Fast food in Asia Pacific is being driven by the popularity of Asian fast food, which has grown significantly across the entire region. The rising population of millennials and their busy lifestyles have supported the rapid growth of fast food. Further, rising disposable incomes and the appeal of local cuisines, especially Chinese fast food, in major markets such as China and India, have supported the development of this category.
The wider choice in consumer foodservice, with a broad variety of food options available for consumers, and the growing popularity of specialist coffee shops among young consumers and white collar workers is expected to squeeze the development of fast food over the forecast period, resulting in decelerating value growth. This is also a sign of growing health consciousness among local consumers, who usually associate fast food with unhealthy dishes, and are increasingly opting for other choices which are considered healthier.
Consumers are more knowledgeable and concerned about the ingredients in the foods they eat at fast food restaurants than ever before. They do not want simply to avoid fast food, and instead are voicing their opinions in the hope that offerings will be adjusted. Hence, fast food chains in Asia Pacific are having to adjust their offering based on changing consumer attitudes.
Convenience stores fast food is the fastest growing channel for the sale of fast food in several countries in Asia Pacific, including Indonesia, the Philippines, South Korea, Taiwan and Thailand, which witnessed the strongest growth in fast food sales via this channel in 2017. This was driven by low pricing, accessibility and the availability of single-portion meals. India was the main exception to this trend in Asia Pacific.
Asian-style fast food continues to dominate in China and India primarily owing to consumers’ preference for food from their own region. Furthermore, Asian fast food operators continue to be primarily independents, and hence do not directly compete with other fast food formats.
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