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The mobile food services market size is forecast to increase by USD 17.7 billion at a CAGR of 9.48% between 2023 and 2028. The market's expansion hinges on various factors, notably the increasing preference for convenience foods, driven by busy lifestyles. Additionally, mobile food service outlets offer distinct advantages over traditional brick-and-mortar restaurants, providing flexibility and accessibility to consumers. Moreover, the market benefits from the rise of cost-effective entrepreneurship, enabling individuals to enter the food industry with lower overhead costs and greater agility. These trends collectively contribute to the growth trajectory of the market, reflecting evolving consumer preferences and business models tailored to modern demands.
It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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In today's gastronomy scene, the food cuisine landscape is rich and diverse, catering to a wide target audience with varying tastes and preferences. However, challenges such as inflation and the impact of recent global events, such as the virus, have reshaped the industry dynamics. Despite these hurdles, the sector continues to thrive, with a plethora of options ranging from traditional meals to gourmet delicacies. The emergence of food delivery segments and mobile stalls has revolutionized how consumers access their favorite dishes, offering convenience and flexibility. Moreover, the industry's adoption of sustainable practices in the packaging process reflects a growing awareness of environmental concerns. As the market evolves, innovation, adaptability, and a focus on consumer satisfaction remain paramount for success. QSRs (Quick Service Restaurants) are adapting to urban culture by offering convenient food services through mobile stall and online orders, catering to the demand for convenience food in Brick-and-mortar store. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving growth in the market is the rising demand for convenience foods. Rapid urbanization across the world has increased the disposable incomes of people. The demand for convenient and easy-to-prepare food products has, hence, increased due to rapid urbanization and the high participation of women in the workforce. The expansion of the urban population is inculcating new habits and increasing the preference for international foods. Evolving lifestyles, changing food preferences, rapid urbanization, and the growing number of nuclear families are some factors that are driving the growth of the global fast food industry.
The popularity of mobile food service providers is increasing in many developed and developing countries due to on-the-go foods being widely preferred by the working population of such countries. The growing demand for convenience foods is encouraging vendors to expand their mobile food service offerings in the QSR segment, which is driving the growth of the global market.
The marketing initiative is a MFS market trend that is expected to have a positive impact in the coming years. Vendors operating in the global market are focusing on following integrated marketing communication and using newspapers, magazines, and social media platforms such as YouTube and Facebook to sell their products and services. These communication channels play a key role in the marketing strategy of mobile food service outlets. Some of the commonly used social media platforms and their advantages are Twitter - Twitter provides a platform for vendors to post their upcoming locations and events.
Facebook/ INSTAGRAM Inc. - These platforms have a highly diverse audience pool. YouTube - YouTube can provide a platform for vendors to create informative and entertaining videos about their food trucks and menu items. LinkedIn - This platform helps mobile food service providers to have business-to-business conversations, establish and demonstrate expertise, hiring, and finding appropriate strategic partners and suppliers. Such factors will increase market growth during the forecast period.
The fluctuations in food commodity prices will be a major challenge for the market during the forecast period. Raw materials for processing food like vegetables, sugar, grains, meat, salt, and dairy products are important in the market. Any shortage in the supply of raw materials affects market growth. Adverse weather conditions and natural calamities negatively affect the production of vegetables and grains and are, therefore, the major factors behind the shortage of raw materials. Bad climatic conditions adversely affect crop production, which reduces crop prices globally. Fluctuations in the volume and the price of crops affect each stage of the supply chain. Vendors increase the prices owing to high manufacturing costs and low profit margins.
