The Street Vendors Market is estimated to reach US$ 2.5 Bn in 2022. As per the report, sales are forecast to increase at a robust 6% CAGR, with the market valuation reaching US$ 8 Bn by 2032.
A parallel world economy is operated by street sellers. They can be found anywhere, although they tend to congregate in crowded areas like bustling streets, byways, and public squares. They are a unique breed of independent business owners that are dominating the market with their classy manoeuvres, expanded market presence, mobility, and wide range of affordable items.
The world’s markets are flourishing thanks to street vendors. While the vast shopping centres are stocked with pricey goods, these street vendors frequently supply the market with inexpensive goods, helping many people to live. The creation of self-help organisations that give these street vendors financial support is building a foundation for the expansion of the street vendor ecosystem. Since they contribute to the economy by spreading out the burden and creating jobs for the migrant population, many governments around the world have come to embrace their presence in the market. The expansion of street sellers is being aided by this emerging trend.
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“Governments all around the globe are taking sincere efforts to regulate the street vending which provides safety and security to the vendors, will help in the rapid growth of the sector.” Says an FMI analyst.
Key Takeaways:
- In terms of area, rural areas segment are predicted to account for a dominant share of Travelers in the market through 2032.
- On the basis of commodities, food products is anticipated to hold a major share in the market.
Impact of COVID-19 on the Market
Everyone in the world faced extraordinary economic hardships as a result of the global Covid-19 outbreak. In terms of livelihood and survival, the epidemic has disproportionately affected the world’s poor population. The livelihood of the street vendors, who were among the worst affected, was destroyed, causing them to suffer in the most unexpected manner. Promotion of livelihood for all vendors, even those who sell non-essential items. The effects of COVID-19 have been particularly difficult on informal labourers, who have spent all of their savings and income attempting to survive during the prolonged lockdown. Now that the pandemic regulations have been uplifted, the vendors are getting back on the streets and the market is undergoing a speedy recovery.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of Street Vendors Market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on Street Vendors Market by Vendor type (Stationary, Peripatetic, Mobile) Area (Urban, Suburban, Rural) Commodity (Food products, Cosmetics, Clothing, Daily Necessities, Others) & Region – Forecast to 2017 – 2032.
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Street Vendors Market by Category
By Vendor type, Street Vendors Market is segmented as:
- Stationary
- Peripatetic
- Mobile
By Area, Street Vendors Market is segmented as:
- Urban
- Suburban
- Rural
By Commodity, Street Vendors Market is segmented as:
- Food
- Cosmetics
- Clothing
- Daily necessities
- Others
By Region, Street Vendors Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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