Posted: February 19th, 2022

The global fast-food industry experienced rapid expansion in the 20th

The global fast-food industry experienced rapid expansion in the 20th and current centuries due to increasing consumer demands. Currently, America as the most popular fast-food producer and consumer due to earlier market development, starting from the late 1800s and establishing dominance by 1950. Besides that, franchising industries’ growth, shifting labor demands, and lifestyle changes in the 1960s accelerated global expansion with popular brands like McDonald’s setting up stores in different counties. Despite consistent growth since the 20th century, increasing fast-food consumption poses health concerns like obesity, compromising future growth prospects for the industry. However, historic industry trends reveal the industry’s continuous expansion, providing insights into future economic prospects. This report evaluates the global fast-food industry’s size and growth prospects, analyzing major and emerging markets. Indeed, the westernized fast-food industry is popular worldwide and will continue to expand despite rising health concerns due to urbanization, increased income, and convenience.
The fast-food industry currently generates over $570 billion annually. The industry’s size almost doubled in the previous decade following popular brand dominance and franchising. For starters, the Commerce Department of Statistics estimated the catering market in China turnover stood at $183 billion in 2007, with the fast-food industry accounting for 45% of revenues. KFC had more than 1800 chain stores in over 402 cities in the country, dwarfing local fast-food restaurants. However, the franchise increased rapidly thereafter, establishing approximately 4800 restaurants in over 850 cities by early 2015. By 2013, China’s fast-food business industry increased 9.5 times since 2000, moving from 8.5 billion to 80 billion RMP. Other countries like Pakistan experienced similar growth in that period, revealing a global trend.
Despite shifts in consumer tastes and a recovering global economy, the global fast-food industry grew by 3.5% since 2014, generating $668 billion in global revenue in 2018. The Industry Market Research Report estimates that the fast-food market will bloom from $533,200 to $743,800 million at a 4.8% compound annual growth rate by 2022. These statistics point to crucial factors influencing the industry’s growth, although it compromises people’s health. The industry’s expansion benefits the global economy, creating employment, and increasing the supply chain. Besides, increased income, food safety assurance, reputable brands, and speedy services accommodate people’s busier lifestyles, increasing appeal for fast-foods. Consequently, the global fast-food market will continue to grow as it has in through the past and current century.
In summary, the fast-food industry faces growth challenges due to rising health concerns like obesity. However, consumer preferences for fast foods, a busier lifestyle, and food safety assurance might accelerate future growth. Nonetheless, social and health movements advocating healthier lifestyles should adopt more effective strategies to minimize health risks.

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