With an estimated market share of US$ 21 billion in 2022, the mobile food services industry is expected to rise at a steady CAGR of 6.1% from 2023 to 2033, when it is valued at US$ 40.28 billion globally.
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.
Key Trends Shaping the Mobile Food Services Market
In recent years, the Mobile Food Services Market has experienced significant growth, driven by changing consumer preferences and advancements in technology. As the industry continues to evolve, several key trends are shaping its trajectory.
- Digital Transformation and Mobile Apps: The integration of digital technology has revolutionized the mobile food services sector. Mobile apps play a crucial role, offering consumers a convenient way to discover, order, and track their favorite food trucks or mobile vendors. These apps enhance the overall customer experience, providing real-time updates on locations, menus, and promotions.
- Contactless Payments and Digital Wallets: With a growing emphasis on safety and hygiene, the adoption of contactless payment methods and digital wallets has surged. Mobile food vendors are increasingly incorporating these technologies, ensuring a seamless and secure transaction experience for customers.
- Diversification of Cuisine and Dietary Options: The mobile food services market is witnessing a shift towards diverse and specialized culinary offerings. Vendors are experimenting with unique and international cuisines, catering to the evolving tastes of consumers. Moreover, there is a noticeable focus on providing healthier options to meet the increasing demand for nutritious and dietary-specific choices.
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Market Competition:
The key players in this market include:
- Kogi BBQ
- Phat Cart
- Cupcakes for Courage
- Yumbii
- Wafels and Dinges
- Restaurant Brands International Inc.
- Ms. Cheezious
- DessertTruck Works
- The Waffle Bus
- Burgerville
- Subway IP LLC
- Lukes Seafood LLC
- OINK and MOO BBQ
- The Grilled Cheeserie
- Darden Restaurants Inc.
- World Famous House of Mac
- McDonald Corp
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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