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Increasing Popularity of Food Trucks Promotes Global Foodservice
Illinois Ag Connection - 06/13/2018

The global mobile foodservice market is expected to register a CAGR of close to 10% during the period 2018-2022, according to the latest market research report by Technavio.

A key factor driving the market's growth is the increasing popularity of food trucks. There is an increase in demand for fast food in emerging economies. To cater to this demand, mobile foodservice operators have started focusing on strengthening their domestic and international presence. Another contributing factor for the rising number of food trucks is the relatively low initial capital investment and yearly overhead.

This market research report on the global mobile foodservice market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

Foodservice operators use advanced equipment to reduce cost and increase efficiency. The use of improved equipment ensures energy efficiency, reduction in cooking time which leads to production efficiency. Also, the use of improved equipment leads to consistency in cooking which leads to better quality and taste thereby assuring repeat customers.

"The incorporation of new designs to offer visually appealing, multi-functional equipment, compliance with refrigeration regulations will lead to the growth of the market. In the fast-food industry, it is essential to invest in the correct equipment to ensure consistency in terms of taste and efficiency. In addition, the mobile foodservice market relies on multi-functional equipment that optimizes the limited space available in such a set-up to enable quick and systematic production," says a senior analyst at Technavio for research on food service.

The food segment held the largest market share in 2017, accounting for over 81% of the market. This product segment is expected to increase further over the forecast period, while the beverages segment will witness a corresponding decline in its market share.

The Americas held the highest share of the global mobile foodservice market in 2017, accounting for a market share of approximately 56%. However, the market share occupied by this region is anticipated to decrease by around 2% during 2018-2022. Although APAC held the smallest share of the market it is expected to register the maximum growth in its market share over the forecast period.

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