The mobile food services is anticipated to increase at a high CAGR of 6% (2022-2032), reaching a value of about US$ 37.61 Bn by 2032
Food trucks have been an integral part of many vibrant societies. These popular mobile food joints populated the US and soon became a very popular window for food shopping. The instant availability, affordable pricing and latest experimental food itinerary helped mobile food services earn an edge over contenders.
Mobile food services have flooded the entire food and restaurant market in the US and Europe in 2009 and with passing time their popularity soared and mobile food services reserved their space in the lives of the middle-class population.
Mobile food services not only created a parallel food based economy but also generated massive jobs in the food sector and many of the aspiring chefs and entrepreneurs found a foothold in the food industry.
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Mobile food services are giving a steady challenge to the brick and mortar hotels and keeping the cost of the market in control by creating a competitive ecosystem. The concept of mobile food services is growing in Asia but they are dominating the existing food markets of Australia, Canada, France and several other countries.
As per a report published by the United Nations, a massive portion of the world population feeds on street food, which is offered by these mobile food services. Mobile food services have been the first line of food supplies in countries such as Brazil, Thailand and Indonesia.
Mobile food services are transforming their presentation techniques and also changing their selling strategies. Apart from using digital platforms for branding these mobile food services are also using tailor-made apps and digital payment corridors to enhance the convenience of their customers.
This business fraternity is facing fierce competition from conventional food joints and they are also finding it hard to adjust to the competition that is emerging every day in their own class. Managing space in a busy populated area is the biggest challenge. Often it becomes hard to gauge the human traffic movement and to extract benefits of the pouring footfalls.
Mobile Food Services: Game Changers
Mobile food services are growing worldwide and the market is expanding. The massive global economic meltdown and soaring number of unemployed youths are pushing many towards this sort of low budgeted business. To adjust with the fast paced lifestyle people are adapting to the new medium of food supply.
Enhanced food safety awareness amongst the people is providing leverage to mobile food services. The startup trend across the world is also pushing the growth of mobile food services.
Mobile Food Services: Restraints
Many countries across the globe including the US have regulated the movement and growth of this segment. Regular checkups are conducted on food trucks to maintain food quality and this has created hurdles in the free growth of this segment.
The brick and mortar restaurants and other renowned food chains are facing enormous competition from these small time traders and in many countries big restaurant lobbies are influencing lawmakers to frame adverse laws to check the organic growth of mobile food services.
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Mobile Food Services: Top Players
There are several renowned mobile food services available across the world. Some of the famous mobile food service providers include Kogi BBQ, Phat Cart, Cupcakes for Courage, Yumbii, Wafels and Dinges, Ms Cheezious, The Waffle Bus.
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Key Segments Profiled in the Mobile Food Services Market Survey
By Application:
- Food Truck
- Removable Container
By Product:
- Food
- Beverages
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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