Food trucks are considered the restaurant industry's mobile equivalent. A food truck can travel to any location where customers are present. As a result, it has become one of the most popular restaurant trends. The changing tastes and preferences of consumers, as well as their desire to eat street food and beverages, have resulted in an increase in demand for food truck services throughout time. Manufacturers of these vehicles are concentrating on producing trucks with the sanitary element in mind. Due to factors such as increased hectic schedules, an increase in the number of working women, a preference for street food, and growing urbanization, the worldwide food truck business has seen significant changes. Food trucks are gaining popularity because the food they provide is both economical and good, and it is available in convenient locations. Another factor driving the expansion of the food truck market is lower capital investment.
COVID-19 Impact analysis
- The COVID-19 (coronavirus) outbreak has drastically impacted foot traffic in business district regions, which are home to a big number of food truck operators. As a result, industry operators should expect a drop in demand for food served by food trucks, as many people have resorted to working remotely as a result of the pandemic.
- As a result, food truck entrepreneurs have come up with new ways to reach out to residents, businesses, and rest stations. Some food trucks, in example, have cooperated with hospitals and factories to park in their lots. In the midst of the pandemic, some food trucks have switched to selling groceries.
- Rising health consciousness among people has led to fall in demand of street food this in turn will lead to fall in demand for food truck market.
Top Impacting Factors
- Due to increased consumer propensity toward street food and quickly changing lifestyles, the global food truck market is likely to grow significantly over the forecast period.
- Another reason why people prefer food trucks to get their meals at inexpensive prices is a lack of time. Furthermore, lesser investment, higher profitability, and greater flexibility, together with increased consumer disposable income, which allows them to spend on unique and excellent food offered by food trucks, are some of the factors driving the rise of the food truck industry.
- Food truck market growth could be hampered by an increase in the number of health-conscious people, as well as strict government regulations on food trucks due to service tax and traffic rules difficulties.
Food Trucks are being used by more commercial restaurants
Food trucks are being used as a catalyst by established chain restaurants, such as Outback, to test out new foods and concepts. Many new eateries are offering food trucks with prospective new menu items while also keeping track of sales. These collaborations minimize the need to fund and organize focus groups, allowing for natural experimentation to take place. Furthermore, bad consumer opinion is associated with the food truck rather than the restaurant if the item is unpopular.
Food trucks are also being utilized to test public opinion on different sorts of foods as well as their potential for local success. Instead of doing surveys to determine what type of cuisine will be popular in a given location, established businesses might put a food truck there and monitor its performance. There are numerous eateries that have chosen to open commercial sites after deploying food trucks to the area.
Increasing demand for environment friendly food and vegan foods
Young people who frequent food trucks are also aware of the consequences of climate change. In 2021, this lobbying is likely to have an influence on the food business, which will be under pressure to sell food that is sourced responsibly and cultivated using renewable resources. Increased organic options are expected from food trucks, as well as more labels detailing the sources of their ingredients. Food trucks can increase their business by accommodating the viewpoints of their customers.
Vegan products have taken traction, with prominent fast-food companies including them on their menus. As the desire for vegetarian protein options develops, the food truck business should expect to see this trend extend to them. Experts in the food sector have taken note of the Impossible Burger's success and are working to accommodate this new demand. Additionally, omnivores seeking healthier options are increasingly turning to meat-plant mixtures. Burgers with mushrooms, beans, and chickpeas are being considered by food trucks.
Key Benefits of the Report
- This study presents the analytical depiction of the Food Truck industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Food Truck Market share.
- The current market is quantitatively analyzed to highlight the Food Truck Market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Food Truck Market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Report
- Who are the leading market players active in the Food Truck Market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is Food Truck Market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the Food Truck Market?
Food Truck Market Report Highlights
By Location premise
Key Market Players
Roaming Hunger, Roundup World Street Kitchen, Food Truck India, Custom Concessions, Good Food Truck Company, EasyTracGPS Inc, M & R trailers and Truck, Food Truck Company B.V., Prestige Custom Food Truck Manufacturer, Mallaghan