INTRODUCTION
When the world became too busy and found no time to have their food then emerged
the market of fast foods where the food was prepared in a few minutes and served to
the people. Fast Foods are prepared and served with small duration.There are various
types of fast foods like pastas, pizzas, burgers, chicken, fries etc. Fast food is also
classified based on providers like street vendors, takeaway, online orders and quick
service restaurants.Most of the historians believe that White Castle was the first fast
food restaurant founded in 1921 in Chicago,US.The size of global fast food market
was calculated to be USD 647.7 billion in 2020.And it is aimed to reach USD 931.7
billion by the end of the year 2025 at a CAGR(Compound annual growth rate) of
4.6% over the prediction period.This market is growing rapidly due to growing
number of working population and busy work schedule.The change in people’s
lifestyle and eating habits has a major influence on the positive changes in the market.
Along with this, there are many concerns about the fast food causing obesity, food
poisoning, overweight and other health problems. This may lead the fast food market
to lose its market in the global market. Increase in urbanisation leads to faster and
cheaper foods as a demand.Hence readily available healthy and cheaper fast foods
promote the market.
Scope of fast food market in Indian market
Due to increase in urbanization, expanding youth, working population, more than one
source of income in families, it estimated that in the years 2020-2025, the fast food
market will grow at a CAGR of over 18%.
The fast food market is divided into beverages and food segment. The food segment is
expected to grow at faster rate in the upcoming years due to the innovative offerings
being launched in this segment. In the reports of 2019 it is found that the northern
region of India dominated the fast food market in India and it is expected that its
dominance will be maintained during the forecast period of 2020-2025.
Due to the out break of COVID-19, there was a huge impact on the fast food market.
Along with the challenges faced by the fast food market researchers believe that the
market will expand in the upcoming years.