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 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, is 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 America 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 rising demand for convenience food.
DRIVERS
Rising demand for convenience foods
RESTRAINTS
Stringent Government Regulations
INDUSTRY UPDATE
As per July 2019 updates,
Yum Brands increasingly focuses on various digital initiatives and re-franchising efforts to drive its top and bottom lines.
SEGMENTATION
The mobile food services market has been analyzed through the following segments:
By Mobile Food Unit
Trails/ Trucks
Pushcarts
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Others
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.
