Lower regulatory standards have opened the door for more food trucks to enter the marketplace
New York, NY (PRWEB) September 17, 2014
The Street Vendors industry has been one of the best performing industries in the broader food-services sector during the past five years. Since the recession, consumers have been cautious with their spending and street vendors have benefited from serving high quality food at budget prices. According to IBISWorld Industry Analyst Andy Brennan, “product innovation has also been a feature of the industry as more audacious recipes have been cooked-up to attract new customers.” As a result of these trends, industry revenue is expected to grow during the five years to 2014.
The industry has evolved in the past five years from providing basic food options like hot dogs to supplying a diverse range of gourmet meals. The industry has tapped into consumer trends, especially the desire for higher-quality food, greater variety and better presentation. People have also demanded healthier menu options due to the increased awareness of the adverse effects of obesity. The main driver of this trend has been food trucks, which have increased in popularity and now roam the streets of most Canadian cities. Municipal councils that previously looked upon the industry with suspicion due to some unsanitary practices have come around and have encouraged industry growth by offering permits to vendors that serve unique and diverse food.
The industry's good fortune is expected to continue during the next five years. “Consumer spending is expected to grow strongly as confidence in the state of the economy improves,” says Brennan. An increasing number of urban dwellers seeking proximate and convenient food options also bodes well for street vendors because most industry revenue is earned in cities. Most importantly, regulatory barriers have been lowered in many municipalities to allow a greater number of food trucks and other street vendors to serve a growing number of consumers seeking gourmet food options. As a result of these positive developments, industry revenue is expected to grow during the five years to 2019.
For more information, visit IBISWorld’s Street Vendors in Canada industry report page.
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IBISWorld industry Report Key Topics
The Street Vendors industry prepares and serves meals and snacks for immediate consumption from motorized vehicles or nonmotorized carts.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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