Food Trucks Industry Overview
The global food trucks market size is expected to reach USD 6.63 billion by 2028, registering a CAGR of 6.8% over the forecast period, according to a new report by Grand View Research, Inc. Rising popularity of events, such as food festivals, carnivals, concerts, and parades, are driving the industry. The growing demand from bars to partner with food trucks to park outside and gain a larger customer base is also anticipated to fuel the overall market growth. The rising demand for unconventional menus has resulted in the demand for food trucks over the last few years. Moreover, a growing inclination towards purchasing meals from mobile food outlets and street kiosks is observed. According to the Food and Agriculture Organization of the United Nations, more than 2.5 billion people across the world purchase food from mobile food outlets including food trucks daily.
Food Trucks Market Segmentation
Grand View Research has segmented the global food trucks market on the basis of type, size, food type, and region:
Based on the Type Insights, the market is segmented into Expandable, Boxes, Buses Vans, Customized Trucks, Others.
- The buses and vans segment held the largest revenue share of the global market of more than 39% in 2020 and is expected to maintain dominance over the forecast period. On the basis of type, the market is segmented into expandable, boxes, buses vans, customized trucks, and others.
- Food truck operators are increasingly adopting buses and vans due to easy mobility and lower costs as compared to an expandable or customized truck, which is significantly contributing to the segment growth.
Based on the Size Insights, the market is segmented into Small, Medium, Large.
- The medium-sized food trucks segment accounted for the maximum share of more than 44% of the overall revenue in 2020. The segment is projected to retain its dominance during the forecast period on account of the high demand for these trucks due to the easy mobility and flexibility to move the kitchen to events, such as carnivals, parades, or promotional festivals.
- However, the small size segment is projected to register the fastest CAGR during the forecast period. There has been a growing inclination of food truck operators to establish a unique theme and overall experience for their customers.
- The large size segment is also estimated to have a significant growth from 2021 to 2028 as these food trucks are gaining popularity across the globe, especially in countries of Asia Pacific and the Middle East Africa, due to a rise in large-scale cultural and commercial events in these regions.
Based on the Food Type Insights, the market is segmented into Barbecue Snacks, Fast Food, Desserts Confectionery, Bakery, Vegan Meat Plant, Others.
- The fast-food segment made the largest contribution to the global market of over 33.0% in 2020. Fast-food consumption has significantly increased over the past 5 years owing to the factors, such as convenience and low cost, and a variety of menus flavors offered.
- The vegan meat plant segment is projected to grow at the fastest CAGR of 9.8% from 2021 to 2028. A rise in demand for vegan products as well as plant-based meat is anticipated to fuel the growth of this segment across the globe. Food truck operators are coming up with unique vegan meat blend menus for attracting millennials.
- The barbecue snacks segment is projected to register a significant CAGR from 2021 to 2028. Barbecue food trucks have gained significant popularity in the past couple of years, with major truck operators offering a unique fusion of barbecue food to gain customers from younger generations.
Food Trucks Regional Outlook
- North America
- Europe
- Asia Pacific
- Central South America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The market is characterized by the presence of a few established players and new entrants. Companies have been focusing on signing new food truck contracts to widen their consumer base.
Some prominent players in the global food trucks market include
- Prestige Food Trucks
- United Food Trucks United, LLC
- MR Trailers
- VS VeicoliSpeciali
- MRA
- Futuristo Trailers
- MSM Catering Trucks Manufacturing
- The Fud Trailer Company
- Food Truck Company B.V.
- Bostonian Body, Inc.
Order a free sample PDF of the Food Trucks Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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