Fast Food Market Research Reports, Analysis & Trends
Fast food is the type of food that is prepared in a very short span of time. Fast food industry is one of the fastest growing industries in the world where established fast food chains have led the market for a long time, but new opportunities have surfaced up to allow newer entrants with newer and variety of foods. There are innovative campaigns conducted to attract more and newer consumers throughout the year. Although there are many challenges in fast food industry such as rising food costs, economic recession; emerging markets play a pivotal role in the success of any fast food restaurant or fast food chain.
To tackle these challenges, fast food industry is adopting new practices with better strategies and offer new products. Primary fast foods include burgers, fries and pizzas; new opportunities are opening up for fast food franchising with the newer markets in newer demographics. Some fast food chains follow the strategy of low cost, fast cooked products with seating facilities, while some also offer drive-thru, take-away options. As the competition is very steep, fast food chains always have to be unique and inventive in customer retention and be ahead of the competitor in offering different varieties to satisfy the customer who has come for the food-on-the-go.
Fast Food Market Trends
With the increase in number of population consuming fast food, companies are finding newer ways to keep the customers coming back to their restaurants. From offering the good seating service, creating an admirable ambience, and low cost tasty food to conducting various competitions with big prize money, creating merchandizing, and giving a unique experience. Fast food restaurant chains offer unique atmosphere according to the theme that they set to follow.
The middle class being the target sector as they spend more on fast food of their disposable income, it is now the priority for many franchisers. Large companies have advantages in purchasing, finance, and marketing whereas small companies compete by offering better food or service. To create awareness about a company or an item, companies specialize in certain type of cuisine or a particular dish. The fast food industry is highly fragmented; the 50 largest companies account for about 20% of revenue, while specifically Hamburger restaurants account about 45%, and pizza parlours account for about 15%.
The growing factor in fast food industry is because of few key measures taken by companies, for example: going local, where companies use local ingredients, for local flavour to be recognized and appreciated. Healthy kids’ meals, where a lot of interest and focus is invested in kids’ meals and food items which kids usually take. Combined with nutritional benefits, these foods are prepared. Snacks as meals, where eating right amount after right interval is in need for many people, and small snacks is one of the services that restaurants are taking up for students, kids and people who have come for quick small bite.
Major Fast Food Market Players
Major fast food industry players include McDonalds, KFC, Pizza Hut, Subway, Burger King, Nando’s, Taco Bell, Wendy’s, Faaso’s, Nirula’s, and Crystal Jade.
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