Mobile Food Services (MFS) are a catering business in which prepared food are sold in some sort of vehicles. It is a characteristic of urban culture in many countries. Mobile Food Services can be functioned with the use of food trucks, carts & food stands, trailers etc. in other words, mobile food service is a practice of preparing, delivering and serving food. The objective of this food services is to supply palatable food prepared under promising standards of sanitation and aesthetically served at pre-defined costs.
It’s being expected that by 2032, the Mobile Food Services market cap will hit US$ 37.61 Billion at a CAGR growth of about 6%.
Covid-19 Impact & Market Status
The outbreak of covid-19 across the world played a huge strain on the Mobile Food Services market in the year 2020. In response to the rapid spread of virus, government-imposed restrictions on social gatherings, prohibition on domestic and international travel and services. Such measures took by national and international governments led to diminish in economic activities with countries ending up with lockdown as their last resort. This outbreak brought by Wuhan (China) originated fatal virus adversely impacted the food business through 2020 and half of 2021. However, the mobile food service industries are bouncing back in the market to make their mark and introducing tempting menus as per consumers’ preferences. The global market of food services is projected to grow at a CAGR of 5.4% during the forecast period.
Share Of Regions in The Global Food Services Industry Market
China, the world’s 2nd largest economy is expected to remain among one of the fastest growing regional markets as it is predicted to reach the size of USD 800.1 billion in 2027. The Asia-pacific region (Australia, south Korea and India) will be valued at USD 116.9 billion by 2027 whereas Latin America will widen at a CAGR of 4% during the forecast period. the food service industry market in the U.S valued at USD 800.1 billion in 2021 and as of now it is holding 25.1% ownership of the global market. On the other hand, Japan is likely to grow at 4.1% whereas European market will be worth of USD 825.7 billion by the end of forecast time period.
Food Delivery Mobile Applications to Fuel the Food Industry
As technological advancement in the world of food delivery segment taking its place, the growth of food services industry market is imminent. The adoption of automation and enhanced techniques in the food industry is rapidly gaining popularity as both businesses and customers are becoming beneficiaries. 21st century, the world of social media and Gen Z has led to a remarkable development in the food services market. Different websites and other online platforms are being used to order takeaways through smartphones and other gazettes. Subsequently, this connection between business and end-users has played a key role in the expansion of the global market of food services.
The global market of Mobile Food Services is expected to reach a CAGR of 6.5% by 2027. As of now, the market holds 28.1% stake of the global food service industry market. A number of increasing full-service restaurants (FSRs) are now presenting to consumers takeaway options. The global mobile food service industry market is certainly to touch USD 5.1 trillion worth by 2027 during the forecast period.
The services provided by the Mobile Food Services consists of preparing and delivering ready-to-consume meals and beverages or providing catering facilities to public or private end customers either by internal or external operators. As of now, the Mobile Food Services accounts for about 45% to 50% of total expenditure on food in the USA whereas the % in under-developing economies may be in the range of 10% to 15% or less of total expenditure on food and beverages.
The socio-economic conditions like high disposable income, occupied and increased mobile lifestyle, emergence of outsourcing of non-core activities by companies and market extension in prominent and core sectors such as retail and transport and others have been a huge contributor to the upliftment Mobile Food Services market globally. Tourism, immigration, food dynamics, effortless and instant access to food services regardless of geographical barriers and most importantly technological evolution such as 4G or 5G internet availability have opened up new avenues for food services market.
As food services operators are getting more skin in the investment process due to eco-friendly and energy efficient equipment to fulfil versatile demands of consumers, the global market of Mobile Food Services is likely to touch its peak during the forecast period. though the ongoing covid-19 epidemic influenced the operations of overall food services industry consisting of fast-food facilities and QSRs, the long-term prospects are certainly to stay favourable as it is bringing newer opportunities for the food service market.
Many restaurants are customizing their menus with respect to customer acquisition for takeaways instead of serving a dine-in menu in takeaway portion as consumers nowadays are more inclined to at-door services. Quick Service Restaurants (QSRs) which is also known as fast food restaurants are indulged in providing quick food to reduce table services. Budget friendly, time saving and convenient food services are adding fuel to the market growth globally. Moreover, the trend of online orders and home delivery is increasing the significance of food services market.
Globalization is likely to pave the path for more joint ventures, foreign investments, global extension and multifunctional companies to provide greater facilities in developed regions by facilitating food markets to offer their kitchen to its consumers across the world. Furthermore, globalization is also making it effortless for food services market to please the customers by providing sophisticated and varied dishes to them, thus adding to the profitability of the market.
Surge in demand for customized and innovative food menu is one of the core factors which is driving the market prominence of global Mobile Food Services. The perks of mobile food service outlets over brick-and-mortar restaurants are another significant factor for market development.
The key market players of the Global Mobile Food Services Market are Kogi BBQ, Luke’s Lobster Holding LLC, Restaurant Brands International Inc., Subway IP LLC, and YUM! Brands Inc., DessertTruck Works, Don Chow Tacos, Baby’s Badass Burgers, Flying Pig Truck, Bian Dang, Restaurant Brands International Inc., Burgerville
Major Developments in The Mobile Food Services Market: A Snapshot
- With the advancement in technology, efficient equipment is coming to prominence and sustainable practices in packaging process are being adopted to improve the operational efficiency of the mobile food service operators as well as to achieve cost savings. And this will certainly create a huge positive impact on the market growth.
- Fluctuations in the prices of food commodities, high propensity of substitutes and government rules & regulations may hinder the upliftment of the global market of food services.
Mobile Food Services Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||US$ 37.61 Billion|
|Growth Rate||CAGR of 6 % during 2022-2031|
|Segment Covered||By Application, By Product, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Kogi BBQ, Phat Cart, Cupcakes for Courage, Yumbii, 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., World Famous House of Mac, McDonald Corp|
Key Segments of the Global Mobile Food Services Market
- By Application
- By Type
• Food Truck
• Removable Container
- By Product
- By Geography
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Rest of the World