Food Truck Market

Market Synopsis:

Global Food Truck Market is valued at USD 3.19 Billion in the year 2022 and is projected to reach a value of USD 5.25 Billion by the year 2030. The Global Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 6.40% over the forecast period.

The upsurge in gastronomy worldwide associated with the increasing preference of consumers among the age group of 16 to 35 years for the new meal experience over the conventional bricks and the motor restaurants experience is projected to drive the growth of the Food Truck Market during the forecast period. Furthermore, the increasing inclination of the consumers toward unique food concepts, and gourmet offerings are expected to propel the demand for the Food Truck Market in the years to come.

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In addition, the cost of starting a Food Truck is suggestively lesser than that of brick-and-mortar restaurants which are fueling the growth of the Food Truck Market during the forecast period. According to the study by Food Truck operator, Inc; the average cost of starting a food trunk business is ten times lower than the cost of opening a brick-and-mortar restaurant which is expected to drive the demand for food trucks during the forecast period.

Furthermore, according to the research gaining necessary Food Truck permits take up to 37 days, and for restaurants, it goes up to 3 months. Accordingly, the low startup cost associated with the ease of gaining business permits is one of the prime factors contributing to the increase in demand for food trucks during the forecast period. Moreover, the rising focus of the well-established commercial restaurants in introducing their food trucks to the very prime places is driving the growth of the Food Truck Market during the forecast period.

Market Segmentation:

The Food Truck Market is segmented on the basis of type, size, and food type. Based on type the market is segmented as Expandable, Boxes, Buses & Vans, Customized Trucks, and Others. Based on the size, the market is segmented as Small, Medium, and Large. Based on food type, Barbecue & Snacks, Fast Food, Desserts & Confectionery, Bakery, Vegan & Meat Plant, and others.

Based on Type

The buses and van segment are dominating and will continue to dominate the Food Truck Market throughout the forecast period. Moreover, the Food Truck operators are gradually adopting busses and vans owing to easy mobility and the lower costs as compared to customized or expandable trucks which are positively contributing to the growth of the buses and van segment in the Food Truck Market.

Based on Size

The medium-size Food Truck segment is estimated to hold the largest share of the Food Truck Market during the forecast period. The medium size segment is projected to retain its dominance during the forecast period due to the increasing demand for these trucks due to the easy mobility and flexibility to move the kitchen to various events like promotional festivals, parades, and carnivals.

Europe Acquires the Largest Share of the Global Food Truck Market

Europe is accounted to hold the largest share of the Food Truck Market during the forecast period. The growth of this region is attributed to the growing passion for international cuisine, food festivals, and street food events which leads to an increase in demand for food trucks in the Europe region.

The Asia Pacific region is witnessing the fastest CAGR during the forecast period. Consumers in the Asia Pacific like Japan, China, and South Korea involves a higher preference for fast food from the streets, which is projected to increase the demand for food trucks market in the Asia Pacific in the years to come. The presence of well-established manufacturers in the Asia Pacific like Ante Trailers, and Hanyi Machine along with the increasing demand for street foods is expected to contribute to the growth of the Food Truck Market during the forecast period.