According to a new market report published by Transparency Market Research " Fast Food Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013- 2019", the global Fast Food market was worth USD 477.1 billion in 2013 and is expected to reach USD 617.6 billion in 2019, growing at a CAGR of 4.4% from 2013 to 2019.
North America was the largest market for fast food in 2012 due to preference for food on-the-go and demand for quick and convenient food in day to day life.
Fast food is one of the most consumed foods in a Quick Service Restaurant format due to its unique attributes such as convenience, taste and less price. Fast Food is very popular in North America and they have propagated the concept of fast food in other regions of the World. Fast Food varies as from region to region, but some fast food categories are universal such as Burgers, Pizza/ Pasta, chicken and noodles among others.
Emerging countries such as India, China and Brazil are some of the fast growing markets for fast food and are expected to experience double digit growth in the forecasted period. The top emerging markets in terms of growth rate are Brazil, China, India, Russia, France, Saudi Arabia, South Africa and Vietnam. The demand for processed fast food in these markets is more as compared to natural fast food. The growth in these markets is supported by higher disposable income and demand for convenient, tasty, affordable food.
Geographically, rest of the world (RoW) and Asia Pacific are expected to experience robust growth in the coming six years, whereas North America and Europe are declining markets in terms of the market share. In 2012, North America held maximum percentage share for fast food market globally followed by Asia Pacific. North America and Europe witness the shift in demand for Asian/Latin American fast food from conventional fast food such as Burger and Pizza. In contrast to it, Asia Pacific and Rest of the World (RoW) are consuming more western conventional fast food.
Local fast food chains are flourishing in their respective regions and are expected to capture greater market share due to their unique taste and cost effective products. Some of the market leaders across the four geographies are McDonald's Corporation, Yum! Brands Inc., Dominos Pizza Inc., Doctor's Association Inc, Burger King Worldwide Inc., and Wendy's International Inc. and Jack in the Box Inc., among others.
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