You probably know more about the fast food industry than you realize. First of all, they are everywhere. Whether you’re at a rest stop along the highway or airport, or at a commercial strip on the outskirts of town – you’ll find one or maybe even more.
If you want a piece of this booming market through a subs franchise, here are some facts you need to know:
Be Familiar with Fast Food
This industry generates a revenue of more than $570 billion worldwide, larger than the economic value of most countries. From its $6 billion revenue in the 1970s, fast food has reached a whopping $200 billion since 2015 in the United States. With over 200,000 fast food restaurants in the country, an estimated 50 million Americans dine at one of them every day.
The three main qualities that consumers consider in a fast food are the taste, quality, and price. While the food is prepared in an assembly line and is often highly processed, patrons still enjoy them for the consistency of affordability, experience, and quick service.
Menus of fast food restaurants are often the same among different locations and consumers enjoy a dependable level of quality with the familiarity of experience. Meal selections are inexpensive, with prices typically at $6 or less.
Currently, 30 percent of the market share is dominated by hamburger-focused restaurants, followed by pizza parlors at 15 percent, and then sandwich bars at 12 percent. While fast food generally has a reputation for unhealthy options, the growth of the industry is not showing any signs of stopping.
You may not have noticed it, but the dynamics within the industry are constantly evolving. In recent years, there has been an explosion of diversity in both restaurant concept and menu options. This growth reflects fast food’s responsiveness to ever-changing customer tastes, as well as entrepreneurs discovering niche opportunities to profit.