What Is The Definition Of The Global Street Vendors Market?
Street vendors are individuals selling goods, merchandise, or food items in public spaces, such as streets, sidewalks, parks, and other urban areas. These vendors operate from temporary setups such as carts, stands, or portable stalls rather than permanent retail locations. Street vendors are crucial in providing affordable and accessible goods and services, especially in densely populated and urban areas.
Street Vendors Global Market Report 2024 provides data on the global street vendors market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The street vendors market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Street Vendors Market Size Expected To Expand, And At What Annual Growth Rate?
The street vendors market is experiencing rapid growth, with projections showing an increase from $2.39 billion in 2023 to $2.68 billion in 2024 at a 12.1% CAGR. Factors such as cultural representation, local community engagement, and the introduction of global flavors have contributed to this growth. The market is expected to grow to $4.27 billion by 2028, with a CAGR of 12.4%. Growth will be fueled by improvements in quality, food safety certifications, and mobile vending units. Key trends include digital payment systems, eco-friendly packaging, and innovative marketing.
What Are The Key Drivers Fueling Growth In The Street Vendors Market?
The growth in the tourism sector is likely to spur the expansion of the street vendors market. Tourism activities, such as travel and leisure experiences, have been rising due to people's desire to explore new places and cultures. This has been beneficial for street vendors, who gain more visibility through various travel platforms and social media. In December 2023, the Australian Bureau of Statistics revealed that domestic tourism expenditure increased by $34.9 billion to reach $124.9 billion in 2022-23. International tourism also saw a boost, indicating the potential for street vendors to grow alongside the tourism industry.
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What Are The Principal Market Segments In The Global Street Vendors Industry?
The street vendors market covered in this report is segmented –
1) By Vendor Type: Stationary, Peripatetic, Mobile
2) By Area: Urban, Suburban, Rural
3) By Commodity: Food, Cosmetics, Clothing, Daily Necessities, Other Commodities
Which Emerging Market Trends Are Altering The Street Vendors Market?
In the street vendors market, companies are working on improving food preservation with advanced mobile carts. For example, in September 2022, Trane Technologies launched the Cooling Cart system, designed to reduce food waste and improve the livelihoods of street vendors in developing countries. Using passive cooling technology, the Cooling Cart helps extend the shelf life of fresh produce, making it more efficient for street vendors, particularly in the last-mile delivery phase.
What Is The Leading Region In The Street Vendors Market?
North America was the largest region in the street vendors market in 2023. The regions covered in the street vendors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
