Food Truck Market Size, Share, Analysis, Trends, Growth, 2032

Food Truck Industry Prospective:

The global Food Truck market size was evaluated at $4.4 billion in 2023 and is slated to hit $7 billion by the end of 2032 with a CAGR of nearly 6% between 2024 and 2032.

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Food Truck Market: Overview

Food trucks have brought a paradigm shift in the food sector through offering of exceptional dining experience that integrate creativity, convenience, and flavor. Apart from this, these products also referred to as mobile kitchens help in bringing delicious food to various sites ranging from city streets to suburban neighborhoods.

Key Insights

• As per the analysis shared by our research analyst, the global food truck market is projected to expand annually at the annual growth rate of around 6% over the forecast timespan (2024-2032)
• In terms of revenue, the global food truck market size was evaluated at nearly $4.4 billion in 2023 and is expected to reach $7 billion by 2032.
• The global food truck market is anticipated to grow rapidly over the forecast timeline owing to lower overhead charges and need for unique dining experiences along with necessity of fulfilling youth seeking new food options.
• In terms of food type, the fast food segment is slated to register the highest CAGR over the forecast period.
• Based on truck type, the medium-sized trucks segment is predicted to contribute majorly towards segmental space in the upcoming years.
• On the basis of service type, the retail segment is likely to embellish the segmental growth in the forecast period.
• Region-wise, the Asia-Pacific food truck industry is projected to register the fastest CAGR during the assessment timespan.

Food Truck Market: Growth Factors

Intake of street foods has transformed into massive product demand over 2024-2032

Lower overhead charges and need for unique dining experiences along with necessity of fulfilling youth seeking new food options will expedite the growth of the global food truck market. Furthermore, escalating food popularity of street foods globally has propelled the global market demand. Food trucks offer more cost-effective alternatives and hence are preferred more by budget-conscious customers, thereby embellishing the market expansion globally.

A surge in product promotions on social media along with an increase in the digital marketing activities will embellish the growth of the market across the globe. Changing consumer tastes along with an increase in outing during festivals is expected to boost the expansion of the global market.

Food Truck Market: Restraints

Lack of availability of skilled workforce can restrict the global industry expansion over forecast period

Labor shortages and supply chain disruptions along with inflating prices of food truck can obstruct the growth of the global food truck industry. Surging competition and limited space can deter the industry expansion globally in the years ahead.

Reportedly, the product demand fluctuates seasonally depending upon climatic conditions and this, in turn, can lead to inconsistencies in the revenue streams for the food truck operators. This can result in huge decline in the growth trajectory of the industry across the globe.

Food Truck Market: Opportunities

App launches by food truck operators resulting in massive preference for fast foods to culminate into humongous global market expansion  

Technological breakthroughs such as online payments and launching of new online apps by food truck owners to boost their business are expected to generate new facets of growth for the global food truck market. Furthermore, need for lower initial investments and demand for quick meals is expected to prop up the expansion of the global market.

Food Truck Market: Challenges

Huge transport charges has led to increase in the food costs, thereby challenging the global industry surge

Strict zoning laws can restrict the operating of food trucks and this can challenge the expansion of the global food truck industry. Rise in the transportation & mobility costs due to rising diesel & petrol costs can deter the growth of industry globally.

Food Truck Market: Report Scope

Food Truck Market: Segmentation

The global food truck market is divided into food type, truck type, service type, and region.                                             

In terms of food type, the food truck market across the globe is segmented into fast food, beverages, snacks, organic & plant-based foods, and fruits & vegetables segments. Apparently, the fast food segment, which garnered nearly two-thirds of the global market revenue in 2023, is set to record fastest CAGR in the next couple of years can be due to easy & quick access of fast food such as fries and burgers. Moreover, cost-effectiveness of the product and their adaptability to various culinary trends will boost the segmental surge.

Based on the truck type, the global food truck industry is divided into full-sized vans, small trucks, buses, trailers, and medium-sized trucks segments. Apparently, the medium-sized trucks segment, which led the global industry share in 2023, is predicted to contribute majorly towards the segmental surge in the analysis timeframe and this can be due to ability of the product in accommodating small kitchen crew as well as various cooking devices.

On the basis of service type, the food truck market globally is sectored into hybrid, catering, and retail segments. Furthermore, the retail segment, which led the global market in 2023, is expected to embellish the segmental surge in the forecasting years as retail segment provides direct-to-customer model which helps food trucks in effectively interacting with the end-users.  

Food Truck Market: Regional Insights

North America is likely to maintain leading status in the global market over the assessment timeline

North America, which accounted for about 51% of the global food truck market size in 2023, is predicted to establish a leading position in the global market in the analysis timeframe.

Moreover, the regional market expansion in the coming few years can be due to robust food truck culture in the countries such as Canada and the U.S. Furthermore, growing customer preference for high-quality convenient foods will boost the regional market trends.

Asia-Pacific food truck industry is anticipated to register the highest CAGR in the expected timeline. The geometric growth of the industry in APAC can be attributed to swift urbanization in the countries such as South Korea, India, and China. An increase in the middle-income group population preferring dining from food trucks will spearhead the growth of the industry in the region.

Key Developments

• In July 2024, Coca-Cola introduced summer food-fest truck tour as well as recipe for magic marketing campaign with an aim of providing zero sugar variant to people in the UK.

Food Truck Market: Competitive Space

The global food truck market profiles key players such as:

• VS VEICOLI SPECIALI
• United Food Truck LLC
• Farber Specialty Vehicles
• MSM Catering Trucks Mfg. Inc.
• Prestige Food Trucks
• M&R Specialty Trailers and Trucks
• All American Food Trucks
• Titan Trucks Manufacturing
• United Food Trucks United LLC
• Futuristo Trailers

The global food truck market is segmented as follows:

By Food Type

• Fast Food
• Beverages
• Snacks
• Organic & Plant-Based Foods
• Fruits & Vegetables

By Truck Type

• Full-Sized Vans
• Small Trucks
• Buses
• Trailers
• Medium-Sized Trucks

By Service Type

• Hybrid
• Catering
• Retail

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa