The mobile food services market had an estimated market share worth USD 21 billion in 2022, and it is predicted to reach a global market valuation of USD 40.28 billion by 2033, growing at a steady CAGR of 6.1% from 2023 to 2033.
Mobile Food Service is a model of business in which food is prepared and sold from any vehicle. Trucks or vans are used for this purpose, because lots of items are involved in the preparation of food for lots of people, and the trucks and vans give us the leisure and space for storing all these items.
The idea is to set up a mobile stall on a day-to-day basis, sell the food, and finally leave the place. Not having to install a permanent stall is a benefit, as the owner can shift the bases whenever he/she wants to.
The idea of starting the mobile food services business is to ensure that the customers get to see how fresh the food is prepared then and there, and served to them, thereby maintaining the required hygiene standards.
Mobile food services have been instrumental in creating numerous business opportunities, and this has contributed to many economies across the world. These types of food services have also created job opportunities in the food industry.
| Report Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 21 billion |
| Expected Market Value (2023) | USD 22.28 billion |
| Projected Forecast Value (2033) | USD 40.28 billion |
| Anticipated Growth Rate (2023 to 2033) | 6.1% |
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The global demand for mobile food services market was estimated to reach a global market valuation of USD 16.57 billion in 2018, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth in the mobile food services market, registering a CAGR of 3.3%.
The world's rapid urbanization has raised peoples' disposable incomes. Rapid urbanization along with the large percentage of women entering the workforce have thereby boosted the need for handy and simple-to-prepare food products. New habits are becoming ingrained and the taste for foreign meals is rising as the urban population grows.
Fast urbanization, changing culinary choices, changing lifestyles, and an increase in nuclear families represent some of the causes propelling the expansion of the global fast food sector and hence boosting the global expansion of the mobile food services market.
Easy and Convenient Availability of Ready and Prepared Food
The biggest advantage associated with mobile food services is that the food is either already prepared or is prepared on the spot. This food is visible to us, even before buying, which is pivotal in winning the trust of the customer, which may not be the case with restaurants. With the increase in the demand for convenience food, the sales of mobile food services are anticipated to boost.
On-demand, there are options for customization of food then and there as well. That is, one can request the cook to make certain altercations in the flavors based on our requirements, which tends to increase the personal touch. Even this might increase the sales of mobile food services.
Technology along with Urbanization to Overall Boost Sales
These outlets operate in open areas. People who want to enjoy having food in the open, instead of being enclosed in any brick-and-mortar store, would certainly prefer having food in such mobile stores. This is expected to increase the adoption of mobile food services.
With the advancement of technology, there are certain processes that have become easier. These technologies have been instrumental in managing queues, preparing food fast, and ensuring quality taste as well. These technologies have been instrumental in increasing the popularity of mobile food services. This is expected to increase the mobile food services market share.
Rapid urbanization and the expansion of cities have led to a busy lifestyle. The condition is such that people have no time for cooking as well, and wish to eat in open spaces with their friends. It is here that mobile food services are helpful. Such people usually satisfy their hunger in these stores. This is expected to increase the demand for mobile food services.
Food-based E-commerce Applications to Make these Services More Popular
The development of food-based E-Commerce apps is a huge boon to mobile food services. People do not have to necessarily visit the spot; they can instead order food through these apps. This is expected to drive the sales of mobile food services.
Even social media has the tendency to increase the mobile food services market size, apart from E-Commerce. If a customer posts a review about a store, in no time, it will be visible to many people. More and more people might start becoming customers for that store because of the word of mouth, as a result of which the market for mobile food services is anticipated to increase.
If the business want to achieve economies of scale, one of the best businesses would be to start a mobile food services business. It is because in this case, they would be sticking to only a certain food cuisine, and after a point of time, if the business does well, we may have to invest less and the returns would be more. This is something, because of which the adoption of mobile food services might increase.
Raw Material Shortage can Impede the Global Market Growth
There are certain things about which one needs to be careful while starting a mobile food services business. It is important to do a thorough analysis before operating at any place. If somebody opens a store in an area that is near any unhygienic place, people would certainly think before having food in such stores.
Companies need to be aware of the target audience as well. If they end up selling continental food at a place where people prefer having Indian food, it is not going to serve the purpose of the business. A thorough study of the target audience has to be carried out.
Many businesses in the mobile food services space are small-scale players. Their business is quite sensitive to inflation. They need to be careful while pricing their items.
