G4621-GL Global Fast Food Restaurants Industry Report.pdf

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1、IBISW1-800-330-3772infoIBISW INDUSTRY REPORT G4621-GLGlobal Fast Food RestaurantsSuper-sized changes:Most chains are expected to continue introducing healthyalternatives and expanding product linesMatthew Buchko|July 2021Global Fast Food RestaurantsJuly 20212IBISWContentsCOVID-19(Coronavirus)Impact

2、Update.3ABOUT THIS INDUSTRY.5Industry Definition.5Major Players.5Main Activities.5Supply Chain.6INDUSTRY AT A GLANCE.7Executive Summary.9INDUSTRY PERFORMANCE.10Key External Drivers.10Current Performance.11INDUSTRY OUTLOOK.14Outlook.14Industry Life Cycle.16PRODUCTS&MARKETS.17Supply Chain.17Products&S

3、ervices.17Demand Determinants.18Major Markets.19International Trade.20Business Locations.21COMPETITIVE LANDSCAPE.23Market Share Concentration.23Key Success Factors.23Cost Structure Benchmarks.24Basis of Competition.26Barriers to Entry.27Industry Globalization.27MAJOR COMPANIES.29Major Players.29Othe

4、r Companies.31OPERATING CONDITIONS.33Capital Intensity.33Technology&Systems.34Revenue Volatility.35Regulation&Policy.35Industry Assistance.36KEY STATISTICS.37Industry Data.37Annual Change.37Key Ratios.37ADDITIONAL RESOURCES.38Additional Resources.38Industry Jargon.38Glossary.38Global Fast Food Resta

5、urantsJuly 20213IBISWCOVID-19(Coronavirus)Impact UpdateIBISWorlds analysts constantly monitor the industry impacts of current events in real-time here is an update ofhow this industry is likely to be impacted as a result of the global COVID-19 pandemic:As many governments implement stay-at-home orde

6、rs,the Global Fast Food Restaurants industry is likely to beaffected negatively,as consumers opt to cook at home.For more detail,please see the Current Performancechapter.Some operators are expected to benefit from assistance programs being offered by different governments aroundthe globe.For more d

7、etail,please see the Industry Assistance chapter.The industry is still positioned relatively well when compared with other food service industries as many operatorsalready have mobile takeout and delivery services,as well as drive-through structures.For more detail,please seethe Current Performance

8、chapter.Note:The content in this report is currently being updated to reflect the trends outlined above.Global Fast Food RestaurantsJuly 20214IBISWAbout IBISWorldIBISWorld specializes in industry research with coverage on thousands of global industries.Our comprehensive data and in-depth analysis he

9、lpbusinesses of all types gain quick and actionable insights on industries around the world.Busy professionals can spend less time researchingand preparing for meetings,and more time focused on making strategic business decisions that benefit you,your company and your clients.Weoffer research on ind

10、ustries in the US,Canada,Australia,New Zealand,Germany,the UK,Ireland,China and Mexico,as well as industries thatare truly global in nature.Global Fast Food RestaurantsJuly 20215IBISWAbout This IndustryIndustry DefinitionThe Global Fast Food Restaurants industry is composed of restaurants where patr

11、ons pay for quick-service foodproducts before eating.Purchases may be consumed on-site,taken out or delivered.Gross revenue is derived fromboth franchised and company-owned stores.Franchise fees are not accounted for in total industry revenue.Most ofthe industrys establishments also sell beverages,s

12、uch as water,juice and sodas,but usually not alcohol.Major PlayersMcDonalds CorporationYum!Brands.Main ActivitiesThe primary activities of this industry are:Operating quick-service restaurantsOperating fast food servicesOperating drive-through and takeout facilitiesThe major products and services in

13、 this industry are:BurgerSandwichSnackPizzaChickenOtherGlobal Fast Food RestaurantsJuly 20216IBISWSupply ChainSIMILAR INDUSTRIESGlobal Convenience Store ChainsGlobal Hotels&ResortsGlobal Casinos&OnlineGamblingGlobal Tourism RELATED INTERNATIONAL INDUSTRIESFast Food Restaurants in the USMexican Resta

14、urantsDoughnut StoresPizza RestaurantsIce Cream&Gelato StoreFranchisesSandwich&Sub Store FranchisesFast Food and Takeaway FoodServices in AustraliaFast-Food Restaurants in ChinaTakeaway&Fast-FoodRestaurants in the UKPizza Delivery&Takeaway in theUKFast Food Restaurants in CanadaFast Food and Takeawa

