[250 Pages Report] The Street Vendors Market is estimated to reach USD 2.5 Billion in 2022. As per the report, sales are forecast to increase at a robust 6% CAGR, with the market valuation reaching USD 8 Billion by 2032.
| Attribute | Details |
|---|---|
| Street Vendors Market Estimated Size (2022) | USD 2.5 Billion |
| Street Vendors Market Projected Size (2032) | USD 8 Billion |
| Street Vendors Market Value-based CAGR (2022 to 2032) | 6% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The ability to easily access a wide variety of goods and services in public areas is made possible by street vendors, who play an essential role in urban economies all over the world. Street sellers are crucial to the nation's economy even though they are regarded as unofficial.
Street vending is very important for generating cash, producing goods, and creating jobs. Their strong marketing strategy frequently aids in their market penetration. Many market analysts have questioned their existence and labeled them as a danger to the city. These encroachers frequently endure administrative tyranny.
They have a strong community that provides millions of people with jobs and contributes significantly to municipal revenues through road fees, fines from civic authorities, etc. There are a ton of street sellers on the streets of Latin American, Asian, and African nations. Street sellers are prevalent in several of these regions' tier-two cities. The street-selling industry supports a sizable portion of the urban non-farming population.
In addition to giving a significant portion of the urban population economic empowerment, street vendors provide jobs for women all over the world. Since many street sellers produce their own goods, this entire street-selling process gives small-scale and cottage industries dispersed across all regions of the world a boost.
Partnerships between vendors of street food and occasions like fairs, pubs, and concerts are growing more prevalent. Street food vendors benefit from increased foot traffic, and the events draw more attendees, thus this partnership is profitable for both sides.
Bars are becoming a part of this trend, functioning at a closer level with particular street food vendors to trade outside their areas and attract additional consumers. Products that are made from plant-based meat are gaining the interest of foodies and are now available in the servings of major fast-food franchises.
As the demand for meatless protein sources rises, the street food business can anticipate that this trend will spread to street food stalls. Moreover, omnivores are in search of options that are healthier and are made by a pant-meat combination. Burgers that include veg alternatives are being considered by food trucks.
Principal Consultant
Street vendors often belong to the socially and economically backward segments. Hence, they are not well educated. However, street vendors possess good marketing skills as they are engaged in street vending or other forms of business to financially contribute to the families from a very early age.
Street vendors mostly depend on mouth-to-mouth publicity to attract their customers. While some of the better types of street vendors such as food trucks have upgraded their marketing styles by utilizing social media as a primary source. This helps them reach a huge amount of the population as the internet is the basic form of connectivity and social media are trending amongst users from every generation. This has helped them to gain a large number of customers and boost their business.
Some of the characteristics that attract people to the profession of street sellers are low start-up costs, low entrance barriers, and flexible hours. Because they are unable to obtain employment in the formal sector, many people turn to street vending. However, it takes a certain level of expertise to make it a street vendor. In many cities, there is fierce competition among sellers for access to clients and space on the streets. Vendors also need to be skilled negotiators when dealing with clients and distributors.
Street vending can provide a liveable life, but for many vendors, particularly those who sell fresh vegetables and fruits, profits are low and hazards are considerable. A major issue for those who work on the streets is having an unsafe workplace. Theft, inadequate storage, and stock damage are frequent problems. Many street sellers are exposed to confiscation, harassment, and evictions since licensing requirements and bylaws governing street trade can be difficult to understand.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Street Vending regulated by England
The Local Government Act of 1982's was issued to regulate street trading. This law has been approved by the Council. In the District of Stratford on Avon, all streets have the designation of consent streets. This means that street trading consent is required for anyone who wants to conduct business on a street, highway, or other public property. Additionally, a street trade permit is required for anyone conducting business on adjacent property that is 7 metres or less from a highway. The selling, exposing, or offering for sale of any article on a street is how the Act defines street dealing.
