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Busy lifestyles, mounting fondness towards low-cost food with no waiting time, changing food habits of consumers,rising number of millennials to drive the Fast Food market growth over the forecast period.
Further, the adoption of western fast food culture among emerged and emerging economies to strengthen the fast food market growth over the forecast period.
In addition, concepts based on healthier ingredients and meal choices to pop up the fast food demand coupled with fresher ingredients with fewer additives.
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Moreover, self-order stands, voice-automated drive-thrus and mobile apps to surgethe speed of service to increase the efficiency of fast food restaurants in the market.
Additionally, pleasant fast food with preferred flavors to positively impact the fast food market size in the near future.
Changing customer needs for ready to eat food to aid the fast food industry with growth opportunities coupled with new variants and flavors for food in upcoming years.
Furthermore, competitive prices across market players to blowup the fast food market share by catering to local consumer tastes.
Therefore, fast food restaurants to have high human resource costs owing to staffing the kitchen, counter and cleaning crews
However, a shift in preference for natural and healthy food owing to the incidence of obesity in the emerged and emerging countries tochallenge the market growth.
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As well as, labor costs, increasing regulations concerning food safety, and animal are the other major factors challenging the fast food market growth.
Strong emergence of Fast Food Market across North America and Asia Pacific
In North America, the United States continues to drift towards healthier options for fast food owing to high disposable income and consumer eating patterns in this region.
Whereas, in Asia-Pacificlarge potential consumer base and changing lifestyle of the middle class population in China, India and Brazilto be a more lucrative outgrowth for market players over large population along with lower investments in land and labor.
Increasing the popularity of fast food among the young-adult demographic is the key factor driving the fast food market in the Asia Pacific. For example, in 2019, Taco Bell IP Holder, LLCexpanded its business in the Asia Pacific by establishing its first outlet in Bangkokto serve spicy fare and local flavors.
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Aswell as, time-strapped youth in these regions turning to fast food for a quick food option to boost the market trend worldwide over the forecast period.
Strong demand for fast food in developed and developing countries to upsurgeconsumer preferences to prompt an influx of new producers offering higher-quality fast food options regionally.
Acquisition, Product launches across market players to entice the market revenue
Acquisition of key companies and openings of new restaurants of fast food to trigger the market growth in the near future. For instance, in 2020, The parent company of KFC, and Pizza Hut and Taco Bell to acquire Habit Burger to expand its franchise, purchasing and brand-building.
Further, in 2020, In-N-Out Burger to open a pop-up store in Auckland for a food fare for a limited period of time.
In addition, in 2019, Taco Bellprogrammed to open 600 outlets in India over the next 10 years to make India the second-largest market for Taco Bell, after the US.
Restaurant-brandedgoods in supermarket passages to benefit fast-food chains and grocers as competition for consumers' attention intensifies. For example, in 2019, Tim Hortons introduced three of its soups and its chili to supermarket shoppers.
Moreover, in 2020, McDonald's in Australia launched a veggie burger for the consumers who were looking for more plant-based options in their diet.
Major market players contributing in fast food market include Burger King, McDonald’s, Domino’s Pizza, Wendy’s International, Doctor’s Associates Inc., KFC, Jack in the Box, Hardee’s, Pizza Hut, Subway, Dunkin’ Donuts, Firehouse Subs, Auntie Anne’s,and Yum! Brands Inc. among others.
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