NEW YORK, July 29, 2024 /PRNewswire/ -- The
global mobile food services market size is estimated to
grow by USD 17.7 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 9.48% during the forecast period. Rising demand for
convenience foods is driving market growth, with a trend towards
increasing marketing initiatives. However, fluctuations in food
commodity prices poses a challenge. Key market players
include 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.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Type (Food and
Beverages), Application (Food truck and Removable container), and
Geography (North America, APAC, Europe, South America, and Middle
East and Africa)
|
Region
Covered
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
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
|
Key Market Trends Fueling Growth
Mobile food service vendors utilize various social media
platforms for effective marketing communication. Twitter enables
real-time interaction with customers, providing location updates
and responding to queries. Facebook and Instagram offer a diverse
audience pool, with brand-specific hashtags increasing reach.
Foursquare is ideal for food truck owners, boosting footfall with
location-based services. YouTube provides a platform for
informative and engaging video content, attracting and retaining
customers. LinkedIn facilitates business-to-business conversations,
expertise demonstration, and partner/supplier connections. The
increasing use of these platforms drives the growth of the mobile
food services market.
The Mobile Food Services Market is experiencing a surge in
demand due to its budget-friendly, time-saving, and convenient
offerings. Online orders and home delivery are popular trends,
leading to an increase in joint ventures and foreign investments.
Key market players like Kogi BBQ, DessertTruck Works, Don Chow
Tacos, Baby's Badass Burgers, Flying Pig Truck, Bian Dang, and Burgerville are focusing on
sustainable practices and improved packaging processes. The
propensity of substitutes, such as brick-and-mortar restaurants, is
being addressed through hygiene standards and urbanization. The
fast food sector and convenience food are major target audiences,
with e-Commerce apps simplifying the ordering process. Inflation
and raw material costs are challenges, but the food truck segment
continues to thrive in the gourmet cuisine scene, catering to
millennials' preferences for innovative food cuisine.
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Market Challenges
- The mobile food services market relies heavily on the
availability and pricing of raw materials for food processing, such
as vegetables, sugar, grains, meat, salt, and dairy products. Any
disruption in the supply of these commodities, often due to adverse
weather conditions or natural calamities, can negatively impact
market growth. For instance, El Niño, an irregular weather
phenomenon, can cause significant disruptions to crop production in
regions like South Asia,
Africa, and South America, leading to increased food
commodity prices and potential shortages. Mobile food service
providers must balance the need to maintain quality and competitive
pricing, as the market is price-driven. However, the cost of
production can put pressure on profit margins, creating a challenge
for vendors to attract consumers while managing their bottom line.
Overall, fluctuations in food commodity prices pose a significant
hurdle to the growth of the mobile food services market.
- The Mobile Food Services Market faces several challenges in
today's business landscape. With the rise of mobile stalls like
food trucks, carts, and trailers, maintaining hygiene standards is
crucial to attract customers. Urbanization and the fast food
sector's growth impact raw material costs and inflation.
Millennials' preferences lean towards convenience food from
e-Commerce apps and gourmet cuisine, making it essential to cater
to diverse food cuisines. The target audience's socio-economic
conditions and food dynamics influence the food business's success.
Hygiene, convenience, and affordability are key factors in the food
truck segment. Traditional meals and tempting menus are in demand,
with takeaway options, catering business, and at-door services
becoming popular. However, the virus outbreak and social
gatherings' restrictions impact the food business significantly.
Pre-defined costs, food delivery segment, gazettes, full-service
restaurants (FSRs), takeaway options, catering facilities, and
socio-economic conditions are other challenges. Food cuisine
diversity, from donuts to burgers, sandwiches, pizzas, and
traditional meals, adds complexity to the market. Inflation, raw
materials, and the food business's adaptation to urban culture are
ongoing challenges.
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challenges - Download a Sample Report
Segment Overview
This mobile food services market report extensively covers
market segmentation by
- Type
- Application
- 2.1 Food truck
- 2.2 Removable container
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Food- The Mobile Food Services Market is
expected to experience steady growth during the forecast period.
This growth is driven by the increasing demand for convenience
foods among urban populations and their evolving food preferences.
Consumers seek fresh flavors and innovative offerings, which is
leading to new trends in this segment. For instance, Tsuru Food
Truck in Australia offers modern
Asian cuisine with popular items like meat on skewers, Asian-style
desserts, and steamed buns. In the US and Europe, vendors such as Restaurant Brands
International and YUM Brands provide donuts, burgers, sandwiches,
and pizzas. In APAC and South
America, mobile food services cater to local and global
palates by offering traditional dishes infused with regional
spices. Such factors will fuel the market's growth by catering to
diverse consumer preferences.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Restaurant Management Software market is expanding
rapidly, driven by the increasing demand for efficiency and
customer satisfaction in the foodservice industry. Simultaneously,
the global Foodservice Disposables market is experiencing
significant growth due to the rising preference for convenience and
hygiene in dining. In parallel, the global Mobile Value-Added
Services (MVAS) market is booming, fueled by the widespread
adoption of smartphones and demand for enhanced mobile
functionalities. These markets collectively represent a dynamic and
evolving landscape, catering to the diverse needs of modern
consumers and businesses.
Research Analysis
The Mobile Food Services Market refers to the business of
selling prepared food and beverages from mobile stalls, food
trucks, carts, trailers, and stands. This market has gained
significant traction due to urbanization and the fast-food sector's
convenience. Urban culture and social gatherings have fueled its
growth, making it a popular choice for budget-friendly, time-saving
options. Hygiene standards are crucial in this industry to ensure
food safety and customer satisfaction. With the rise of e-commerce
apps, online orders and at-door services have become increasingly
popular. The market caters to a diverse target audience, offering a
range of cuisines from fast-food facilities to gourmet prepared
food. The convenience of mobile food services has proven to be a
game-changer in the food industry's dynamics, especially during the
virus outbreak when dine-in menus were restricted. Pre-defined
costs and takeaway portions add to the market's appeal, making it
an essential part of modern food services.
Market Research Overview
The Mobile Food Services Market is experiencing significant
growth due to the rising trend of urbanization and the convenience
it offers to consumers. Mobile stalls, including food trucks,
carts, trailers, and stands, are increasingly popular, particularly
in the fast food sector. Hygiene standards are of utmost importance
to ensure food safety. Convenience food, such as sandwiches,
burgers, pizza, donuts, and traditional meals, are the most popular
choices. E-Commerce apps and online ordering have revolutionized
the food business, allowing consumers to order from their favorite
food trucks or carts with just a few clicks. Millennials and
gourmet cuisine are driving the demand for innovative and tempting
menus. Inflation and socio-economic conditions have led to an
increase in the prevalence of budget-friendly and time-saving
convenient food services. The food delivery segment has seen a
surge in demand due to the virus outbreak and the restriction of
social gatherings. The food business is adapting to the new normal
by offering at-door services and takeaway options. The food
dynamics are shifting towards sustainable practices, including the
packaging process and the use of eco-friendly materials. The food
truck segment, with its unique offerings and ability to reach a
wider audience, is a key driver of growth in the market. Gastronomy
and traditional meals continue to be popular choices, with many
catering businesses offering customized menus to meet consumers'
preferences. The market is witnessing joint ventures and foreign
investments to expand operations and cater to the growing demand.
The market is dynamic, with food trends and consumer preferences
constantly evolving.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Application
-
- Food Truck
- Removable Container
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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