Mobile Food Service Market - Forecasts from 2019 to 2024

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