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.
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.
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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.
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
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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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