What Has Been The Evolution of the Food Truck Market in Recent Years?
The food truck market has seen considerable growth due to a variety of factors.
• The size of the food truck market has seen significant expansion over the last few years. It is projected to escalate from $4.04 billion in 2024 to $4.36 billion in 2025, with a compound annual growth rate (CAGR) of 7.9%.
The surge in growth during the historic period can be attributed to factors such as increased food diversity, urbanization, the widespread use of social media platforms, food truck-centric festivals and events, supportive government policies for small enterprises, and the rise of mobile food ordering apps.
What Is the Forecasted Market Size and Growth Rate for The Food Truck Market Size In The Coming Years?
The food truck market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the food truck market is projected to experience robust expansion. The rate of growth is anticipated to be 7.4% compound annual growth rate (CAGR) leading to a market size of $5.8 billion in 2029. The expected growth within this period owes much to factors such as health awareness, sustainability, the rise in non-touch payment systems, emergence of ghost kitchens, increasing appeal of convenience dining and a rising demand for unique food experiences. Noteworthy trends within this forecast period include the integration of technology, gourmet and fusion food styles, menus catering to health-conscious consumers, virtual food truck initiatives, and community-driven events.
What Factors Are Driving Growth In The Food Truck Market?
The escalating trend of street food is anticipated to catalyze the expansion of the food truck market in the future. Street food is categorized as food that is ready to eat, prepared, and marketed by vendors or sellers in public locations and on roadsides. This option is typically cheaper than dining in restaurants, making it a go-to choice for people with financial constraints. Food trucks have become an in-demand method of delivering street food, boasting several benefits over conventional brick-and-mortar eateries, such as the opportunity to cater to a broader clientele and offer more flexible operating hours. For example, data from Tastewise, an AI-powered data platform specializing in food and beverages based in Israel, reveals that around 3274 restaurants were offering street food on their menus in 2023. Additionally, social conversations about street food rose from 0.228% in December 2022 to 0.2733% in March 2022. Thus, the burgeoning popularity of street food is stimulating the growth of the food truck market. The prominent role of social media in driving the expansion of the food truck market is indeed an essential market driver. The growing popularity of social media platforms is predicted to boost the future growth of the food truck market. These digital platforms enable users to generate content and interact, thereby providing the perfect space for food truck businesses to widen their customer reach, advertise their products, and engage with their patrons. Food trucks use these platforms to share their menus, promotional deals, and daily specials. Attractive photos of food items can enticing customers and provide them with a glimpse of what is up for grabs. In July 2023, the Search Engine Journal, a US-based website striving to provide relevant and up-to-date information to enterprise owners, marketers, and SEOs about business enhancement, reported an addition of 150 million social media users between April 2022 and April 2023, marking a 3.2% annual increase. The total number of worldwide social media users has now reached 4.8 billion, which constitutes 59.9% of the global population and 92.7% of all internet users. Consequently, the escalating demand for social media platforms fuels the growth of the food truck market.
What Are The Main Segments Of The Global Food Truck Market?
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
Subsegments:
1) By Expandable: Pop-Up Food Trucks, Folding Food Trucks
2) By Boxes: Standard Food Trucks, Trailer Food Trucks
3) By Buses and Vans: Food Buses, Food Vans
4) By Customized Trucks: Fully Customized Food Trucks, Semi-Customized Food Trucks
5) By Other Types: Pushcarts, Kiosks
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What Trends Are Reshaping The Future Of The Food Truck Market?
Leading firms in the food truck industry are concentrating on creating novel products such as fuel cell food trucks. These innovative vehicles are environmentally friendly and more energy-efficient compared to traditional diesel-run trucks. Fuel cell food trucks obtain power from hydrogen fuel cells when hydrogen and oxygen chemically react, this results in a cleaner and greener energy source unlike conventional diesel or petrol engines. The Australian arm of Toyota, Toyota Australia, which is a manufacturing company based in Australia, introduced its FCV Express Diner in April 2023. The FCV Express Diner is a mobile food truck concept that uses hydrogen fuel cell technology, demonstrating the potential of hydrogen as a green energy alternative. The powertrain used is identical to that of the second-generation Mirai sedan, giving a range of up to 400 km and supplying electricity for cooking and other outside needs.
Who Are the Key Players In The Food Truck Market?
Major companies operating 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.
What Is The Most Dominant Region In The Food Truck Market?
North America was the largest region in the food truck market in 2024. 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.