15、y FoodServices in New ZealandRestaurants and Takeaways inIreland Global Fast Food RestaurantsJuly 20217IBISWIndustry at a GlanceKey Statistics$797.7bnRevenueAnnual Growth20162021-0.2%Annual Growth202120263.0%Annual Growth20162026$35.9bnProfitAnnual Growth201620213.8%Annual Growth20162021 4.5%Profit

16、MarginAnnual Growth201620210.8pp Annual Growth20162021 587kBusinessesAnnual Growth201620211.9%Annual Growth202120262.5%Annual Growth20162026 13mEmploymentAnnual Growth201620212.4%Annual Growth202120262.9%Annual Growth20162026$138.5bnWagesAnnual Growth201620211.7%Annual Growth202120262.9%Annual Growt

17、h20162026Key External Drivers%=201621 Annual Growth2.2%Global consumer spending0.4%Global consumer sentiment index3.0%GDP of East Asia1.2%Global per capita income Industry StructurePOSITIVE IMPACT Life CycleGrowth ConcentrationLowMIXED IMPACT Revenue VolatilityMedium Capital IntensityMedium Technolo

18、gy ChangeMedium Industry GlobalizationMedium/IncreasingNEGATIVE IMPACT Industry AssistanceNone/Steady Regulation&PolicyHeavy/Steady Barriers to EntryLow/Increasing CompetitionHigh/Increasing Key TrendsThe industry is approaching saturation levels due to anoversupply of fast food businesses and exten

19、sive franchisingGlobal Fast Food RestaurantsJuly 20218IBISWProducts&Services Segmentation Major PlayersSWOTSTRENGTHS High Profit vs.Sector Average Low Product/Service Concentration WEAKNESSES High Customer Class Concentration Low Revenue per Employee High Capital Requirements OPPORTUNITIES High Reve

20、nue Growth(2016-2021)High Performance Drivers THREATS Very Low Revenue Growth(2005-2021)Low Outlier Growth Low Revenue Growth(2021-2026)Global Fast Food RestaurantsJuly 20219IBISWExecutive SummarySuper-sized changes:Most chains are expected to continue introducinghealthy alternatives and expanding p

21、roduct linesOver the five years to 2021,the Global Fast Food Restaurants industry has expanded despite changing consumertastes and a recovering global economy.As disposable income rose during the period,consumers increasedspending on luxuries,such as eating out,therefore also boosting profit.However

22、,full-service restaurantsoutperformed fast food establishments during this period,as many consumers had more disposable income.Theindustry also experienced steady and growing demand from emerging economies,which boosted the industrysoverall performance.During the period,the industry has also been fo

23、rced to adapt to increasingly health-consciousconsumer preferences.While major fast food retailers have responded by expanding the number of healthy optionson their menus,the general trend toward health awareness has hurt overall demand for the typically greasy foodprovided by these restaurants.As a

24、 result,industry revenue is projected to decline at an annualized rate of 0.2%to$797.7 billion over the five years to 2021.In 2021 alone,revenue is forecast to grow 8.4%as demand is expected toreturn following the spread of COVID-19(coronavirus)in 2020,which fueled a 15.2%decline in revenue that yea

25、r.In many developed economies,the industry is approaching saturation levels due to an oversupply of fast foodbusinesses and extensive franchising.This development is resulting in weaker revenue growth and intense price-based and product-based competition.Given the cutthroat competition that exists i

26、n developed economies,operators have made a major push into growth markets in emerging economies,including Asia,Russia,SouthAmerica and India,to expand their revenue and profit.While emerging economies are estimated to account for onlya small portion of global fast food revenue in 2021,these regions

27、 are expected to expand as a share of theindustrys total operations in coming years,amid substantial population growth and rising levels of per capitaincome.Over the five years to 2026,most fast food chains are expected to continue to introduce new healthy foodalternatives and expand their current p

28、roduct lines.This includes offering more made-to-order menu items usingfresh and organic produce and much less fried food.While these changes will involve fewer standardized menuselection purchases,consumers are expected to be more willing to pay higher prices for healthier food selections.This tren

29、d,along with continued expansion in emerging economies,will contribute to industry revenue growth at anannualized rate of 3.0%to$925.0 billion over the five years to 2026.Global Fast Food RestaurantsJuly 202110IBISWIndustry PerformanceKey ExternalDriversGlobal consumer spendingThis industry is sensi

30、tive to changes in global consumer spending.During periods of weak economic growth,highlevels of uncertainty and unemployment generally lead to declines in total consumption.However,when personalconsumption expenditure is high,consumers are more likely to spend on eating out at fast food restaurants

31、.Globalconsumer spending is expected to increase in 2021,representing a potential opportunity for the industry.GDP of East AsiaEast Asia is currently one of the largest sources of revenue growth and expansion for the Global Fast FoodRestaurants industry.The industrys ability to continue to expand an

