Food Truck Global Market Report 2024

Description

“Food Truck Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on food truck market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for food truck? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The food truck market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Expandable; Boxes; Buses And Vans; Customized Trucks; Other Types
2) By Size: Small; Medium; Large
3) By Application: Fast Food; Vegan And Meat Plants; Bakery; Other Applications
Companies Mentioned: KFC Corporation; The Fud Trailer; VS Veicoli Speciali; International Dairy Queen Inc.; McDonald's Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

A food truck is a mobile restaurant that operates from a vehicle, offering a variety of food and beverages and typically parking at different locations. These mobile eateries are celebrated for their adaptability, accessibility, and the convenience of bringing dining options directly to people, creating a distinctive culinary experience. Food trucks have become a prominent and dynamic element of today's food scene, enriching local gastronomy and serving as a platform for chefs, entrepreneurs, and food enthusiasts to engage with their communities.

Food trucks come in various types, including expandable models, box-shaped trucks, buses, vans, customized vehicles, and others. "Expandable" implies the potential for enlargement or extension in terms of size, scope, capacity, or functionality. Food trucks are available in different sizes, categorized as small, medium, or large, catering to a range of culinary styles such as fast food, vegan offerings, meat-based dishes, bakery items, and more.

The food trucks market research report is one of a series of new reports from The Business Research Company that provides food trucks market statistics, including food trucks industry global market size, regional shares, competitors with a food trucks market share, detailed food trucks market segments, market trends and opportunities and any further data you may need to thrive in the food trucks industry. This food trucks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The food truck market size has grown strongly in recent years. It will grow from $3.73 billion in 2023 to $4.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to food diversity, urbanization, rise of social media platforms, food truck festivals and events, government support for small businesses, popularity of mobile food ordering apps

The food truck market size is expected to see strong growth in the next few years. It will grow to $5.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to health and sustainability, contactless payments, ghost kitchens, growing popularity of convenience dining, demand for personalized food experiences. Major trends in the forecast period include tech integration, gourmet and fusion cuisine, health-conscious menus, virtual food trucks developments, community and events.

The food truck market is set to experience significant growth, driven by the increasing popularity of street food. Street food is essentially ready-to-eat fare served by vendors in public places and on streets, often offering a more budget-friendly alternative to restaurant dining. Food trucks have emerged as a popular means of delivering street food, offering distinct advantages over traditional brick-and-mortar restaurants. These advantages include the ability to reach a broader customer base and greater flexibility in terms of operating hours. For instance, in 2023, Tastewise reported that approximately 3,274 restaurants included street food on their menus, and social discussions about street food increased from 0.228% in December 2022 to 0.2733% in March 2022. Hence, the surging popularity of street food is propelling the food truck market's growth.

The growing demand for social media platforms is set to drive the expansion of the food truck market in the coming years. Social media platforms, which are online digital channels that enable users to create, share, and engage with user-generated content, have become a crucial tool for the success of food trucks. These platforms help food trucks expand their reach, advertise their menu offerings, and interact with customers effectively. Food truck businesses utilize social media to showcase their menus, daily specials, and promotional offers, often featuring high-quality food images to entice potential customers. For instance, in July 2023, the Search Engine Journal reported a 3.2% year-over-year increase, equivalent to 150 million additional social media users between April 2022 and April 2023. Globally, there are 4.8 billion social media users, representing 59.9% of the world's population and encompassing 92.7% of all internet users. As a result, the surging demand for social media platforms is a driving force behind the food truck market's growth.

Rising competition within the food industry has the potential to hinder the food truck market's growth. In a highly competitive market, food trucks must differentiate themselves by offering high-quality food and delivering exceptional customer experiences. They often contend with one another for prime locations and opportunities, creating a challenging environment. For instance, a study conducted by researchers at the University of California, Berkeley, and cited in a June 2023 article by Marketing Food Online, found that food trucks face a daunting failure rate of around 60% within the first two years of operation. This underscores the impact of intensifying competition on the food truck market, potentially impeding its growth.

Leading companies in this market are embracing new technologies, such as handheld point-of-sale (POS) solutions, to enhance their services and maintain their competitive positions. A handheld POS system is a mobile solution that utilizes smartphones or tablets for registering sales and processing payments on the go. For instance, in June 2021, SpotOn Transact LLC introduced SpotOn Sidekick, a handheld solution tailored for mobile food and beverage businesses. This innovative device enables these enterprises to accept both offline and online orders from a single device, with direct communication to a Bluetooth kitchen printer. Equipped with 4G cellular and WiFi capabilities, it empowers food trucks to operate seamlessly in various locations. SpotOn's handheld technology aims to provide food businesses of all sizes with the convenience and strength of mobile technology, enhancing their overall restaurant management capabilities.

in June 2023, Shore Capital Partners LLC, a Chicago-based private equity firm, announced a partnership with Roaming Hunger Inc., although the financial details were not disclosed. This strategic partnership is expected to create a platform that supports the success of food trucks and other mobile vendors. Through this collaboration, Roaming Hunger is poised to continue serving the food truck industry by offering various revenue-generating opportunities to food truck owners, caterers, and pop-up operators. Roaming Hunger Inc. is a provider of food truck booking services based in the United States.

