Mobile food services market to grow at 6 pc CAGR

Market to reach USD 37.61 billion value by 2032, says Future Market Insights


December 13, 2022

/ By / New Delhi

Mobile food services market to grow at 6 pc CAGR

Food trucks is set to grow at a healthy compounded annual growth rate of 6 pc around the world for the next decade

A report by Future Market Insights says that the mobile food services market globally will grow at 6 pc CAGR for next 10 years, reaching a value of USD 37.61 billion.

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A report by global markets analyst firm Future Market Insights says that the business of food trucks is set to grow at a healthy compounded annual growth rate of 6 pc around the world for the next decade.

The FMI report says that 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, says FMI in the report.

The concept then spread fairly rapidly to the European Union and now mobile food services have flooded the entire food and restaurant market in both the regions. Over time, mobile food services managed to carve out a space for themselves in the lives of the middle-class population.

FMI says that 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.

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,” says FMI report.

It also cites 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.

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.

Mobile food services turn game changers

Mobile food services are growing worldwide and the market is expanding. The massive global economic meltdown and soaring number of unemployed youths are pushing many towards this sort of low budgeted business. To adjust with the fast-paced lifestyle people are adapting to the new medium of food supply.

Enhanced food safety awareness amongst the people is providing leverage to mobile food services. The startup trend across the world is also pushing the growth of mobile food services, says FMI.

But the growth has not come without problems and these could slow down the expansion of the market going forward, says FMI, adding that many countries across the globe including the US have regulated the movement and growth of this segment. Regular checkups are conducted on food trucks to maintain food quality and this has created hurdles in the free growth of this segment.

The brick and mortar restaurants and other renowned food chains are facing enormous competition from these small-time traders and in many countries big restaurant lobbies are influencing lawmakers to frame adverse laws to check the organic growth of mobile food services.



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