The global South Africa Fast Food market was valued at $2.7 billion in 2018 and is projected to reach $4.9 billion by 2026, growing at a CAGR of 7.9% from 2019 to 2026. Rise in rate of urbanization coupled with surge in demand for various types of convenience food products has been driving the value sales growth for the South Africa fast food market.
South African consumers have been increasingly living a busy lifestyle.
This has created a huge demand for food products such as take-away food items and readily available fast food products. Furthermore, surge in demand for convenience food products has eventually resulted in increase in number of quick-service and fast food restaurant establishments across the country.
Over the past decade, number of foodservice outlets skyrocketed in South Africa. From roughly 76,000 outlets in 2006, the number of outlets increased to 123,000 by 2016. A significant number of these outlets (70%) are in the informal sector (mainly street vendors), with the remaining 30% split equally between cafes/bars, full-service restaurants, and fast food outlets. Hence, surge in demand for convenience food products is a major factor driving the South Africa fast food market in terms of value sales.
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Fast food products are usually known for their taste, unique product offerings, and easy availability, which attract the target customers. However, regular consumption of these products has negative effects on the health of the consumers. For instance, most fast food items, including drinks and sides, are rich in carbohydrates with very less fiber content. Therefore, consumption of high amount of carbs can result in rise in blood sugar level. Thus, increasing the risk for insulin resistance, type 2 diabetes as well as weight gain. These factors are expected to restrain the growth of the South Africa market.
According to Statistic South Africa, millennials account for nearly 52% of the total South African population. Rise in per capita income provides high purchasing power. They have been influential in evolving various industries in terms of product offerings and services.
When it comes to the global fast food industry, millennials have been their prime customers. The fast food operators have been continuously strategizing on evolving their product offerings that cater to varying perception and preference of the millennial segment. Thus, rise in number of millennial population in the country is anticipated to provide lucrative opportunity for the growth of the South Africa fast food market.
Some of the key companies profiled in the report include Yum Brands Inc., Famous Brands Inc., McDonald’s Corporation, Nando’s Group Holding Ltd., Taste Holding Ltd., Traditional Brands, King Pie Holdings, Burger King, Hungry Lion, Spur Steak Ranches, and others.
KEY BENEFITS FOR STAKEHOLDERS
• The report provides an extensive analysis of the current and emerging market trends and opportunities in the global South Africa Fast Food market.
• The report provides detailed qualitative and quantitative analysis of current trends and future estimations that help evaluate the prevailing market opportunities.
• A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
• An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
• The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.
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KEY MARKET SEGMENTS
By Product Type
• Processed Chicken
• Processed Fish
By Age Group
• Below 18 years old
• 20 – 35 years old
• Above 25 years old
By Distribution Channel
• Online Channel