Selling newspapers and journals exempted from general vendor license
In the USA anyone who intends to sell, lease, offer to sell, or lease goods or services in a public area that is not a store must have a general vendor licence. The Department of Consumer and Worker Protection (DCWP) of New York City is only permitted to provide a total of 853 General Vendor Licenses to non-veterans. Selling newspapers, journals, books, and pamphlets are examples of activities for which a general vendor licence is not necessary.
Indian government launches scheme exclusively for the street vendors
In order to empower street vendors, the Ministry of Housing & Urban Affairs created the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) programme. This programme provides loans to street vendors, but it also focuses on their overall growth and economic advancement. About 50 lakh street vendors would be eligible for collateral-free working capital loans with a one-year term through the programme to enable them to restart their enterprises in urban regions, including nearby urban and rural areas.
The PM SVANidhi scheme provides incentives in the form of interest subsidies at 7% per annum on timely loan repayment, cashback of up to INR 1200 per annum on carrying out specified digital transactions, and eligibility for a loan tranche that is boosted in the following tranche. This programme has received about 2 million applications, of which 752191 have been approved and 218751 loans have already been disbursed.
Food trucks are trending throughout the world
Most street vendors are involved in selling fruits and vegetables throughout the world. Food trucks are also one of the fastest-growing street vending options. They provide food at a cheaper cost and at a rapid pace.
Street vendors are the backbone of rural markets
The largest number are street vendors are found in rural areas. The population in rural areas is not very fond of brands compared to the urban population. In general, they tend to spend less for any product or service which is fulfilled by the street vendors. The street vendors don’t have to pay rent for their places or other extra taxes by virtue of which they are able to provide their products and services at cheaper rates.
The street vendors implement various attractive strategies to gain the consumer's attention. While the better versions of street vendors use social media as a platform for reaching more people. The food trucks provide a number of offers that please the customers and also give discounts on the non-prime times of the day to facilitate their business.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD billion for Value |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia, Oceania & MEA |
| Key Countries Covered | United States of America, Canada, Brazil, Mexico, Argentina, Colombia Germany, UK, France, Italy, Russia, South Africa, Turkey, UAE, Egypt, Jordan China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Philippines, Cambodia, Vietnam Australia & New Zealand. |
| Key Segments Covered | Vendor type, Area, Commodity, and Region. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The current Street Vendors Market has reached valuation of USD 2.5 Billion in 2022.
The Street Vendors Market is currently forecasted to grow at a rate of 6% CAGR during the forecast period.
1. Executive Summary 2. Market Introduction 3. Market Dynamics 4. Market Background 5. Categorizing of Sector 2021 5.1. Current Market Analysis By Vendor Type (% of Demand) 5.1.1. Stationary 5.1.2. Peripatetic 5.1.3. Mobile 5.2. Current Market Analysis By Area (% of Demand) 5.2.1. Urban 5.2.2. Suburban 5.2.3. Rural 5.3. Current Market Analysis By Commodity (% of Demand) 5.3.1. Food 5.3.2. Cosmetics 5.3.3. Clothing 5.3.4. Daily necessities 5.3.5. Others 5.4. Current Market Analysis By Region (% of Demand) 5.4.1. North America 5.4.2. Latin America 5.4.3. Europe 5.4.4. East Asia 5.4.5. South Asia 5.4.6. Oceania 5.4.7. MEA 6. Categorizing of North America Sector 2021 7. Categorizing of Latin America Sector 2021 8. Categorizing of Europe Sector 2021 9. Categorizing of East Asia Sector 2021 10. Categorizing of South Asia Sector 2021 11. Categorizing of Oceania Sector 2021 12. Categorizing of Middle East and Africa Sector 2021 13. Social Media Platforms Preferred 13.1. Facebook 13.2. YouTube 13.3. Instagram 13.4. Twitter 13.5. LinkedIn 13.6. Pinterest 13.7. Google+ 13.8. Others 14. Assumptions and Acronyms Used 15. Research Methodology
Explore Travel and Tourism Insights
View Reports
Street Vendors Market
