What Fueled The Previous Growth In The Street Vendors Market?
The street vendors market has seen considerable growth due to a variety of factors.
• The street vendors market has experienced rapid growth in recent years. It will grow from $2.68 billion in 2024 to $3.02 billion in 2025, with a CAGR of 12.7%.
The expansion is driven by stronger representation of diverse cultures, active engagement with local communities, greater participation in catering, the introduction of global flavors, and stricter health and safety standards.
How Does the Forecast Look for the Street Vendors Market?
The street vendors market is expected to maintain its strong growth trajectory in upcoming years.
• The street vendors market is expected to grow to $4.79 billion by 2029, at a CAGR of 12.3%.
Growth is driven by improved goods and services quality, food safety certification, mobile vending units, health-conscious food options, and enhanced safety measures. Trends include the adoption of digital payments, eco-friendly packaging, expanded product offerings, street vendors' online presence, and innovative marketing strategies.
What Are The Leading Drivers Of Growth In The Street Vendors Market?
The burgeoning sector of tourism is anticipated to drive the expansion of the street vendors market in the future. The term 'tourism industry' encompasses all businesses, services, and actions that serve travelers and tourists. The surge in this industry can be attributed to the marketing and availability of travel and leisure activities, the thirst to discover new locales, immerse in different cultures, and participate in recreational activities. Street vendors can leverage tourism for gaining exposure via travel guides, social media platforms, and recommendations made through word-of-mouth, therefore leading to a broader customer base and greater chances for business. For instance, as revealed by the Australian Bureau of Statistics, an Australian government body, in December 2023, the expenditure on domestic tourism in Australia during the fiscal year 2022-23 escalated by $34.9 billion, reaching a sum of $124.9 billion. At the same time, there was a rise of $17.7 billion in international tourism, making the total reach $23.6 billion when measured in chain volume terms. Thus, the upsurge in the tourism industry is fueling the street vendor's market expansion.
How Are The Segments Defined Within The Global Street Vendors Market?
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
Subsegments:
1) By Stationary: Fixed Stalls, Kiosks, Pop-up Shops
2) By Peripatetic: Market Stall Operators, Street-Side Sellers, Hawkers
3) By Mobile: Food Trucks, Ice Cream Vans, Mobile Merchandise Sellers
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How Are Emerging Trends Reshaping The Dynamics Of The Street Vendors Market?
Key players in the street vendors market are changing the game by introducing original products, particularly portable carts with cutting-edge cooling and storage capacities, aimed at improving how food is preserved. Mobile carts are essentially mobile units or vehicles equipped with wheels or similar structures that street vendors use for selling and storing their wares. For example, the US manufacturing firm, Trane Technologies, launched a Cooling Cart system in September 2022 to tackle the issue of food waste and enhance the living conditions of street vendors in developing countries. The system includes an easily modifiable canopy and leverages passive cooling technology to prolong the fresh produce's shelf life sold by street vendors. The remarkable Cooling Cart uses the latest passive cooling technology developments, effectively preventing food from spoiling and boosting small-scale farmer's lives. It marks a notable upgrade in food systems by enhancing how food is managed, particularly during end-stage delivery.
Who Are the Key Players In The Street Vendors Market?
Major companies operating in the street vendors market are:
• Starbucks Corporation
• Chipotle Mexican Grill Inc.
• Dippin' Dots
• Halal Guys
• Sabrett
• Kogi BBQ
• Roaming Hunger
• Curry Up Now
• Wafels & Dinges
• Coolhaus
• Big Gay Ice Cream
• Mister Softee
• The Cinnamon Snail
• Crepes Bonaparte
• The Lime Truck
• Rito Loco
• Auntie Anne's
• Bizz On Wheels
• The Taco Truck LLC
• Kimchi Taco Truck
• Buldogis
• Fryborg Food Truck
• Cousins Maine Lobster LLC
• Fukuburger Truck
• The Grilled Cheese Truck
What Is The Most Dominant 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.
