Top 10 Street Food Influences on New Products and Menu Innovation

Top 10 Street Food Influences on New Products and Menu Innovation Report Overview

Street food’s popularity has increased in recent years, influencing many aspects of the food and food service industries. Street food has historically been a convenient food option for busy workers, but in the 21^st century, it has become a more novel, high-quality format allowing street food to influence health, affordability, convenience, and sensory trends in food service channels and packaged food in retail.

Street food is a broad and versatile concept spanning different cuisines and channels. Some of the large chain players serving street food show their suitability across different channel formats. The Singaporean Hawker Chan street vendor chain offers traditional Asian dishes, while Auntie Anne’s brings American pretzels and hot dogs to other channels such as shopping malls, and Mowgli is a full-service UK chain serving Indian street food. A word cloud analysis of the street stall sector on social media further reflects the variety of cuisines and ingredients associated with this format.

The “Top 10 Street Food Influences on New Products and Menu Innovation” research report will help to understand the cross-sector opportunities for brands in taking inspiration from street food features and trends. It provides insights into how competitors are responding to this trend and will help direct future decision-making and inform new product and service development.

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Street Food Market Overview

Mobile operators or street food vendors as a channel make up a relatively small proportion of the food service industry’s total market share, but its performance outlook for the next few years is positive. Unsurprisingly, Asia-Pacific is the largest and fastest-growing region for the channel, as Asian countries continue to urbanize rapidly, with consumers preferring the channel for cultural and convenience reasons on a day-to-day basis.

Regarding street food in online menu items, QSR and American had the highest penetration by restaurant type and cuisine due to their broad popularity and digital presence overall. Nevertheless, brands wanting to offer more street food options can also have won with an array of Asian cuisines, which altogether had a penetration of more than 45% of street food menu items.

Global: Mobile Operators Transactions and Value Forecasts by Region, 2022–2027

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Street Food Market – Why is it Popular?

Reasons for eating street food align with some of the most influential megatrends. Health, affordability, convenience, and sensory trends are the main attractions of street food. The wide variety of street food means that it can align with a number of consumer motivations. In more recent times street food has also come to serve much more sensory and indulgent purposes offering premium and novel dishes. Therefore, street food offers sensory appeal to both convenience- and luxury-seeking consumers.

Street Food Market – How is it Influencing New Product and Menu Innovation?

There are many reasons as to how the street food segment is impacting new products and menu innovation. For instance, street food delivery was highly developed before digitalization in food service. It has paved the way for modern delivery aggregators.

The dabbawallas in India are an example of highly organized street food and home-cooked food deliveries that have been around for over a century. This completely analog system is believed to deliver around 80 million lunches a year and has been studied and examined by Harvard Business School and FedEx. With many similar street food delivery systems operating around the world, modern delivery aggregators such as Uber Eats and DoorDash can learn from the success of these models.

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Scope

This report is part of a series on key trends and issues that are currently affecting the consumer landscape in consumer goods, foodservice, and packaging. This report explains the challenges and opportunities facing cultured meats’ path to market and commercialization.

Key Highlights

• Street food is a diverse concept that meets an array of consumer demands, meaning there are lessons to be learned in every sector.
• Street food speaks to experimental, and indulgent occasions as well as the everyday meal. This leaves companies with several street food trends to leverage such as highly efficient local networks and more formulaic considerations such as nutrient-rich, or ergonomically designed, foods.
• Brands should look to carefully select street food trends that best suit the strategic areas of their businesses.
• Formulation in street food is an obvious area which brands can take inspiration from to offer interesting and better value-for-money products that stand out from competitors. However, the marketing and operational considerations such as choosing authentic, local branding versus a novel fusion concept are important to align correctly with customers.

Reasons to Buy

• Understand the cross-sector opportunities for brands to take inspiration from street food features and trends.
• Gain insight into how competitors are responding to this trend.
• Access valuable strategic take-outs to help direct future decision-making and inform new product and service development.