Food Trucks Market Become Dominant At CAGR Of 6.8% from 2021 to 2028.

Food Trucks Industry Overview

The global food trucks market size was valued at USD 3.93 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028.

A surge in gastronomy across the globe coupled with the rising preference of consumers between the age group of 16-34 years for new meal experience over conventional brick and mortar restaurant experience is expected to drive the market over the forecasted period. The COVID-19 outbreak decreased the market demand for food services including the food trucks industry globally. Primarily, countries, such as the U.S., China, and the U.K., have witnessed cancellations of events, such as, food festivals and parades, which has resulted in a decline in sales of food trucks. Store closures due to strict lockdown measures resulted in disastrous consequences, with sales decreasing by 50% from March to April 2020, globally.

Gather more insights about the market drivers, restrains and growth of the Global Food Trucks Market

The growing inclination of consumers towards gourmet offerings and unique food concepts is projected to propel the demand for food trucks. According to a survey on the most popular food trucks by The Restaurant Times U.S., more than 60% of millennials choose food trucks serving authentic as well as unique meal offerings over brick-and-mortar restaurants. For instance, Curry Up Now, U.S., gained huge popularity among consumers in California, when it launched a combination of Indian and Mexican burritos in 2018.

Furthermore, the cost of starting a food truck is significantly lesser than a brick-and-mortar restaurant. According to a study by Food Truck Operator, Inc., the average cost of starting a food truck business is around USD 0.05 million to USD 0.06 million, whereas the average revenue stream from the food truck is approximately USD 0.29 million. This is 10 times lower than the cost of opening a brick-and-mortar restaurant.

The study further revealed that gaining necessary food truck permits takes up to 37 days in the U.S., whereas the same for restaurants goes up to 3 months. Thus, the low startup cost coupled with ease of gaining business permits is one of the major factors contributing to a rise in demand for food trucks.

Moreover, there is a growing focus of well-established commercial restaurant chains in launching their food trucks at prime locations. For instance, major food joints, such as Dunkin' Donuts, Starbucks, McDonald’s, Taco Bell, Pizza Hut, and Hard Rock Café, among others, expanded into the food truck industry. Based on a study by Mobile Cusine, Inc., in the U.S., up to 40% of conventional commercial restaurants entered into the food truck industry in 2015.

Also, a study by Epos Now stated that more than 30% of restaurants have abandoned conventional service models to meet consumer expectations, which has led to a rise in the popularity of food trucks. The study also revealed that the flexibility to move the kitchen to prime areas, as well as events, has resulted in the food truck industry outgrowing the restaurant industry by a profit margin of more than 7%.

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Food Trucks Market Segmentation

Grand View Research has segmented the global food trucks market on the basis of type, size, food type, and region:

Food Trucks Type Outlook (Revenue, USD Million, 2016 - 2028)
- Expandable
- Boxes
- Buses Vans
- Customized Trucks
- Others

Food Trucks Size Outlook (Revenue, USD Million, 2016 - 2028)
- Small
- Medium
- Large

Food Trucks Food Type Channel Outlook (Revenue, USD Million, 2016 - 2028)
- Barbecue Snacks
- Fast Food
- Desserts Confectionery
- Bakery
- Vegan Meat Plant
- Others

Food Trucks Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Central South America
- Middle East and Africa (MEA)

Market Share Insights

October 2020: Plantruck, Japan, launched BBQ-flavored vegan chicken burgers and karaagemenus through their food truck based in Osaka and has served more than a hundred thousand consumers
April 2019: Custom Concessions U.S., received a contract from Beyond Meat, U.S., to design and manufacture an expandable custom truck for storing and offering vegan meat food products.

Key Companies profiled:

Some of the prominent players in the global food trucks market include: