Press Release - | Food Truck Market to Reach Valuation of USD 5.78 Billion by 2028 - the preference for new meal experience over the conventional bricks and the motor restaurants experience globally are Driving the Market Growth |
Vantage Market Research | 17 May 2022
Biotechnology and Life Sciences
Food Truck Market to Reach Valuation of USD 5.78 Billion by 2028 - the preference for new meal experience over the conventional bricks and the motor restaurants experience globally are Driving the Market Growth
In terms of revenue, the Global Food Truck Market is probable to reach USD 5.78 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.6% from 2022 to 2028.
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. 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.
Key Highlights from the Report:
Market Dynamics:
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. In addition, the cost of starting a Food Truck Market 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 Market 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.
According to the research gaining necessary Food Truck Market permits takes 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.
Europe is the largest 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.
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Biotechnology and Life Sciences
Food Truck Market to Reach Valuation of USD 5.78 Billion by 2028 - the preference for new meal experience over the conventional bricks and the motor restaurants experience globally are Driving the Market Growth
17 May 2022
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Food Truck Market to Reach Valuation of USD 5.78 Billion by 2028 - the preference for new meal experience over the conventional bricks and the motor restaurants experience globally are Driving the Market Growth
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