Any shortage in raw materials in an economy has a massive tendency to negatively impact businesses, especially for small-scale players. It is important to have the right options set. These shortages in raw materials can happen because of natural calamities, war, and adverse weather conditions.
Principal Consultant
The Food Trucks are Anticipated to Rule the Market for a Long Time Ahead
In 2022, the food truck segment constituted a global market share of around 47%. The elements causing the expansion include the quick rise in gastronomy and the growing preference among young people for new eating experiences over conventional dining in brick-and-mortar establishments. Other significant elements driving the increase are the expanding prevalence of the mobile lifestyle and the rising need for food on the go.
Food truck services are among the most popular eateries and one of the ideas with the quickest growth rates due to its accessibility, affordability, and adaptability. The rise of upmarket food truck services was largely brought on by recession-related tendencies. American society, for example, is largely influenced by meals-on-wheels.
There are more than 35,000 food trucks dotted across the American cities, and the sector employs over 14,000 people. The demand for such food truck services in the United States is being driven by the movement in customer desire, particularly among the millennial and Gen Z demographic, toward gourmet cuisine and unusual & adventurous culinary ideas.
The popularity of food trucks in the United States has also increased as a result of the emergence of social media. Food trucks are taking use of social media platforms like Facebook and Twitter.
The Food Segment will Gain Immense Traction During the Forecast Period
In 2022, the food segment by product was estimated to have acquired a 32.6% global market share. The market for food was worth USD 13.22 billion in 2021 and will increase until 2033. Donuts, sandwiches, burgers, and pizza are available from several regional and international suppliers in the United States and numerous European nations, like RBI as well as YUM!
Traditional meals and dishes from other cultures that have been infused with localized flavors to cater to local consumers are among the most popular foods supplied by mobile food service providers in Asia and South American nations. These factors will increase consumer demand for meals from mobile food services, driving the market's expansion throughout the projected period.
Increasing Urbanization Have Boosted the Growth
In 2022, East Asia along with South Asia and Pacific countries altogether accounted for a significant market share of 30.2%. The reason behind this is rapid urbanization, an increase in disposable income, and people wanting to try new cuisines.
There has been increased investment in the food sector specifically in India and China, and there have also been plenty of mergers and acquisitions in this space, which indicates that the market might thrive in the coming years.
Rising Numbers of Hotels and Accommodations to Bolster Growth
In 2022, the North American market for mobile food services market garnered a global market share of around 26.2%. During the projection period, it is anticipated that the North American market for mobile food services would expand quickly. The increased employment rates at fast food restaurants show that there are more mobile food services available in the area, which in turn shows that there is an increasing need for such services. The demand for quick meals, which need less preparation as well as are readily available, is rising as more customers are time constrained.
Fast food is more readily available and less expensive, which encourages customers to buy it frequently. These habits will fuel the expansion of the mobile food services business in North America, where the majority of customers dine out often and buy fast food near their workplaces.
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The key players in this market include:
Significant advancements in the mobile food services sector are being made by key market participants, and these include:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.1% from 2023 to 2033 |
| Market value in 2023 | USD 22.28 billion |
| Market value in 2033 | USD 40.28 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for value |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Applications, Product, Region |
| Region Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | 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 |
| Customisation Scope | Available on Request |
The market is predicted to expand at 6.1% CAGR from 2023 to 2033.
The market is predicted to reach USD 22.28 billion in 2023.
Food products are likely to dominate the market.
Convenience meals and quick service restaurants to grow demand.
From 2018 to 2022, the market registered a CAGR of 3.3%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Food Truck 5.2. Removable Container 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 6.1. Food 6.2. Beverages 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Kogi BBQ 17.2. Phat Cart 17.3. Cupcakes for Courage 17.4. Yumbii 17.5. Wafels and Dinges 17.6. Restaurant Brands International Inc. 17.7. Ms. Cheezious 17.8. DessertTruck Works 17.9. The Waffle Bus 17.10. Burgerville 17.11. Subway IP LLC 17.12. Lukes Seafood LLC 17.13. OINK and MOO BBQ 17.14. The Grilled Cheeserie 17.15. Darden Restaurants Inc. 17.16. World Famous House of Mac 17.17. McDonald Corp 18. Assumptions & Acronyms Used 19. Research Methodology
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Mobile Food Services Market
