The global mobile food service market is projected to grow at a CAGR of 11.76% to reach a market size of US$5.483 billion in 2024, from US$2.814 billion in 2018. Mobile food service involves the selling of prepared meals and snacks for immediate consumption from motorized and non-motorized vehicles such as food trucks and ice cream trucks.
The mobile food services market is expected to have a significant growth rate driven by increasing demand for convenience food. The several advantages of mobile food service outlets over brick and mortar shops, such as lesser initial capital investment and the flexibility of reaching a wider range of customers, are projected to enhance the mobile food services market in the coming years. However, fluctuation in commodity prices and the presence of stringent regulations is expected to hamper the market growth. The North American region is expected to have a significant market share due to the presence of major market players. According to the Food and Agriculture Organization of the United Nations, about 2.5 billion people around the world purchase food from mobile food outlets every day. The Asia Pacific region is estimated to have a notable growth rate due to the rising demand for convenience food.
Rising demand for convenience foods
Stringent Government Regulations
As per July 2019 updates, Yum Brands increasingly focuses on various digital initiatives and re-franchising efforts to drive its top and bottom lines.
|Market size value in 2018||US$2.814 billion|
|Market size value in 2024||US$5.483 billion|
|Growth Rate||CAGR of 11.76% from 2018 to 2024|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Mobile Food Unit, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Subway, Yum Brands, Restaurant Brands International, Cousins Maine Lobster, Bharat Hotels Ltd., Luke's Lobster Holding LLC, Azimuth Business on Wheels Pvt. Ltd., Kogi Korean BBQ|
|Customization scope||Free report customization with purchase|
The mobile food services market has been analyzed through the following segments:
By Mobile Food Unit
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What will be the mobile food service market size by 2024?
A1. The global mobile food service market is projected to reach a total market size of US$5.483 billion by 2024.
Q2. What is the size of global mobile food service market?
A2. Mobile Food Service market was valued at US$2.814 billion in 2018.
Q3. What are the growth prospects for mobile food service market?
A3. The mobile foodservice market is projected to grow at a CAGR of 11.76% over the forecast period.
Q4. What factors are anticipated to drive the mobile food service market growth?
A4. The mobile food services market is expected to have a significant growth rate driven by increasing demand for convenience food.
Q5. Which region holds the largest market share in the mobile food service market?
A5. The North American region is expected to have a significant share in the mobile foodservice market due to the presence of major market players.
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