McDonald’s to take on KFC and rivals as Gen Z flock to fried chicken
Fast food giant aiming to increase share of global chicken market as rising cost of beef hits profits
TL;DR
- McDonald's aims to increase its global chicken market share by 1.5 percentage points by 2030.
- The company also aims to increase its share of drinks sales by the same proportion.
- Growth in chicken is seen as a strategic move due to the rising cost of beef and its perception as a cheaper and healthier protein.
- McDonald's acknowledges strong competition from dedicated chicken chains like Popeyes and Wingstop, as well as KFC.
- The company plans to invest $8.5 billion to support franchisees and enhance restaurant facilities.
- Gen Z consumers are showing a significant preference for chicken, with usage rates approaching those of pizza outlets.
- The rising price of beef in the US and UK has been a significant factor, with increases of over 20% in the past two years.
- Beverages are noted as being more profitable, making increased drink sales an attractive prospect.