Fast foods which are lurking right outside our door steps with a rise in the number of restaurants and hotels is expected to boost and accelerate the growth of the fast food market due to rapid prohibition and globalization. The global fast food market size was calculated to be the USD 647.7 billion in 2021 and it is envisioned to reach USD 931.7 billion by the end of 2026 at a CAGR of 4.6% over the period. It is the food that is prepared and served at quick service restaurants or through street vendors. It has also found itself as an alternative to home made food. It was created on the note of a commercial strategy to entice large numbers of busy commuters, travelers and wage workers who barely find time to sit down and wait for their meal.
They consist of pre cooked meals kept in readiness for a customers arrival and hence the name. We may think that a wide variety of food can be cooked at a faster rate even in our home but the fast food is a commercial term limited to food sold in a restaurant or store with frozen, preheated or cooked that are served to the consumers in a well packed form for take away. All these can attribute to the growth of fast food industries. The global fast food market has resisted growth due to the rise in the consumer foodservice sector even during the recession. It dates back from the first fish and chip shops in Britain in the 1860s. Drive through restaurants were first popularized in the 1950s in the United states.
Even though there is an increase in health awareness among consumers and an increase in demand for healthy food as studies have shown that eating more fast food causes overnight, obesity, and other medical problems, the fast food market is greatly increased by the increase in the speed of life of the urban population and the need for faster and cheaper options for the food. The fast food market is also driven by a languid population that expects meals to be delivered at home. Additionally the widespread of many food based app companies comping up with enticing offers and the flourishing trend of online orders may open more opportunities aiding the growth of fast food industries during the forecast period.
Before we actually start eating the food the advertisements start eating our mind with the eye catching and delicious fast foods, in addition the readily available healthy fast food can provide healthy food audiences with options that promote the development of the fast food market, because fast food industries come up with captivating ads that the fast foods available today are healthy with the right mix and proportions of healthy vegetables, fruits and organic ingredients. The new product launches in the fast food markets has also risen the hype and urge for the fast foods. The increase in disposable income has in turn increased the frequency of dining out. The industry also make it possible for the small players to be advantaged of the global market shares fast food by satisfying the needs of the consumers and constantly maintaining the competitive prices. In the contemporary world as both women and men work with parity and women are hired more significantly it becomes quite difficult for them to cook timely and leads to the choice of fast foods. The fast food industries are also fueled by the overall increment in the number of quick service restaurants, hotels and online services.
When there are also many restraints and health risks that comes along with the fast foods, according to a study there has been an increase in levels of calcium and iron especially in the desserts provided. The above mentioned factors and reasons greatly accounts for the rapid growth of the fast food markets. In the present world where everybody are running through a hectic lifestyle the fast food industry has strongly found its place where consumers are looking for convenience, speed, affordability and predictability rather than a memorable dining experience.