New York, United States , Aug. 27, 2024 (GLOBE NEWSWIRE) -- The Global Mobile Food Services Market Size is to Grow from USD 22.30 Billion in 2023 to USD 42.30 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.6% during the projected period.
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Mobile food service providers prepare and serve food from a moving vehicle such as a truck, van, or cart. Mobile food delivery has grown in popularity due to its convenience, flexibility, and ability to reach customers wherever they are, including congested city streets and outdoor events and festivals. Mobile food services cater to a wide range of tastes and dietary needs by offering a variety of cuisines, with many focusing on specific types of food such as tacos, gourmet sandwiches, or desserts. Food trucks and other mobile food vendors are gaining popularity because they have lower startup costs than traditional restaurants, allowing entrepreneurs to enter the food industry with less financial risk. Also, mobile food services are known for responding quickly to changing consumer preferences and trends by introducing new and innovative menu items. Global urbanization has raised people's disposable income. Increased urbanization and a high proportion of women in the workforce are driving up demand for convenient and easy-to-prepare food products. As the urban population grows, new habits emerge, and people's tastes for foreign cuisine broaden. Rapid urbanization, shifting gastronomic preferences, changing lifestyles, and the rise of nuclear families are just a few of the factors driving the global mobile food services market forward. However, fluctuations in raw material supply caused by unfavorable weather and natural disasters affect the mobile food services market.
Browse key industry insights spread across 240 pages with 110 Market data tables and figures & charts from the report on the "Global Mobile Food Services Market Size, Share, and COVID-19 Impact Analysis, By Application (Food Truck and Removable Container), By Product (Food and Beverages), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The food truck segment dominates the market with the highest market share of the global mobile food services market during the projected period.
Based on the application, the mobile food services market is divided into food trucks and removable containers. Among these, the food truck segment dominates the market with the highest market share of the mobile food services market during the projected period. The rapid rise of gastronomy, combined with young people's growing preference for new eating experiences over traditional dining in brick-and-mortar establishments, is driving the expansion. Other significant factors driving the increase are the growing popularity of the mobile lifestyle and the growing demand for food on the go. Food truck services are among the most popular restaurants and one of the most rapidly expanding concepts due to their accessibility, affordability, and adaptability. The rise of upmarket food truck services was primarily driven by recession-related trends. Meals on Wheels has had a significant impact on American society.
The food segment is expected to grow at the fastest CAGR during the forecast period.
Based on the product, the global mobile food services market is categorized into food and beverages. Among these, the food segment is expected to grow at the fastest CAGR during the forecast period. Donuts, sandwiches, burgers, and pizza are sold by a number of regional and international suppliers in the United States and Europe, including RBI and YUM! Traditional meals and dishes from other cultures, combined with localized flavors to appeal to local consumers, are among the most popular foods offered by mobile food service providers in Asia and South America. These factors will drive up consumer demand for meals from mobile food services.
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North America is expected to hold the largest share of the global mobile food services market over the forecast period.
North America is expected to hold the largest share of the global mobile food services market over the forecast period. Mobile food services is a thriving industry in North America, with diverse participants. In the fiercely competitive mobile food service industry, numerous businesses vie for market share. There are many companies competing in the highly fragmented lobster truck market. The lobster truck market is a distinct subset of the larger food truck industry. In the U.S., the mobile foodservice market is rapidly expanding. In the last five years, there have been twice as many lobster trucks on the road.
Asia Pacific is predicted to grow at the fastest pace in the global mobile food services market during the projected period. Customers in Asian countries like China, Japan, and South Korea prefer street food, which is expected to drive up regional product demand. The presence of notable manufacturers in Asia Pacific, such as Hanyi Machine and Ante Trailers, is expected to boost market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key Vendors in the Global Mobile Food Services Market Kogi BBQ, Phat Cart, Cupcakes for Courage, Odd Burger, 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., and other key companies.
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Recent Developments
- In July 2024, The Mobile Food Hub, which visits villages in South Cambridgeshire, has launched today in a new electric vehicle.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global mobile food services market based on the below-mentioned segments:
Global Mobile Food Services Market, By Application
- Food Truck
- Removable Container
Global Mobile Food Services Market, By Product
- Food
- Beverages
Global Mobile Food Services Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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