North America food trucks market is experiencing robust growth, with a projected CAGR of 18.47% during the forecast period of 2023-2031. It is anticipated that by 2031, the market will generate a revenue of US$ 137.19 Mn up from US$ 23.87 Mn in 2022, indicating immense potential for entrepreneurs to enter the food truck business.
According to Industry Statistics, the number of food truck businesses in the US has increased by 9.9% since 2022, with approximately 36,324 food trucks currently operating. The food trucks market in North America is an integral part of the region's culture and a vital source of employment for thousands of people. The concept of food trucks has revolutionized mobile kitchens in America, offering an innovative way to provide customers with exceptional culinary experiences. These trucks have become a preferred solution for aspiring entrepreneurs, as they require minimal investment and skills to operate successfully. Social media platforms have also made it easier for people to market their food trucks, increasing their reach and visibility to potential customers.
The popularity of food trucks is not limited to a specific type of cuisine or demographic. A rise in Korean BBQ trucks on the West Coast and Dumpling Bars on the East Coast is a testament to the diverse and unique culinary experiences that food trucks can offer. As food trucks have become increasingly popular across the US, cities and towns have had to propose regulations related to permits, parking, and distance from the curb, among other restrictions.
The food truck market has become a significant driver of economic opportunity and growth, with a market value of over $2 billion. As per recent studies, consumers aged 35-44 are more likely to eat from a food truck, with 54% of them indicating their preference. Moreover, 53% of elder consumers prefer to visit a food truck when it is related to their preferred restaurant compared to younger ones. Factors driving the growth of the market include the rising demand for gourmet and unique food concepts and an increase in plant-based dieting trends.
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The market is being driven by an increase in the popularity of gourmet food trucks and unique food concepts. Small-scale chefs are attracted to the affordable nature of this business opportunity. Consumers are also seeking out new and experimental fusion dishes at an affordable price. For example, the Tamago food truck in Las Vegas offers an all-beef patty with a Japanese twist, while the "Grilled Cheeserie" food truck in Nashville delivers gourmet grilled cheese with a changing weekly menu.
According to a report by Astute Analytica, the popularity of gourmet food trucks market has been on the rise in North America, with a growing number of consumers seeking out food trucks that offer unique and high-quality menu items. The report found that 61% of consumers would be willing to try a new restaurant if it offered a unique and interesting menu, indicating a strong demand for innovative and distinctive food concepts.
The rise of gourmet food trucks has also led to an increase in the average ticket price for food truck meals. According to a report by FoodTruckOperator.com, the average price for a food truck meal in North America increased from $8.30 in 2014 to $12 in 2019. This trend is likely to continue, as consumers are willing to pay more for high-quality and unique food offerings.
The North America food trucks market is being fuelled by rising consumer demand for dining out, increased disposable income, and a rise in spending ability. The food truck trend is becoming increasingly popular among consumers due to factors such as Gen Z expenditure, conscious consumerism, middle-class spending, mobile lifestyles, and the need for food-on-the-go service. Additionally, foreign tourists are opting for restaurants with food trucks, which is supporting market growth.
The report on the also found that 63% of consumers eat from a food truck at least once a month, and 40% of consumers said they would visit a food truck more often if it offered healthier options. Furthermore, a study by The NPD Group revealed that visits to quick-service restaurants, which include food trucks, increased by 2% in 2022.
One of the key restraints in the North America food trucks market is the rise in health-conscious individuals due to an increase in diseases such as diabetes, heart disease, and obesity. Post-pandemic, Americans have become more concerned about organic food and genetically modified ingredients. According to the Organic Trade Association, around 81% of American families purchase organic food at least occasionally. This health consciousness among Americans could pose a major threat to food truck businesses in North America in the near future.
According to a survey conducted by the International Food Information Council Foundation, 64% of Americans consider healthfulness when making food choices. Additionally, a report by FoodInsight found that 54% of Americans prefer foods without genetically modified organisms (GMOs). In light of the COVID-19 pandemic, a survey by Acosta found that 60% of Americans have become more conscious of food safety and hygiene, with 43% saying they will avoid public places such as restaurants and food trucks.
