Fast food market enjoying robust growth, potential
The country’s fast food market grew at an annual average rate of 15.6 percent between 1992-2007, according to a survey conducted by research group ICAP. According to the study, fast food chains are taking the place of individual eateries as they aim to gain brand recognition among the broader consumer public. The market has grown considerably over the 15-year period examined, although the expansion rate did slow after 2000 in comparison with the previous years. Rising demand for the industry’s services was attributed to the increasing number of hours parents spend at their place of employment, particularly mothers. Factors that fuelled strong growth in the past, however, continue to make the sector attractive. The largest number of chain stores in the fast food business operate in the burger category (37 percent) followed by the snack/sandwich category which holds a 28.5 percent of the market.
