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Summary of the Fast Food Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/fast-food-market
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 Asian/Latin American food segment occupied the highest share in 2015 and is estimated to grow at a high CAGR of 3.77%, in terms of value, during the forecast period.
- North America led the market for fast food, followed by Asia-Pacific, in 2015.
- The burgers/sandwiches segment is estimated to grow at the highest CAGR of 6.02%, in terms of value.
- U.S. is the leading market for fast food in the North American region, which is expected to grow at a CAGR of 3.73%, in terms of value.
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.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/food-&-beverages/food-services-and-hospitality-market-report
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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