The value of the global fast food market is on course to break the £400 billion barrier in the next four years, new research suggests.
Transparency Market Research, which publishes reports on the worldwide fast food industry, said the global QSR market continues to experience strong growth.
The global fast food market was worth $477.1 billion (£313 billion) in 2013 and is expected to reach $617.6 billion (£405.3 billion) in 2019, growing at a CAGR of 4.4% in that period. Fast food varies from region to region, but some categories are universal such as burgers, pizza/pasta, chicken and noodles.
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,” said the company.
Geographically, rest of the world (RoW) and Asia Pacific are expected to experience robust growth in the coming years, whereas North America and Europe are declining markets in terms of market share. These regions have witnessed the shift in demand for Asian/Latin American fast food from conventional fast food, such as burger and pizza.
In contrast, Asia Pacific and 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.
Market leaders across the four geographies include McDonald’s, Yum! Brands, Domino’s Pizza, Doctor’s Associates (Subway) and Wendy’s International.