Food Truck Market- Sales Analysis & Share | Forecast Upto 2032

Global Food Truck Market Overview

Global Food Truck Market Size Was Valued at USD 2.17 Billion In 2023 And Is Projected to Reach USD 3.62 Billion By 2032, Growing at A CAGR of 6.49 % From 2024-2032

The chuckwagon, a wagon/cart used to transport and prepare meals in the United States and Canada during the nineteenth century, is considered a forerunner of food trucks. A wheeled truck that sells meals and usually has kitchen facilities where the food is cooked. Furthermore, there are several sorts of food trucks such as some offer ice cream, some sell frozen and packaged meals, and yet others having kitchens on board to create food from scratch. Gourmet cuisine and specialist menus have been added to food truck menus in recent years. Food trucks have grown in popularity in the United States due to several causes. The United States recession, which began in 2008, was a crucial impact. Chefs from high-end restaurants were laid off when the economy faltered, and several food enterprises folded. Food trucks appeared to be great for experienced chefs and restaurant operators since they demand low start-up capital compared to large-city restaurant premises that require millions of re-investments. New suppliers began to notice how consumer preferences, particularly among millennials, were shifting toward gourmet foods. The younger generation has an expanding inquisitive desire for new experiences in a globalized, linked world where individuals are more aware of different cultures and trends. Furthermore, these consumers, who had been hit hard by the recession, we're looking for lower-cost, higher-quality items than those offered by traditional restaurant chains. Every day, more than 2.5 billion people eat street cuisine from a food truck, according to a survey.

Market Dynamics And Factors For Food Truck Market

Drivers:

Demand For Environmentally Friendly Foods is on The Rise

Young people who frequent food trucks are also aware of the consequences of climate change. By 2022, this lobbying will almost certainly influence the food business, which will be under pressure to sell food that is obtained responsibly and farmed using renewable resources. Increased organic alternatives are expected from food trucks, as well as more labels detailing the sources of their components. Food trucks are expected to increase their business by accommodating the viewpoints of their customers.

More Event Promotions and Partnerships

Food truck collaborations with events like carnivals, clubs, and concerts are becoming increasingly prevalent. Food trucks receive more foot traffic, and events get more spectators, thus this is a win-win situation for all sides. This trend is also affecting bars, which are increasingly collaborating with particular food trucks to park outside their establishments and attract more consumers. Given that the demographic that visits food trucks the most is 18-34, there is often overlap in clientele.

Increasing The Number of Commercial Restaurants Food Truck Experimentation

Food trucks are being used as a catalyst by established chain restaurants, such as Outback, to test out new foods and concepts. Many new eateries are offering food trucks with prospective new menu items while also keeping track of sales. These collaborations minimize the need to fund and organize focus groups, allowing for spontaneous experimentation to take place. Furthermore, bad consumer opinion is associated with the food truck rather than the restaurant if the item is unpopular.

Restraints:

Mobile Cuisine expects the sector to confront certain hurdles as it continues to develop, notably regulatory concerns like parking restrictions, which are still adjusting and growing in many locations. To maintain the rising popularity of food truck hubs in big cities, food truck affiliates may need to collaborate with local officials to bridge these gaps.

Opportunities:

In the meanwhile, food truck groups should continue to focus on forming relationships with private enterprises and development locations. People who work in huge organizations with no local eating choices make up the majority of the market for food trucks. Food trucks should also cooperate with the government to develop policies that allow them to operate on sites where employees have no other alternatives for eating. For example, because the area's rents are too exorbitant, there are big office buildings with no food alternatives in Santa Fe. For a startup entrepreneur, opening a restaurant in these places is nearly difficult. Food trucks will be able to take advantage of the lack of eating choices in the neighborhood and operate with greater freedom.

Market Segmentation

Segmentation Analysis of Food Truck Market:

Based on the vehicle type, the buses & vans segment is expected to dominate the market over the forecast period. Due to their ease of movement and reduced costs compared to an expanded or customized truck, food truck operators are increasingly embracing buses and vans, which is contributing considerably to the segment's growth. A food truck's operating expenditures, on the other hand, are month-to-month and restricted to food, supplies, and petrol. You don't need a large staff; a small group will suffice, and your taxes will be significantly reduced.

Based on the food type, the fast-food segment is expected to hold the maximum market share throughout the forecast period. Fast-food utilization has significantly increased during the past few years due to the factors, such as the growing popularity of ready-to-eat food due to the busy schedule, convenience as well as low cost, and a variety of menus & flavors offered. Therefore, the growth of the fast-food utilization among the consumers is expected to improve the segment growth over the forecast period.

Based on the location premises, the street's location is expected to register the maximum market share during the forecast period. Due to the gaining popularity for the fast-food among the youth and children's as well as busy working women are preferring for the ready to eat food. In addition, street location is more convenient to any consumer as compared to other locations. Thus, this is expected to help boost segment growth during the forecast period.

Regional Analysis of Food Truck Market:

The worldwide food truck market is dominated by North America and Europe. Due to the growing propensity among customers, as well as shifting consumer tastes and inclinations toward different types of menus presented, this area accounted for the largest proportion of the food truck industry. Food festivals and street food events rose in 2019, according to a report by Le Cordon Bleu, owing to a rising appreciation for foreign cuisine, resulting in greater demand for food trucks in the region. Taste of London, Country to Country, and Oktoberfest are just a few of the big street food events in the United Kingdom in 2021 that will include more than 5 grand food trucks.

Due to high discretionary income, the Asia Pacific, which includes China, India, Japan, and Australia, grew at the quickest pace over the projection period. Fast food from the streets is more popular among Asian consumers in nations such as China, Japan, and South Korea, which is expected to boost product demand in the area. Moreover, the market is predicted to increase due to the existence of well-known manufacturers in the Asia Pacific, such as Hanyi Machine and Ante Trailers, as well as the rising demand for street food. In addition, the food truck industry in the Asia Pacific, South America, and Africa is growing because of the growing popularity of fast food among customers and the availability of a variety of cuisines.

Players Covered in Food Truck Market are:

• Roundup World Street Kitchen
• MSM Catering Trucks Manufacturing
• Food Truck India
• Food Truck Company B.V.
• Mallaghan
• VS VeicoliSpeciali
• Prestige Custom Food Truck Manufacturer
• EasyTracGPS Inc.
• Bostonian Body Inc.
• The Fud Trailer Company
• Roaming Hunger
• Good Food Truck Company
• United Food Trucks United LLC
• M&R Trailers
• Futuristo Trailers and other major players.

Key Industry Developments in Food Truck Market

• In June 2023, Volta Trucks announced a collaboration with METRO Germany, a large worldwide food distributor. METRO will use a 16-tonne all-electric Volta Zero in North Rhine-Westphalia. It will be expanded to Bavaria and Berlin when more trucks join the fleet, as METRO Germany seeks to sustainably grow its delivery fleet.
• In April 2023, Toyota Australia introduced the FCV Express Diner, an innovative fuel cell food truck idea, to a national Hydrogen Showcase in Melbourne, where it demonstrated some possible uses for its hydrogen fuel cell technology. Toyota fuel cell vehicles on show were the HiAce-based FCV Express Diner concept, a Caetano 33-seat commercial bus, a Toyota forklift, an EODev stationary power generator, and a Toyota Mirai FCV car.