Major players in the food truck market are KFC Corporation, The Fud Trailer, VS Veicoli Speciali, International Dairy Queen Inc., McDonald's Corporation, Jack in the Box Inc., Starbucks Corporation , Chick-fil-A Inc., Taco Bell Corporation, Bostonian Body Inc., Domino's Pizza Inc., Futuristo Trailers Manufacturer, United Food Trucks LLC, Baskin-Robbins Group Inc., Toppers Pizza, Mallaghan Engineering Ltd., Kogi Korean BBQ, Prestige Food Trucks, MRA Mobile Experiential, EasyTracGPS Inc., Cafe2U Pty Ltd., Roaming Hunger Inc., Kona Ice Inc., Custom Concessions , Food Truck Company B.V., M&R SpecialityTrailers And Trucks, MSM Catering Trucks Manufacturing Inc., Good Food Truck Company, World Street Kitchen .

North America was the largest region in the food truck market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in food truck report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the food truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The food truck market includes revenues earned by entities by providing services such as catering, outdoor dining, marketing and brand promotion. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r12305

1. Executive Summary

2. Food Truck Market Characteristics

3. Food Truck Market Trends And Strategies

4. Food Truck Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Food Truck Market Size and Growth

5.1. Global Food Truck Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Food Truck Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Food Truck Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Food Truck Market Segmentation

6.1. Global Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Expandable
Boxes
Buses And Vans
Customized Trucks
Other Types
6.2. Global Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Small
Medium
Large
6.3. Global Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Fast Food
Vegan And Meat Plants
Bakery
Other Applications

7. Food Truck Market Regional And Country Analysis

7.1. Global Food Truck Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Food Truck Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Food Truck Market

8.1. Asia-Pacific Food Truck Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Food Truck Market

9.1. China Food Truck Market Overview
9.2. China Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Food Truck Market

10.1. India Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Food Truck Market

11.1. Japan Food Truck Market Overview
11.2. Japan Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Food Truck Market

12.1. Australia Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Food Truck Market

13.1. Indonesia Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Food Truck Market

14.1. South Korea Food Truck Market Overview
14.2. South Korea Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Food Truck Market

15.1. Western Europe Food Truck Market Overview
15.2. Western Europe Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Food Truck Market

16.1. UK Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Food Truck Market

17.1. Germany Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Food Truck Market

18.1. France Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Food Truck Market

19.1. Italy Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Food Truck Market

20.1. Spain Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Food Truck Market

21.1. Eastern Europe Food Truck Market Overview
21.2. Eastern Europe Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Food Truck Market

22.1. Russia Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Food Truck Market

23.1. North America Food Truck Market Overview
23.2. North America Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Food Truck Market

24.1. USA Food Truck Market Overview
24.2. USA Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Food Truck Market

25.1. Canada Food Truck Market Overview
25.2. Canada Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Food Truck Market

26.1. South America Food Truck Market Overview
26.2. South America Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Food Truck Market

27.1. Brazil Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Food Truck Market

28.1. Middle East Food Truck Market Overview
28.2. Middle East Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Food Truck Market

29.1. Africa Food Truck Market Overview
29.2. Africa Food Truck Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Food Truck Market, Segmentation By Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Food Truck Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Food Truck Market Competitive Landscape And Company Profiles

30.1. Food Truck Market Competitive Landscape
30.2. Food Truck Market Company Profiles
- 30.2.1. KFC Corporation
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. The Fud Trailer
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. VS Veicoli Speciali
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. International Dairy Queen Inc.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. McDonald's Corporation
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Food Truck Market Other Major And Innovative Companies

31.1. Jack in the Box Inc.
31.2. Starbucks Corporation
31.3. Chick-fil-A Inc.
31.4. Taco Bell Corporation
31.5. Bostonian Body Inc.
31.6. Domino's Pizza Inc.
31.7. Futuristo Trailers Manufacturer
31.8. United Food Trucks LLC
31.9. Baskin-Robbins Group Inc.
31.10. Toppers Pizza
31.11. Mallaghan Engineering Ltd.
31.12. Kogi Korean BBQ
31.13. Prestige Food Trucks
31.14. MRA Mobile Experiential
31.15. EasyTracGPS Inc.

32. Global Food Truck Market Competitive Benchmarking

33. Global Food Truck Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Food Truck Market

35. Food Truck Market Future Outlook and Potential Analysis

35.1 Food Truck Market In 2028 - Countries Offering Most New Opportunities
35.2 Food Truck Market In 2028 - Segments Offering Most New Opportunities
35.3 Food Truck Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer