Vegan fast food is a type of food that excludes meat items and can be prepared and served in a very little time. Vegan fast food contains vegetable and vegan products, which include pastas, pizzas, pastries, Chinese food, and other snacks. Changes in taste and preferences influence the demand for vegan fast food.
COVID-19 Scenario Analysis:
COVID-19 has adversely affected the vegan fast-food market. There is an increase in the demand for food that has a long shelf life. There is a decrease in the supply of such products due to lockdown across the world. The online sales channel is the only option to fulfill the demand of the customers. Due to online channels, the companies are also coping with the losses caused by the shutdown of the retail stores. The retail stores are having problems with supply due to bulk purchases by the customers. The lockdown and restriction on travel and import-export has also caused a problem for the government and affected the financial problems.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Surge in awareness about the health issues and animal health and changes in lifestyle are the factors that drive the growth of the global vegan market. With the changing perspective of people toward animals and the environment, people are shifting toward vegan food products. The increase in college students who live in PG’s or rental rooms is also the factor that contributes toward the growth of the global market. However, problems like obesity caused due to the fast-food hamper the growth of the global vegan fast food market.
The global vegan fast food market trends are as follows:
The companies are focusing on introducing different new vegan fast food offers to attract customers due to rise in awareness. Many fast-food companies like Burger King are offering plant-based burgers that help them to catch the attention. The new fast food dishes on the menu can help the companies to survive in the long run. For example, Dunkin’ has introduced a plant-based sausage breakfast.
Top Key Players: The Wendy’s Company, Yum! Brands, McDonald’s Corporation, Tim Hortons, Restaurants Brand International, Doctor’s Associates Inc., Dunkin’ Brands, Domino’s Pizza, Inc., Papa John’s Pizza
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