However, maintaining a balance between food prices and quality is important for mobile food service providers, as the global market is price-driven. To attract consumers, mobile food service providers must price their products economically, irrespective of the cost of production, which, in turn, affects their profit margins. Such factors will hinder the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Chick fil A Inc.: The company offers its food trucks and serves products such as Chick fil A Chicken Sandwich.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In the fast food sector, where hygiene standards are paramount, the Printed Signage Market plays a crucial role. According to a report, the market is witnessing significant growth due to the rise of E-Commerce apps facilitating the sale of prepared food. Carts, food stands, and trailers adorned with printed signage streamline the practice of preparing, delivering, and serving food, ensuring efficiency and adherence to pre-defined costs. Amidst the resurgence of social gatherings, printed signage informs customers about evolving food dynamics in fast-food facilities, presenting options from the dine-in menu to the takeaway portion. Additionally, printed signage promotes at-door services, aligning with the budget-friendly and time-saving demands of modern consumers.
The market share growth by the food segment will be significant during the forecast period. The food segment will grow at a steady rate during the forecast period. The demand for convenience foods is rising with the urbanized population inculcating new habits and trends of developing preferences for international food trends. Evolving lifestyles, changing food preferences, rapid urbanization, and the growing number of nuclear families are also boosting the segment's growth.
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The food segment was valued at USD 14.10 billion in 2018. In the US and several European countries, some local and international vendors, such as RBI and YUM! Brands offer donuts, burgers, sandwiches, and pizzas. In APAC and South American countries, the popular foods offered by mobile food service vendors include traditional food items and global food items fused with local spices to appeal to regional consumers. Such factors will boost the demand for food and hence drive the growth of the market in focus during the forecast period.
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North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market growth and trends that shape the market during the forecast period.
The market in North America is expected to grow rapidly during the forecast period. The increasing employment rates in fast food outlets indicate the rising number of in the region, which, in turn, indicates the growing demand. Since most consumers are pressed for time, the demand for fast foods, which require less preparation time and are easily available, is increasing. The availability of fast foods at lower prices also encourages consumers to purchase fast foods frequently. Most consumers in the region dine out on most days and purchase fast foods at their office premises; these tendencies will drive the growth of the market in North America.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
US - Food truck services Market: US - Food truck services Market by Delivery Mode, Product and Type - Forecast and Analysis
Online On-Demand Food Delivery Services Market: Global Online On-Demand Food Delivery Services Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, UK, Japan, South Korea - Size and Forecast
Asia-pacific (APAC) - Food Service Market: Asia-pacific (APAC) - Food Service Market by Product and Type - Forecast and Analysis
The food truck segment is experiencing a surge in demand, particularly among Millennials, seeking gourmet cuisine options like pizza from both regional and international suppliers. This trend is reshaping the catering business, offering tempting menus on wheels that cater to consumers' preferences. Amidst concerns over fatal viruses, food trucks are leveraging the global market of food services, especially the food delivery segment, to reach consumers safely. With a strong connection between business and end-users, facilitated by gazettes and online platforms, the expansion of the global market of food services is evident.
Notably, even traditional full-service restaurants (FSRs) are embracing takeaway options to tap into the growing stake of the global food service industry market. This shift is driven by changing socio-economic conditions and preferences for home delivery, prompting joint ventures and foreign investments to capitalize on the profitability of the market. The surge in demand for ready-to-consume meals and beverages is met with customized and innovative food menus from renowned food trucks like DessertTruck Works, Don Chow Tacos, Baby's Badass Burgers, Flying Pig Truck, Bian Dang, and Burgerville. As the industry evolves, adapting to the propensity of substitutes, food trucks, and catering facilities continue to play a pivotal role in shaping the total expenditure on food for both public and private end customers.
Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.48% |
Market growth 2024-2028 |
USD 17.7 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.41 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 31% |
Key countries |
US, China, UK, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Belgo Holdings LLC, Chick fil A Inc., Chipotle Mexican Grill Inc., Cocoa Forte Franchising LLC, Courageous Bakery and Cafe, Darden Restaurants Inc, Eat Drink Collective, Kogi BBQ, KoJa Kitchen LLC, Lukes Seafood LLC, McDonald Corp., Ms Cheezious, Phat Cart, Restaurant Brands International Inc., The Grilled Cheeserie, The Subway Group, Waffle Bus, World Famous House of Mac, YUM Brands Inc., and Yumbii |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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