USD 1.16 billion
U.S. Food Trucks Services Market Size, Share, Growth Analysis, By Offering(Food, Beverages, Dessert and Ice Creams), By Cuisine(American, Chinese, Japanese, Mexican and Italian), By Platform(Mobile Vending and Online Delivery), By Region - Industry Forecast 2024-2031
Report ID:
SQMIC25Q2006 |
Region:
Country |
Published Date: February, 2024
Pages:
157
|Tables:
89
|Figures:
78
U.S. Food Trucks Services Market Insights
U.S. Food Trucks Services Market size was valued at USD 1.16 billion in 2021 and is poised to grow from USD 1.23 billion in 2022 to USD 2.04 billion by 2030, growing at a CAGR of 6.4% in the forecast period (2023-2030).
The growth is being driven by a number of variables, such as an explosive growth in gastronomy, a rise in young people's preference for novel dining experiences over traditional dining in brick-and-mortar restaurants, an increase in the demand for food on the go, and the popularity of mobile lifestyles.
Due to their accessibility, affordability, and versatility, food truck services are one of the most popular and rapidly expanding eatery ideas in the nation. The phenomenon of upscale food van services primarily developed as a result of recession-related trends. In American society, meals on wheels are common. There are more than 35,000 food trucks dotted around the towns, and the sector employs over 14,000 people. The demand for these food truck services in the United States is being driven by the change in customer taste, particularly among the millennial and Gen Z group, towards gourmet foods and unusual & adventurous food concepts.
The popularity of food trucks in the US has increased as a result of the emergence of social media. Food trucks are using social media interaction on platforms like Facebook and Twitter to outperform competitors across the nation. Food truck service providers are embracing Instagram, Tik Tok, and Snapchat to advertise their menu, locations, and operating hours as well as to stay in contact with their customers in order to maintain and expand their clientele, which is heavily dependent on the young population.
In contrast to launching a brick-and-mortar restaurant, the initial investment and operating costs of food trucks are considerably lower. According to the U.S. Chamber of Commerce, the average cost to launch a food truck company in the country is between $50,000 and $60,000.
Food trucks are being used as a catalyst by a number of major restaurants to increase their customer base, including Hard Rock Café, Outback, and Dunkin' Donuts. To keep tabs on sales activity, many new eateries are giving food trucks new menu items. The popularity of different food categories among consumers and the probability of regional success are also studied using data from food trucks. Instead of conducting surveys to find out what kind of food would be popular in a specific area, established restaurants are using food trucks to track their success in those regions.
U.S. Food Trucks Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Mobile Vending
Fastest Growth
Mobile Vending
Growth Rate
6.4% CAGR
U.S. Food Trucks Services Market 2022-2030 ($ Bn)
Country Share for Northeast Region- 2022(%)
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U.S. Food Trucks Services Market Segmental Analysis
U.S. Food Trucks Services Market is segmented based on Offering, Cuisine Type, Platform and region. Based on Offering the U.S. Food Trucks Services Market is segmented into Food (Non-Vegetarian, Vegetarian, Vegan), Beverages (Alcoholic Beverages, Non-Alcoholic Beverages), Dessert and Ice Creams. Based on Cuisine Type the U.S. Food Trucks Services Market is segmented into American, Chinese, Japanese, Mexican and Italian. Based on Platform the U.S. Food Trucks Services Market is segmented into Mobile Vending and Online Delivery. Based on region, the U.S. Food Trucks Services Market is segmented into Northeast, Midwest, South, West and Southwest.
U.S. Food Trucks Services Market Analysis by Offering
In 2021, the food segment's income share was over 75.8%, which was the highest. Due to the affordable prices, convenient locations, and wide selection of menu items and tastes, Americans have become much more accustomed to eating fast food. 42% of Gen Z favored street food on the menu, according to Technomic's latest College and University Trend Report.
Some of the frequently eaten foods include barbecue, hamburgers, sandwiches, tacos, and hot dogs. Due to rising consumer demand for plant-based food products, food trucks are developing meatless protein and vegan meat blend choices to draw customers. Additionally, omnivores seeking healthier choices are also favoring meat-plant hybrids. For instance, Gainesville, Florida welcomed Plantology, a brand-new vegan food van, in July 2021.
