Ketogenic, flexitarian, pescatarian, vegetarian, vegan, and so much a lot of greater. The variety and sort of specialized diets consumers are adopting preserve to grow every year. Some of these diets are fads, whilst others turn out to be trends. Veganism has emerged as a lifestyle choice for many, and, as a result, it’s miles a concept the meals industry, and particularly, fast food players, can not have the funds for to disregard.
Insight Survey’s modern SA Fast Food/QSR Landscape Report 2019 cautiously unfolds the global and neighborhood fast food markets primarily based on modern records and studies. It examines the market drivers and restraints as well as worldwide and neighborhood market trends to give a goal insight into the South African fast food industry environment, market dynamics, and its future.
Globally, the short food market is expected to be worth approximately US$617.6bn in 2019, with a compound annual growth rate (CAGR) of five.5% for the 2019 to 2025 forecast period. As illustrated in the graph below, McDonald’s is considered to be the maximum valuable fast food brand globally in 2019 with a brand fee of US$130.4bn. This is accompanied using Starbucks and KFC with emblem values of US$ US45.9bn and US$17.2bn, respectively.
The vegan trend has encouraged the global speedy meals enterprise, and among the top brands are such as extra vegan and plant-based services on their menus. McDonald’s, for instance, has lately delivered their Big Vegan TS in Germany, while Burger King has introduced its plans to begin presenting merchandise in partnership with Impossible Foods, a company known for producing realistic meat-free products throughout the United States. KFC additionally plans to trial a vegan model of the business’s chicken fillet burger in June 2019.
In assessment to the robust growth being experienced globally, the South African fast-food industry has been experiencing some demanding situations over the last few years, with the market developing at a CAGR of most effective 1.1% among 2013 and 2018, and the wide variety of fast food retailers sincerely declining with the aid of 2% in 2018.
However, there has been a comparable shift toward veganism over the last few years in South Africa. This motion has gained a lot of momentum, and 2019 has been declared the ‘’Year of the Vegan’’, in terms of food trends.
There are numerous reasons why the call for vegan food services has been growing in South Africa. An increasing variety of purchasers (specifical millennials) are getting extra privy to the carbon and water footprints of meat products, as well as the capability negative effects those products may have on their health. Social media has additionally played an essential role in instructing and informing purchasers on where food comes, weather trends, in addition to the fitness benefits associated with a plant-primarily based food plan.
Players inside the South African food industry are very privy to the growing significance of this trend. For example, the famous Beyond Meat burger, which has a pea protein base and beetroot as an ingredient, these days have become to be had in South Africa. Furthermore, the food outlets Woolworths and Checkers have particularly made a conscious attempt to widen their vegan product offerings.
It is clear that the vegan motion is likewise influencing speedy meals and short service restaurants in South Africa, as many gamers are starting to consist of more vegan and vegetarian meals objects on their menus.
The South African Fast Food/QSR Industry Landscape Report 2019 (142 pages) affords a dynamic synthesis of enterprise research, inspecting the nearby and global Fast Food industry from a uniquely holistic attitude, with distinctive insights into the whole cost chain – from manufacturing to retailing, market size trends, industry trends, industry drivers and demanding situations, competitor retail evaluation and pricing evaluation.
