The global food trucks market was valued at USD 6.7 billion in 2022 and is projected to expand at a CAGR of 6.4% from 2023 to 2030. The increasing trend of street food is a key factor driving the market growth. A food truck is a mobile restaurant that can be easily relocated to different locations. Food trucks are becoming an increasingly popular trend in many cities around the world. Such vehicles are gaining popularity, thanks to their low cost, easy customization, and mobility. Furthermore, the increasing demand for ready-to-eat food and snacks is also contributing to the market growth.

The proliferation of food trucks is primarily driven by the convenience and variety of food they offer. Street food trucks are preferred by consumers who want to grab a quick bite without the hassle of dining out. Moreover, there is a growing trend of food trucks hosting events at various festivals and concerts, which is increasing their visibility and attracting more customers. Furthermore, with the success of food trucks, many established restaurants are also joining the trend. This has increased the accessibility and availability of food from food trucks.

The advent of technology has resulted in the adoption of digital solutions and platforms in the food trucks market to enhance operational efficiency. These solutions include GPS-enabled tracking, online ordering, and customer loyalty programs, among others. Furthermore, the growing preference for online ordering, due to the hectic lifestyles of consumers, has led to a significant growth in the demand for mobile food ordering applications. For instance, in October 2021, Ordermark, a leading provider of digital solutions for restaurants, launched a mobile application for food truck owners. The application allows customers to order their favorite dish from food trucks and track orders in real-time.

The market is highly competitive, with the presence of several local and global players. To gain a competitive edge, market players are focusing on product innovation and expanding their customer base. For instance, in April 2021, Taco Bell announced the launch of its first food truck. The food truck is designed to offer Taco Bell’s customers a new way to experience the brand, with menus tailored to local communities. Furthermore, companies are also launching their own mobile food trucks to meet their customer’s expectations. For example, in June 2021, Dunkin’ launched its first food truck in the state of Massachusetts, to serve its customers with the same delicious doughnuts and breakfast sandwiches they have come to love.

The high cost of operating food trucks has been a major challenge for the market. Moreover, the stringent regulations imposed by local authorities and the lack of proper infrastructure in some countries are also hampering the growth of the market. Additionally, the shortage of skilled workforce and the challenges associated with maintaining food trucks are the other challenges the market is facing.

The mobile food vending segment is expected to grow at a CAGR of 4.2% in terms of revenue from 2019 to 2027. Growing demand for mobile food vending from millennials and rising demand for convenience and on-the-go food among consumers are some of the key factors driving the growth of the segment. According to a report published by the National Restaurant Association in 2019, the number of mobile food truck operators in the US is estimated to be around 4,000.

The food truck equipment segment is anticipated to expand at a CAGR of 7.1% over the forecast period. Growing demand for food trucks from hospitality services, increasing demand for convenience and on-the-go food, and rising trend of food truck festivals are some of the factors driving the segment’s growth. Furthermore, increasing demand for energy efficient, cost-effective and reliable food truck equipment is further propelling the segment’s growth.

The food trucks segment is expected to remain the major revenue contributor to the global food trucks market, accounting for over 48.4% in 2022. Food trucks have become a popular distribution channel for food products due to their mobility, convenience, and low overhead costs. The increasing number of food trucks operating in major cities and their ability to reach consumers in remote locations has been a major driver for the growth of the segment.

The supermarkets & hypermarkets segment is expected to witness the highest growth rate of 10.2%, during the forecast period. Supermarkets and hypermarkets provide a wide variety of food products, including ready-to-eat items, which are preferred by customers. Furthermore, the availability of food products at discounted prices is likely to drive the growth of the segment. In addition, the increasing number of supermarkets and hypermarkets in developing countries is expected to fuel the segment growth.

The mobile food truck segment accounted for the largest market share of 60.3% in 2020. The increasing demand for ready-to-eat food and the changing consumer preference towards convenient food options are the two main factors driving the growth of food truck market. This is due to the fact that consumers are increasingly opting for food trucks as they are easy to access and offer a wide variety of options. Furthermore, the increasing number of food festivals and events in major cities is also expected to fuel the growth of the mobile food truck segment.

The static food truck segment is expected to register the highest CAGR of 8.2% over the forecast period. The growing demand for customized meals and the preference for convenience are some of the factors driving the growth of the static food truck segment. Moreover, the rising popularity of food trucks as a viable foodservice option for commercial operations is also contributing to the segment’s growth. Furthermore, the introduction of innovative concepts such as indoor food courts, kiosks, and pop-up shops are expected to provide further impetus to the static food truck market.

North America is expected to be the largest market for food trucks during the forecast period, owing to the presence of a large number of food trucks in the region. The region has seen an increase in the number of food trucks in the last few years due to the rising demand for mobile food options. The presence of a large number of food truck festivals and events in the region has also fueled the growth of the market. For instance, in December 2021, the Street Food Festival held in Edmonton, Canada, had over 300 food trucks participating.

Europe is expected to be the second-largest food trucks market, owing to the presence of several countries with strong food truck cultures, such as the United Kingdom, Germany, and France. In the United Kingdom, for instance, food trucks have become an integral part of the street food culture. The growing demand for food trucks in Europe has also led to the rise of several food truck associations, such as the British Street Food Association, which provides support to food truck owners in the region.

In this section of the food truck business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your food truck. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenue for a food truck business comes from the sale of food items. Here, you will find a list with a description of each of the items, as well as other possible sources of profit such as catering events, special events, and corporate events.

Projecting Expenses
In this section, all the regular expenses related to keeping the food truck business running will be described. The list of operating expenses includes food ingredients, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the food truck market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, The Roaming Bistro launched a new food truck equipped with the latest kitchen equipment.

– In August 2022, Street Eats launched a new food truck designed to provide customers with a range of fast food options.

– In October 2022, Urban Kitchen launched a food truck with a modern design and advanced equipment.

Some of the prominent players in the food truck market include:

– The Roaming Bistro
– Street Eats
– Urban Kitchen
– The Rolling Bistro
– Foodie Truck
– Gourmet Food Truck
– The Grub Truck
– The Gourmet Grill
– The Taste Truck
– The Burger Bus

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global food truck products market based on product, distribution channel, region, and type:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Ready-To-Eat Foods
– Beverages
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– On-Premise
– Off-Premise

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

4. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Food Trucks
– Food Carts

[Q]: What is the Potential of Product Innovation in the Food Truck Market?
[A]: The food truck market has seen an increase in product innovation, with food trucks now offering a variety of different options and experiences to customers. Many food truck owners are now incorporating technology such as online ordering, mobile payment systems, and social media to increase customer engagement. Additionally, food trucks are now offering specialty items such as gluten-free and vegan-friendly options, as well as catering to various dietary needs. These innovations are expected to drive growth in the food truck market.

[Q]: Who are the Key Players in the Food Truck Market?
[A]: Key players in the food truck market include Kogi BBQ, Cousins Maine Lobster, The Grilled Cheese Truck, The Halal Guys, The Lobos Truck, and Voodoo Doughnut.

[Q]: Which Region Offers the Largest Opportunity for Sales of Food Trucks?
[A]: The Asia-Pacific region is expected to offer the largest opportunity for sales of food trucks, due to an increase in consumer preference for convenience and a growing number of millennials in the region.

[Q]: What are the factors driving the food truck market?
[A]: Factors driving the food truck market include increasing consumer preference for convenience, the growing number of millennials, and a shift towards healthier eating habits. Additionally, the emergence of advanced technology such as online ordering and mobile payment systems are expected to drive growth in the food truck market.