The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreMar 2014
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2012 was a solid year for global fast food, showing consistent improvement in value growth at the highest level. Simultaneously it was a year of change, in which operators faced new challenges in some of the category’s largest and most important markets. At the brand level, competition continues to increase exponentially in developed and developing markets alike, forcing operators to reach for new creative heights in search of differentiation and the continued loyalty of their customer base.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
Fast food is at a crossroads in both China and the US, two of the category’s largest and most important markets. In the former, the market is maturing - along with its consumers -and leaders are being forced to rethink their existing strategies. Likewise in the US, consumers are pulling back from the previous year’s dependence on all things premium, suggesting operators need to return to value-orientated basics to win back their loyalty.
Daypart expansion remains key, especially in highly competitive markets such as Japan, the US, Western Europe and China. Fast food leaders are turning to occasion-based value platforms in order to draw traffic and compete with lower-priced independent competitors.
Similarly, traditional fast food is returning to a value focus, emphasising low-priced meal deals and snacking items even in the wealthiest markets. This trend has manifested itself particularly strongly in the US, Australia and developed markets where consumers have shown that despite general dining experience improvements category-wide, they still want very low prices and very high value when it comes to traditional fast food.
The positioning of the fast casual movement is simultaneously trending upwards, reaching higher in terms of quality, dining experience and pricing. A new global fast casual trend has emerged, sometimes called “fresh casual”, which has high potential for global growth.
The search for differentiation and higher traffic remains a central focus, and operators are turning to service innovation to squeeze every transaction out of an existing consumer base. Delivery, drive-through and extended hours are growing more popular in a range of regions, including emerging markets where these services are relatively unfamiliar.
With growth slowing in China and levelling off in the US, new long-term prospects are rising in prominence, including Latin America, the Gulf States, Southeast Asia and Africa.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.