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The global fast food industry is being driven by the heightened usage of online food delivery apps. With the rapid spread of the internet and the advent of the COVID-19 pandemic, consumers were increasingly utilising food delivery apps, as visiting brick-and-mortar restaurants was not viable due to the lockdown restrictions. Moreover, innovative strategies such as attractive discounts and a wide variety of options further contribute to the popularity of food delivery apps. In addition, creative recipes, cost-effective food, excellent flavours, and speedy services are some of the factors adding to the market growth.
The growing focus of the leading players in conceptualising innovative dishes by adopting varied cooking styles in order to attract consumers is expected to significantly catalyse the industry growth in the forecast period. In March 2021, Restaurant Brands International Inc (NYSE: QSR) announced the agreement of Popeyes, their subsidiary fast food chain, with Jubilant Foodworks Limited to develop and open Popeyes restaurants all over India, Bangladesh, Bhutan, and Nepal in the coming years. Another leading fast food chain, McDonald’s (NYSE: MCD), in May 2021, announced its collaboration with world-renowned South Korean Popstars, BTS, with an eponymous menu. Such developments are expected to positively impact the growth of the fast food industry in the forecast period.
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The major players in the global fast food market are Auntie Anne’s Franchisor SPV LLC, Cinnabon Franchisor SPV LLC, Domino’s Pizza (Jubilant FoodWorks Ltd.), Inspire Brands, Inc., Hardee's Restaurants LLC, and Firehouse Restaurant Group, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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