A recent report from market research firm, Future Market Insights, found that mobile services account for 50 to 55 percent of all food spending in the United States.
In 2023, its market value was estimated to be worth 2.29 trillion dollars.
Future Markets Insights anticipates that the mobile services will have a CAGR of 2 percent between 2023 and 2033, reaching an expected value of 3.08 trillion by 2023.
The growth is fuelled by the increasing use of mobile phone and online ordering, which benefits both businesses and consumers. The two types of restaurants that made up the most of this segment were upscale and casual restaurants.
Global demand for mobile food services has also been propelled by socioeconomic factors like higher disposable income, increasingly active and portable lifestyles, the emergence of corporate outsourcing of non-core functions, and market expansion in transportation and retail.
Future Markets Insights also highlighted that social media plays a major role in the mobile food service sector. Restaurants and mobile food service establishments rely significantly on reviews and recommendations. To boost restaurant recognition and reputation, businesses are advised to interact and communicate with their online audience.
However, online food delivery may be a barrier in the expansion of the mobile food services market due to its drawbacks. Volumes of traffic can often cause problems with the delivery application. Similarly, the use of plastic packaging can deter customers from ordering due to its poor environmental impact. Many platforms also charge users extra fees or require a certain purchase limit to obtain free delivery.
