Fast food franchise operators continued making changes in food preparation, presentation and ingredients to bring culinary cuisines on a dining table and also to fascinate low budget customers as well. Many companies are adding value to eating-out culture through attractive promotional activities, combo meals, weekly special, loyalty schemes and discount. Apart from this, menu customization is also one of the featured trends in 2018, as fast food brands have customized as per consumer preferences by using local ingredients. Fast food in India is projected to touch trillion dollars and the growth is majorly driven by fast-paced lifestyle, globalization, urbanization and favourable demographic profile. On the basis of business models and infrastructure, fast food restaurants can be categorized as street vendors and quick service restaurants. Consumers nowadays are shifting to hygiene and authentic foods so they mostly prefer QSRs to quench their hunger, apart from this, the government is taking strict action against roadside vendors due to unhygienic practices adopted by them.
Despite economic downturn or growing health awareness among consumers, the fast food industry is still booming because consumption of ready-to-eat meals has increased year-on-year. The USA is figured as a most preeminent market for fast food, each major fast food franchise is originated from USA. This is mainly due to a hectic lifestyle and increasing on-the-go food consumption behaviour. In recent times, Asian markets are highly penetrated by global brands, particularly in India and China. In the near future, popular brands like Domino’s pizza, Dunkin Brands, Burger King and Wendy’s are leading players that have gained popularity among consumers over last few years. In India, some local brands are also experimenting with ingredients to develop Indian form of fast foods that gives local food taste and reflects native culture and traditions. The burgeoning population could be foremost reason for fast food market expansion in India.
Restaurants chains are focusing to create a better dining experience for consumers; moreover, they offer better quality and quantity and include healthier ingredients in snacks as well. As consumer’s demand for healthy ready-to-eat meals has been increased, fast food players have benefitted in terms of profitability and sale. The takeaway, online delivery system and digital menu are latest trends becoming popular throughout the foodservice industry. Food-tech start-ups are contributing tremendously towards convenient and affordable foodservice concepts, for instance, several fast food operators have tied up with food delivery companies such as Zomato, Swiggy, and food panda.
In the course of last of one decade, the whole fast food industry has transformed owing to emerging digital technologies. Marketing and promotional strategies of fast food brands are depending specifically on digital channels, to add more, social media platforms are used to interact with existing and potential consumers. As per recent reports, Indian marketplace is ideal for fast food establishment owing to growing population.
Fruitful business opportunities
Indian companies aggressively coming up with profitable fast food franchise opportunities, they are offering Indian form of cuisines and faster options to enjoy a new version of ready-to-eat meals. Based on the type of food, the fast food industry is segregated as pizza, seafood, sandwich, chicken, and burgers. Due to a busy lifestyle, online food delivery companies have significantly gained popularity and is estimated that in coming future there will be enormous options. Building trust with customers is essential to generate profits, in addition, fast food brands are experimenting with existing menu, marketing, and promotional activities to reach out maximum customers. In this global business environment, when it comes to fast food industry entrepreneurs often get confused due to consistently changing consumer’s choices and preferences, moreover they want the something exciting and attractive.