Hectic lifestyles and shorter waiting times are expected to contribute to the rapid growth of the fast food industry.
As chains expand their international footprints, the fast food industry is continuing to grow at exponential rates. According to an article on RestaurantDive, the global fast food market is expected to be worth more than $690 billion by the year 2022. Zion Market Research reports that the industry is expected to experience a 4.7% compound annual growth rate from 2017 to 2022.
“In addition to growth in sales from drive-thrus, the adoption of Western fast food in emerging economies is expected to help grow this market further,” the article stated. “More hectic lifestyles among dual-income households and an increased preference for cheap food with no waiting time also is expected to positively impact fast food growth.”
Companies are also turning to new technologies to support faster service and efficiency. These improvements are expected to add to the growing industry as people become more accustomed to better customer experiences.
Although the U.S. industry is expected to reach saturation and slow down in 2020, the numbers are still mind-blowing. According to the article, nearly half of all consumers hit up a fast food restaurant at least once a week.
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