Food Truck Global Market Report 2024

The global food truck market 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 global food truck market 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.

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.

This report 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 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.


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