The mobile foodservice market is expected to grow by nearly 10% through 2022, and will likely be driven by the rising popularity of food trucks, according to a report by Technavio.
Mobile foodservice operators have started focusing on international expansion in response to the increase in fast food demand in emerging economies. The relatively low initial capital investment and yearly overhead make food trucks appealing, as well as their improved equipment.
“The incorporation of new designs to offer visually appealing, multi-functional equipment, compliance with refrigeration regulations will lead to the growth of the market,” says a Technavio senior analyst. “In the fast food industry, it is essential to invest in the correct equipment to ensure consistency in terms of taste and efficiency.”
The analyst noted the mobile foodservice market looks for multi-functional equipment that optimizes the limited space available.
In 2017, food trucks accounted for over 81% of the market. The Americas made up approximately 56% of the market in 2017, but market share will drop by around 2% through 2022. In contrast, while Asia-Pacific currently makes up the smallest share of the market, that region is expected to see the most growth in market share through that time period.
For the full story, go to this week’s Food Institute Report.