32、d profit from this region is entirely dependent onthe performance of this regions economy and its corresponding demand for fast food.The GDP of East Asia isexpected to increase in 2021.Global consumer sentiment indexChanges in consumer sentiment have a significant effect on household expenditure on

33、discretionary items,includingfast food.When customers are optimistic about the economy,they spend more on these items.Global consumersentiment is expected to increase in 2021.Global per capita incomeRising global incomes enable consumers to allocate more toward discretionary purchases,such as fast f

34、oodpurchases.The level of per capita income is especially important in emerging economies such as Asia,LatinAmerica and the Middle East where fast food consumption is on the rise.In general,when income levels rise,sodoes restaurant spending.Global per capita income is expected to increase in 2021 bu

35、t has been volatile over thefive years to 2021,posing a potential threat to this industry.Global Fast Food RestaurantsJuly 202111IBISWCurrentPerformanceThe Global Fast Food Restaurants industry is expected to declinemodestly over the five years to 2021,primarily as a result of a volatileglobal econo

36、my and consumers increasing awareness of the health risksassociated with a diet high in fat,salt and sugar.Despite these obstacles,the industry has experienced steady and growing demand from emerging economies.Theindustrys attempts to respond to changes in consumer preferences have also helped dimin

37、ish the decline in industryrevenue.Overall,industry revenue is estimated to decline at an annualized rate of 0.2%to$797.7 billion over thefive years to 2021.In 2021 alone,revenue is forecast to grow 8.4%as demand is expected to return following thespread of COVID-19(coronavirus)in 2020,which fueled

38、a 15.2%decline in revenue that year.As governments across the world enacted orders for residents to shelter-in-place and encouraged social-distancingto reduce the spread of the virus,demand for the industry fell drastically and caused a decline in revenue.This alsoforced many establishments to close

39、 down or reduce their staff.Many of these orders require a shutdown of allnonessential businesses.Food service operators,including fast food restaurants,are typically considered essentialbusinesses so most establishments remained open.However,many operators experience a decline because manyconsumers

40、 opted to cook and eat at home instead of paying to have food delivered from industry establishments.Furthermore,many consumers experienced job loss,so their disposable income was less,therefore many savedmoney by not eating out.However,compared with full-service restaurants,fast food operators fare

41、d better as theyhave less-expensive products and many operators already have mobile takeout and delivery services in addition todrive through structures.DEVELOPED ECONOMIESIn many developed economies,the industry is approaching marketsaturation due to an oversupply of fast food businesses and extens

42、ivefranchising.This trend is resulting in volatile revenue growth and weak demand,as well as intense price-based and product-based competition.Developed economies account for the vast majority of total industry revenue.For instance,theUnited States alone is estimated to control more than 30.0%of the

43、 industrys total market in 2021.Many companies,particularly those operating in developed economies,have expanded their menu options toensure that they can retain as large a portion of their customers fast food dollars as possible.Operators haveincreased their chicken items,Italian-and Mexican-style

44、foods,salads and coffee drinks to provide more menuchoices.Some operators have also expanded into different meal times,therefore extending their operating hours.Subway,for example,recently rolled out a new breakfast menu.Some major operators have also developedcombined or multibranded outlets in whi

45、ch they share locations with other brands or food styles.Yum!Brands Inc.(Yum!)does this often,with multiple fast food brands such as KFC(KFC),Taco Bell and Pizza Hut operating underGlobal Fast Food RestaurantsJuly 202112IBISWthe same roof.EMERGING ECONOMIESGiven the intense competition that exists i

46、n developed economies,operators have made a major push into growth markets in emergingeconomies,including Russia,South America,India and other parts ofAsia.Fast food chains view China in particular as a market that has huge potential for growth and long-term profitability.Over the past five years,Yu

47、m!decided to double down on its China growth strategy.The expansion initially paiddividends,with the companys China sales growing aggressively prior to the current period.However,in late 2012,test results from the Shanghai Food and Drug Administration found quality issues with the chicken meat suppl

48、ied toits KFC restaurants.As a result,the companys revenue in China declined in 2013.In response to its mishaps inChina,the company announced plans to separate its China business into a separate,independent entity,which wasexecuted in 2017.Despite the kinds of problems recently encountered by Yum!,e

49、merging economies have now become the focus formany operators seeking to expand their revenue and profit.While these economies are estimated to account foronly a small portion of global fast food revenue in 2021,substantial populations and growth in per capita incomewithin these regions could genera

50、te significant revenue opportunities in coming years.For instance,the collectiveGDP of nations in East Asia has increased at a strong annualized rate of 3.0%over the past five years,outpacingGDP growth in the US global economies.Developing economies also tend to have greater populations of individua