The global fast-food market will grow by US$75 billion during 2020-2024. But despite the growth forecast, this sector will still witness a negative impact due to the COVID-19 pandemic, said research firm Technavio. As per the firm's pandemic-focused market research, market growth is likely to decrease compared to 2019.
Technavio further revealed that with the continuing spread of COVID-19, organisations worldwide are gradually flattening their recessionary curve by leveraging technology. Also, many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organisations to move forward in their journey out of the COVID-19 crisis towards the next normal, the firm said.
Another growth driver of the fast-food market is the increasing online presence of fast-food vendors, research revealed. Other factors such as an increase in the number of fast-food outlets and the expansion to various regions will trigger the fast-food market toward witnessing a compound annual growth rate (CAGR) of over 2% during the forecast period. (Image from Unsplash)
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