Food trucks market size to grow at a CAGR of 5.87% from 2022 to 2027, Increasing demand for eating out is an emerging food truck market trend, Technavio
NEW YORK, March 13, 2024 /PRNewswire/ -- The food trucks market size is estimated to grow by USD 1,409.73 million from 2022 to 2027, at a CAGR of 5.87% according to Technavio. The food truck industry, renowned for its diverse offerings ranging from fast foods to desserts, continues to thrive as a premier leisure activity. Dining out presents a unique opportunity for socializing and relaxation, eliminating the hassle of cooking and cleanup. With the escalating demands of modern lifestyles and time constraints, the appeal of food trucks is undeniable. Catering to regional tastes and offering swift service, they outshine traditional eateries. As the sector burgeons, fueled by burgeoning consumer preferences, the global food truck market is poised for substantial growth. Embrace this burgeoning trend to elevate your business prospects.
Market insights -
- Vendors: 15+, Including Bostonian Body Inc., Custom Concessions, Delivery Concepts Inc., Food Trailers for Sale, Food Truck Co., Foodtrucker Engineering LLP, Futuristo Trailers, M and R Specialty Trailers and Trucks, MSM Catering Trucks Mfg., Roaming Hunger LLC, United Food Truck LLC, and VS Special Design srl, among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Application (Fast food, Barbeque and snacks, Desserts and confectionary, and Others), Type (Medium-sized food trucks, Small-sized food trucks, and Large-sized food trucks), and Geography (Europe, North America, APAC, South America, and Middle East and Africa)
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The growing popularity of street food through food trucks drives the growth of the food truck market.
Gourmet street food means gourmet-style street food that is typically prepared to a high standard tastes good and is aesthetically presented, which are becoming more common.
Local cultures are often reflected in street food, and there is a wide variety of them the food consumption pattern of consumers has changed; they prefer foods with good taste and are cheaper in price. Hence, such factors drive the growth of the food truck market during the forecast period.
- Strict government rules on the use of food trucks challenge the growth of the food truck market.
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Analyst Review
The global food trucks market has experienced significant growth in recent years, driven by changing consumer preferences, economic factors, and evolving dining trends. The food trucks industry has seen a surge in popularity, particularly among millennials seeking unique and authentic meal offerings. One notable player in this market is Curry Up Now, known for its innovative fusion cuisine.
The cost of starting a food truck varies depending on several factors, including the size and customization of the vehicle, permits, and licensing fees. However, despite the initial investment, food trucks offer a relatively low barrier to entry compared to traditional brick-and-mortar restaurants.
Food trucks typically operate on an average revenue stream model, with sales driven by diverse fast-food offerings, vegan & meat plant options, as well as barbecue & snacks segments. The average cost of food truck permits also varies by region, with Asia Pacific and Europe witnessing increased demand and regulations in recent years.
The buses and vans segment remains popular for its mobility and versatility, while expandable and boxes segments offer innovative solutions for maximizing space and efficiency. Customized trucks cater to unique food concepts and branding, appealing to discerning consumers seeking a memorable dining experience.
Food trucks come in various sizes, including medium-sized, small-sized, and large-sized segments, each catering to different market demands and operational capabilities. Soulgood is another notable player in this space, offering gourmet options tailored to European consumers.
In addition to providing convenient and affordable dining options, food trucks contribute to the gastronomy scene, showcasing culinary creativity and diversity. They offer an alternative to the conventional brick and mortar restaurant experience, providing consumers with access to unique food concepts and authentic flavors on the go.
As the market demand for food services continues to evolve, food trucks remain a dynamic and adaptable option for entrepreneurs and established commercial restaurant chains alike. With their ability to reach diverse demographics and adapt to changing consumer preferences, food trucks are poised to continue making a significant impact on the global dining landscape.
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Market Overview
In the dynamic landscape of the food trucks industry, sales have seen fluctuations influenced by factors such as lockdown measures and store closures. However, despite challenges, the market continues to thrive, particularly among millennials who seek diverse culinary experiences. Notably, Curry Up Now stands out as a successful player, showcasing the potential for growth in this sector. For aspiring entrepreneurs, the cost of starting a food truck remains a pivotal consideration. Despite uncertainties, the food trucks market persists, driven by innovation and adaptability to changing consumer preferences and market conditions.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
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US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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