LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global mobile food services market predicts the market to witness a CAGR of close to 5% during the forecast period. This research report segments the market by type (food and beverages) and geography (North America, Europe, APAC, MEA, and South America).
Growing advantages of mobile food service outlets over brick-and-mortar restaurants to gain popularity
Mobile food service outlets are expected to offer higher success rate than conventional stores due to the low investments required for setting up these establishments. In addition, investments in mobile food service outlets such as food trucks is much lesser compared to the conventional restaurants. Food trucks also offer better opportunities to expand the customer base. Furthermore, customization of the menus, versatility, and quality control are few other benefits of mobile food service outlets over conventional stores, leading to market growth in the forthcoming years. Therefore, with rising preference for toward on-the-go food services over traditional restaurants, the global mobile food services market is anticipated to witness significant growth during the next few years.
Food segment will garner the highest share
Food segment is expected to gain the highest mobile food services market share during the forecast period. Several factors including evolving lifestyles, rapid urbanization, changing food preferences, and the growing number of nuclear families are driving the segment to hold the largest share. The demand for convenience foods has also increased due to the increase in urban population and change in lifestyles. Therefore, with market players offering innovative offerings, the mobile food services market size is expected to grow considerably in the upcoming years.
“Mobile food service outlets are offering fresh flavors to cater to the evolving end-user requirements. Local and international vendors in the US and several European countries are offering different varieties of doughnuts, burgers, sandwiches, and pizzas. Similarly, vendors in the APAC and South American countries are including traditional food items fused with local spices to appeal to the regional customers,” says a senior research analyst at Technavio
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Mobile food services to witness fastest adoption in the APAC region.
Rapid urbanization in India and China has indirectly impacted food consumption patterns due to the increase in the working population. In addition, increased income levels and growing popularity of western foods are factors that are likely to create growth opportunities for mobile food services in APAC. Furthermore, the increasing demand for fast food is also encouraging international vendors to expand their food service offerings in South Korea and China. Thus, the presence of several mobile food service vendors in the emerging economies will drive the mobile food services market growth during the forecast period.
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Some of the key topics covered in the global mobile food service market analysis include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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