Global Food Truck Market was valued at USD 1.94 billion in 2021 and is expected to reach USD 2.87 billion by the year 2028, at a CAGR of 5.75%.
A chuckwagon was a wagon/cart used to transport and prepare flour in the United States and Canada in the 19th century, and is considered the forerunner of the food cart. Trucks sell food and usually have cooking facilities where food is cooked. Additionally, there are several types of food trucks such as trucks that deliver ice cream, some that sell frozen and packaged foods, and others that have a kitchen on site to take out whole foods. Gourmet cuisine and specialty menus have been added in recent years. Food trucks have become popular in the United States for several reasons. The recession in the United States, which began in 2008, had a significant impact. Restaurant chefs were laid off from the high end when the economy crashed and several food businesses closed.
Food trucks seem to be very attractive to skilled chefs and restaurateurs because they require little start-up capital compared to restaurants in big cities that require millions in reinvestment. New suppliers are beginning to recognize just how much consumer preferences, especially among millennials, are shifting towards fine dining.
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The Major Players in The Global Food Truck Market:
- Roundup World Street Kitchen
- MSM Catering Trucks Manufacturing
- Food Truck India
- Food Truck Company B.V.
- Mallaghan
- VS VeicoliSpeciali
- Prestige Custom Food Truck Manufacturer
- EasyTracGPS Inc.
- Bostonian Body Inc.
- The Fud Trailer Company
- Roaming Hunger
- Good Food Truck Company
- United Food Trucks United LLC
- M&R Trailers
- Futuristo Trailers and other major players.
Market has segmented the Global Food Truck Market on the basis of type, application, and region:
By Type:
- Expandable
- Boxes
- Buses & Vans
- Customized Trucks
- Ape
- Others
By Food type:
- Fast Food
- Barbecue & Snacks
- Desserts & Confectionery
- Ice Cream
- Others
By Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
- Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of South America)
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Covid-19 Impact and Recovery Analysis on Industry:
during the COVID-19 epidemic, consumers were compelled to adjust their behaviors and consumption patterns due to the drop in power purchases and the avoidance of eating out, resulting in a major shift in eating habits. Local and national authorities enforced lockdown and movement restrictions in March 2020 to decrease viral transmission and slow pandemic growth, forcing restaurants to close their dining rooms and food sellers off the streets. Additionally, the social distancing tactics caused event cancellations, impacting trucks' principal source of revenue and current business models. Food truck revenues are expected to be down by 80 to 90 percent as a result of the epidemic, with 30 to 40 percent of trucks closing temporarily or permanently. Food trucks are often modest and family-owned companies, which implies that a crisis affects their owners on two levels: as individuals and as company owners. The pandemic's drop in revenues has had knock-on repercussions, affecting the livelihoods of hundreds of vendors, lowering customer spending power, discouraging people from social dining and other associated social bonding activities, and, as a result, dissolving the food truck scene. As a result, the COVID-19 epidemic is having a multifaceted influence on the food truck industry from a financial, nutritional, and socio-cultural standpoint.
Reasons to purchase the report:
- Visualize the composition of the Global Food Truck Market products in terms of Product and application highlighting the critical commercial assets and players.
- Identify commercial opportunities in the Global Food Truck Market by analyzing trends and co-development deals.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Table of Content:
Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Type
3.2 By Food Type
3.3 By Location Premises
To be continued…….
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