The food trucks market is expected to witness significant growth over the forecast period, driven by the increasing popularity of food trucks in special events and the rising adoption of food truck vehicles due to their lower costs and easy mobility as compared to traditional restaurants. In addition, the Food and Agriculture Organization of the United Nations reports that approximately 2.5 billion consumers buy food each day from mobile food outlets, including food trucks, which is also contributing to the growth of the market.
Box trucks are a popular choice for food truck owners as they are more affordable to customize than full-size vans or food trailers, making them a cost-effective option for entrepreneurs entering the food trucks market. Moreover, box trucks provide a reliable and safe area for storing food items or equipment, making them ideal for local runs. This has led to an increase in the demand for box food trucks, which is expected to drive growth in the vehicle type segment of the food trucks market.
Diesel engines are popular among food truck owners as they offer better mileage, energy efficiency, and increased torque. In addition, diesel engines do not harm the vehicle's system as they contain better fuel exhaust qualities. However, the electric segment is expected to witness significant growth over the forecast period owing to its lower maintenance costs due to less moving parts and zero harmful gaseous emissions at the point of operation, making it a more environmentally friendly option.
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The fast-food truck segment is leading the market share owing to the increasing demand for fast food across America, driven by the rise in working populations and hectic lifestyles of millennials. This trend is also growing across the world, with rising consumer demand for fresh, appealing, inexpensive, and quick meals. With the rising popularity of food trucks, there is a growing need for innovative and unique menus to differentiate from the competition and attract customers. This is expected to drive the growth of the application segment in the food trucks market over the forecast period.
North America is a prominent region for food trucks globally, with a high demand for street food and mobile eateries among consumers. This has led to significant growth in the food trucks market in the region, as consumers seek more convenient and affordable food options.
In 2022, the United States dominated the North American market, accounting for the largest market share. The number of food trucks in cities across the country is increasing, and consumers are increasingly looking for innovative and unique menu offerings, driving the growth of the market in the US.
Canada is also experiencing substantial growth in the food trucks market, with the organization of numerous food truck festivals and events in cities across the country. The Canadian government has taken steps to support the food truck industry, such as streamlining the process for obtaining permits and licenses for food truck operators.
Mexico is also emerging as a significant market for food trucks, with a rise in the popularity of street foodamong consumers. The country's rich culinary culture has contributed to the growth of food trucks as a popular way for entrepreneurs to showcase their unique offerings.
The Food Truck market has been estimated to be from USD 23.87 million in 2022 to USD 137.19 million by 2031, at a CAGR of 18.47% during the forecast period.
Rising urbanization and inclination towards fast food and beverages is creating an opportunity for market expansion.
Vehicle Sales, Parts & Accessories, and Repair & Services are the offerings provided by the market.
Increase in the number of Health-conscious people across the region is hampering the market.
The box truck segment dominated the market in 2022, with around 37% of the market share.
In terms of Application, the fast-food truck segment holds the maximum market share in 2022.
Rise in Plant-based Dieting is the upcoming trend in the market.
The market growth in the U.S.A. is anticipated to be driven by the higher preference for fast food and beverages from street vendors.
The food truck market has been under a lot of economic strain due to the COVID-19 pandemic. The pandemic outbreak had a significant negative impact on food traffic in business district areas, which are home to many food truck owners. Various US economic sectors experienced slow growth during the pandemic.
The growing inclination of consumers towards gourmet offerings and unique food concepts and increased expenditure on dining out are the driving factors of the market.
Key players in the food truck market include competitors such as ALL-AMERICAN FOOD, TRUCKS, Bostonian Body, Inc., EasyTracGPS, Inc., Food Truck Company B.V., Futuristo Trailers, Good Food Truck Company, M&R Trailers, MSM Catering Trucks Manufacturing, Prestige Food Trucks, Roaming Hunger, The Fud Trailer Company, United Food Trucks United LLC, and VS VeicoliSpeciali among others.
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