July 12, 2024 – Globally, consumers are steadily integrating street food into their daily lives, seeking a culinary experience that offers variety and convenience. Innova’s 360 research into street food trends allows for identification of key insights in consumer attitudes, economic factors, and innovations in the food and beverage industry, as well as what may develop in the future.
Street Food Consumer Insights
Globally, 1 in 4 consumers have consumed street food over the past year. The top drivers for choosing street food are enjoyment, experience, value for money, (highlighting the significance of affordability), and a positive experience.
Street food trends research shows that 55% of consumers visit street food stalls a couple of times a month. Nearly half of global consumers desire healthier menu choices and seasonal dishes when eating out.
Consumers in Asian and Latin American markets heavily rely on street food consumption, highlighting its widespread appeal beyond physical vendors. This street food trend has also attracted foodservice and packaged food players, allowing them to offer street food-inspired products to a wide range of consumers who may not visit traditional street food stalls.
Economic Factors Driving Street Food Trends
Street food trends research displays that 30% of consumers’ dining choices are influenced by inflation. Apart from convenience and taste, economical pricing remains a key reason for street food’s global success. Amidst the ongoing cost-of-living crisis, foodservice operators are leveraging street food’s budget-friendly appeal to attract cost-conscious consumers.
For instance, Fishbowl’s street food boxes, P’Nut Asian Kitchen’s ‘incredibly budget-friendly’ street food, and Taco John’s value menu items such as tacos and burritos demonstrate how restaurants are adapting to current economic challenges.
These offerings provide a satisfying and affordable alternative to more expensive dining options, highlighting the significance of affordability in maintaining street food market’s global success.
Healthy Innovations in Street Food Trends
1 in 2 consumers globally desire more healthy options when eating out, which appear to be underrepresented in the street food realm. However, many restaurants and foodservice chains are incorporating healthy options into their menus.
An Australian foodservice chain Mad Mex launched a healthier Chicken AI Pastor dish inspired by Mexican street food. El Pollo Loco introduced ‘Double Pollo Fit Bowls’ with chicken, avocado, and fresh vegetables. Guasaca Arepa & Salsa Grill in North Carolina offers affordable, healthy options. These innovations display the potential for street food vendors to cater to the growing demand for healthy, on-the-go options.
Rise of Street Food Trucks
Consumer preferences for street food trucks is growing steadily as they offer unique dining experiences and opportunities to try new dishes. This rising preference for food trucks is a key driver in the street food market.
Globally, some major food truck operators include Kuku in Copenhagen, serving traditional Iranian cuisine; Cafe Môr in Wales, offering seaweed-inspired dishes; and Matologi in Norway, focusing on high-quality meat. These food trucks feature innovative menus that emphasize local ingredients, freshness, healthy options, and affordability.
Some of these mobile venues are restaurant spin-offs, representing part of a plan to stay competitive and expand their reach in an era of shrinking disposable incomes. The ability to offer diverse, innovative cuisine while maintaining affordability and direct consumer engagement makes food trucks a dynamic and growing segment in the street food market.
Creating Street Food at Home
Street food is widely popular but faces accessibility challenges due to the limited and repetitive local venues. Packaged food companies are bridging this gap by offering products that enable consumers to recreate street food experiences conveniently at home.
Moreover, companies are sourcing ingredients from specific regions to enhance the authenticity of their offerings. This trend underscores consumers’ rising desire for transparency and a deeper connection to the origins of their food.
What’s Next in Street Food Trends?
Consumer demand for budget-friendly street food offerings is on the rise, highlighting a gap in healthy options within street food trends. By incorporating fresh ingredients, innovative cooking techniques, and creative menu options, street food vendors can attract health-conscious consumers and carve out a niche in the competitive food and beverage industry.
In the street food market, sustainably sourced marine ingredients can drive innovation. Seaweed, known for its health benefits and sustainability credentials, shows potential for becoming a prominent ingredient in street food, aligning with growing environmental consciousness.
Restaurants are operating their own food trucks or stalls to enhance affordability, drive innovation, and reach new consumers. This trend is likely to see more establishments developing ‘mobile arms’ to expand their market presence and culinary innovation.
Innovations in ingredient sourcing and menu diversity may shape the next wave of street food trends, catering to global consumers desire for conscious sustainability and dietary preferences.
This article is based on our report, “Making Street Food Part of Everyday Life Globally.” If you are interested in reading this report, feel free to request a demo.
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