Overview and Scope
A food truck refers to a mobile eatery or restaurant that serves and sells food and beverages from a vehicle, typically parked in various locations. Food trucks are known for their flexibility, accessibility and ability to bring food directly to where people are, providing a unique dining experience. These mobile eateries have become a prominent feature of the modern culinary landscape, contributing to the vibrancy of local food scenes and providing opportunities for chefs, entrepreneurs and food enthusiasts to connect with their communities.
Sizing and Forecast
The food truck market size has grown strongly in recent years. It will grow from $3.73 billion in 2023 to $4.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to food diversity, urbanization, rise of social media platforms, food truck festivals and events, government support for small businesses, popularity of mobile food ordering apps.
The food truck market size is expected to see strong growth in the next few years. It will grow to $5.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to health and sustainability, contactless payments, ghost kitchens, growing popularity of convenience dining, demand for personalized food experiences. Major trends in the forecast period include tech integration, gourmet and fusion cuisine, health-conscious menus, virtual food trucks developments, community and events.
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Segmentation & Regional Insights
The food truck market covered in this report is segmented –
1) By Type: Expandable; Boxes; Buses And Vans; Customized Trucks; Other Types
2) By Size: Small; Medium; Large
3) By Application: Fast Food; Vegan And Meat Plants; Bakery; Other Applications
North America was the largest region in the food truck market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in food truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing popularity of street food is expected to propel the growth of the food truck market going forward. Street food is defined as prepared, ready-to-eat food served by hawkers or sellers on the streets and in other public places. It is often less expensive than restaurant meals, making it a popular option for those on a tight budget. Food trucks are a popular way to sell street food as they offer several advantages over traditional brick-and-mortar restaurants, such as the ability to reach a wider customer base and more flexibility in terms of hours of operation. For instance, in 2023, according to Tastewise, an Israel-based provider of AI-powered data platform for food & beverage, around 3274 restaurants currently offering Street food on their menu and social conversations about street food increased from 0.228% in December 2022 to 0.2733% in March 2022. Therefore, the growing popularity of street food is driving the growth of the food truck market.
Key Industry Players
Major players in the food truck market are KFC Corporation, The Fud Trailer, VS Veicoli Speciali, International Dairy Queen Inc., McDonald’s Corporation, Jack in the Box Inc., Starbucks Corporation , Chick-fil-A Inc., Taco Bell Corporation, Bostonian Body Inc., Domino’s Pizza Inc., Futuristo Trailers Manufacturer, United Food Trucks LLC, Baskin-Robbins Group Inc., Toppers Pizza, Mallaghan Engineering Ltd., Kogi Korean BBQ, Prestige Food Trucks, MRA Mobile Experiential, EasyTracGPS Inc., Cafe2U Pty Ltd., Roaming Hunger Inc., Kona Ice Inc., Custom Concessions , Food Truck Company B.V., M&R SpecialityTrailers And Trucks, MSM Catering Trucks Manufacturing Inc., Good Food Truck Company, World Street Kitchen.
The food truck market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- KFC Corporation
- The Fud Trailer
- VS Veicoli Speciali
- International Dairy Queen Inc.
- McDonald’s Corporation
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