WASHINGTON, May 18, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Food Truck Market finds that the increasing shift of consumers towards gourmet offerings along with unique food concepts is expediting market growth. Primarily driven by requirement of minimal capital, the total Global Food Truck Market is estimated to reach USD 5.78 Billion by the year 2028.

The Global Market revenue stood at a value USD 3.94 Billion in the year 2021 and the Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 6.6%.

Furthermore, the increasing working women population is also anticipated to augment the growth of the Global Food Truck Market, states Vantage Market Research, in a report, titled “Food Truck Market Size, Share & Trends Analysis Report by Type (Expandable, Boxes, Buses & Vans, Customized Trucks), by Size (Small, Medium, Large), by Food Type (Barbecue & Snacks, Fast Food, Desserts & Confectionary, Bakery), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Market Dynamics:

Increasing Shift of Consumers towards Gourmet Offerings to Stimulate Market Growth

The increasing shift of consumers towards gourmet offerings along with unique food concepts are anticipated to augment the growth of the Food Truck Market in the years to come. More than 60% of millennials prefer food trucks presenting real and distinctive meal selections over brick-and-mortar restaurants, according to a survey by The Restaurant Times U.S. on the most popular food trucks. Curry Up Now, U.S., for example, grew in popularity among Californians after introducing a hybrid of Indian and Mexican burritos in 2018. Furthermore, according to the United Nations Food and Agriculture Organization, about 2.5 billion people buy food from mobile food outlets and street kiosks every day. In Asia and Latin America, where street food is a culinary staple in nations like Brazil, Thailand, and Indonesia, demand for mobile food services is considerable. According to Food Truck Nation, the US mobile food services industry has roughly 5,500 entities (single-location businesses and branches of multi-location businesses) with combined yearly revenue of about $3 billion.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Food Truck market is predicted to grow at a CAGR of roughly 6.6% during the forecast period.

• The Food Truck market was estimated to be worth roughly USD 3.94 Billion in 2021 and is expected to reach USD 5.78 Billion by 2028; based on primary research.

• On the basis of region, Asia Pacific is projected to dominate the worldwide Food Truck market.
  

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Segmentation of the Global Food Truck Market:

• Type

  • Expandable

  • Boxes

  • Buses & Vans

  • Customized Trucks

  • Others

• Size

  • Small

  • Medium

  • Large

• Food Type

  • Barbecue & Snacks

  • Fast Food

  • Desserts & Confectionary

  • Bakery

  • Vegan & Meat Plant

  • Others

• Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa
    

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Need of Minimal Capital to Drive the Market Growth

The requirement of minimal capital is anticipated to augment the growth of the Food Truck Market within the estimated period. A food truck is substantially less expensive to launch than a traditional restaurant. According to a survey conducted by Food Truck Operator, Inc., the average cost of launching a food truck business is between USD 0.05 million and USD 0.06 million, with an average income stream of USD 0.29 million. This is ten times less expensive than opening a normal restaurant. Further, it also revealed that obtaining appropriate food truck permits in the United States can take up to 37 days, while restaurants can take up to three months. Thus, one of the primary elements contributing to an increase in demand for food trucks is the low start-up cost combined with the simplicity of obtaining company licences.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the food & beverage industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic

   1. North America

   2. Europe

   3. Asia Pacific

   4. Latin America

   5. Middle East & Africa

2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021

3. Key Strategies Undertaken by Companies to Tackle COVID-19

4. Long Term Dynamics

5. Short Term Dynamics

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The report on Food Truck Market highlights:

• Assessment of the market

• Premium Insights

• Competitive Landscape

• COVID Impact Analysis

• Historic Data, Estimates and Forecast

• Company Profiles

• Global and Regional Dynamics
  

Regional Analysis:

Europe Dominated the Global Food Truck Market

Europe held the largest market share in 2021. This is attributable to the increasing consumer shift towards international cuisine, food festivals and street food in the region. Furthermore, changing consumer’s tastes and preferences is also likely to support the regional growth of the market. Additionally, the growing availability of unique food options is also expected to support the growth of the market in near future.

List of Prominent Players in Food Truck Market:

• Prestige Food Trucks

• United Food Trucks United LLC

• M&R Trailers

• VS Veicoli Speciali

• MRA

• Futuristo Trailers

• MSM Catering Trucks Manufacturing

• The Fud Trailer Company

• Food Truck Company B.V.

• Bostonian Body Inc.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Food Truck Market Size, Share & Trends Analysis Report by Type (Expandable, Boxes, Buses & Vans, Customized Trucks), by Size (Small, Medium, Large), by Food Type (Barbecue & Snacks, Fast Food, Desserts & Confectionary, Bakery), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/food-truck-market-514627

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?

• Which are the top five players of the Food Truck Market?

• How will the Food Truck Market change in the upcoming six years?

• Which application and product will take a lion’s share of the Food Truck Market?

• What is the Food Truck market drivers and restrictions?

• What will be the CAGR and size of the Food Truck Market throughout the forecast period?

This market titled “Food Truck Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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