Food Truck Market is expected to grow with a CAGR 6.6% from 2022 to 2028
As stated in our extensive report; providing insights on Type, Size, Food Type, and Region; the Global Food Truck Market accounted for USD 3.94 Billion in the year 2021.
“Key Factors Likely to Drive Growth of Food Truck Market”
A decade ago, when it comes to eating outside food there was either the dining restaurant or street-side which meant that we have only two options either we go for an expensive meal or get satisfied with the cheap. But now food truck business or restaurant on wheels has been gaining popularity among entrepreneurs and consumers alike. A food truck can move to any place wherever we want and where customers are located. This is the hottest trend in the restaurant business, and this makes the customers crazy about their food. The food truck market continues to grow with an annual growth rate of 7.5%.
The factors behind this are the rising busy schedule of people, the rise in the working women population, preferred different lifestyles by people, and inclination toward street food and rapid urbanization. Food is no longer perceived or limited to being consumed at home or sitting in one place. Another factor is a low dependency on resources; food trucks even can start with 1 or 2 resources. There is a huge potential in the mobile kitchen business or food truck market in India and it is still in its nascent stage. Manufacturers of these trucks focused on the most important factor i.e., hygiene factor, and keeping in mind this factor the manufacturers developing trucks.
The Global Food Truck Market is segmented into different food trucks like ice-cream food trucks, barbeque food trucks, snacks food trucks, cool drinks and beverages food trucks, fast food, vegetable seller, and others.
Adopting several strategies like the interior of trucks, serving style, and adding a new menu to taste are expected to contribute to the growth of the market during the forecast period.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. Countries like China, India, Japan, and Australia show the fastest growth in the market due to high disposable income, multi-cuisine, and the rising popularity of different fast food among consumers. Further, the rising different tastes and preferences of the consumers are also supporting the regional growth of the market.
Some of the key players in the Global Food Truck Market include Prestige Food Trucks, United Food Trucks United LLC, M&R Trailers, VS VeicoliSpeciali, MRA, Futuristo Trailers, MSM Catering Trucks Manufacturing, The Fud Trailer Company, Food Truck Company B.V., Bostonian Body Inc. and others.
Browse the full Report - Food Truck Market Size, Share & Trends Analysis Report by Type (Expandable, Boxes, Buses & Vans, Customized Trucks), by Size (Small, Medium, Large), by Food Type (Barbecue & Snacks, Fast Food, Desserts & Confectionary, Bakery), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)