The beverages industry is anticipated to witness a CAGR of 7.0% during the forecast period. Drinks, both intoxicating and non-alcoholic, are increasingly being sold from food carts. Non-alcoholic beverages like coffee, tea, lemonade, smoothies, fruit cocktails, nitro brew, and others are the most popular. Non-alcoholic beverages, in particular specialty and cocktails, have become more and more well-liked in recent years.
U.S. Food Trucks Services Market Analysis by Cuisine
In 2021, the Mexican food segment held the biggest market share with 34.6%. For consumers who are concerned about their health, Mexican cuisine offers more nutrient-dense choices than other cuisines. Along with veggies like avocados, tomatoes, peppers, and limes, Mexican dishes frequently include sources of protein like beans and meat.
Furthermore, many Americans favor Mexican cuisine because it frequently uses fresh vegetables and other ingredients. Additionally, Mexican cuisine is far from bland and monotonous due to the abundance of spices, natural flavorings, and sauces that are added to it.
U.S. Food Trucks Services Market By Platform 2022(%)
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U.S. Food Trucks Services Market Regional Insights
Although the market for food truck services is expanding all over the United States, the West Coast is one of the fastest-growing areas in terms of market growth and popularity of food trucks. Food truck cultures are well-established in places like Los Angeles, San Francisco, and Portland, and the West Coast's other towns and cities are starting to catch on to the trend.
The West Coast's diverse populace and food scene are two factors in the popularity of food trucks there. The region's foodies and adventurous diners enjoy the broad variety of foods served by food trucks, from vegan fare to Korean BBQ. The West Coast's mild climate also makes it simpler for food trucks to run all year round.
U.S. Food Trucks Services Market By Geography, 2022-2030
- Largest
- Fastest
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U.S. Food Trucks Services Market Dynamics
U.S. Food Trucks Services Market Drivers
Convenience to Bolster Popularity of Food Trucks in Global Market
- Food trucks offer a convenient and accessible dining option for consumers who are looking for a quick bite to eat. They are often located in high-traffic areas like office parks, college campuses, and busy city streets, making them a popular choice for on-the-go dining.
U.S. Food Trucks Services Market Restraints
Operating costs to Hinder Market Growth
- While food trucks can offer lower overhead costs compared to traditional restaurants, they still require significant investment in equipment, supplies, and permits. This can make it challenging for new or smaller food truck operators to enter the market or expand their operations.
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U.S. Food Trucks Services Market Competitive Landscape
The market is characterized by the presence of several small and medium-sized players in addition to a few well-established competitors. As one of the major strategic initiatives in the sector, businesses are concentrating on signing new contracts with food truck operators.
U.S. Food Trucks Services Market Top Player’s Company Profiles
- Kogi BBQ
- The Halal Guys
- Cousins Maine Lobster
- The Grilled Cheese Truck
- The Taco Truck
- Roaming Hunger
- Off the Grid
- Food Truck Connection
- Curbside Kitchen
- Seabirds Kitchen
- Gypsy Kitchen
- Smokin' Joe's BBQ
- Coolhaus
- Waffle House
- Fivetenburger
- The Chairman
- Piaggio Fast Food
- Ms. Cheezious
- Hey Pops
- Gorilla Cheese
U.S. Food Trucks Services Market Recent Developments
- In August 2021, In Los Angeles, Shake Shack unveiled its first food van ever. The food van will sell hot honey chicken sandwiches, hot honey fries, and burger fixes.
- In August 2020, Burger chain Whataburger announced the launch of a food truck with a four-foot grill for a multi state trip in 2021.
U.S. Food Trucks Services Key Market Trends
- Emphasis on health and sustainability: Consumers are increasingly interested in healthy, sustainable food options, and food trucks are responding by offering more plant-based and locally sourced menu items. Many food trucks are also using eco-friendly materials and implementing sustainable practices like composting and recycling.
- Collaboration with brick-and-mortar restaurants: Food trucks are partnering with traditional restaurants to create innovative dining experiences. For example, some restaurants are using food trucks to test out new menu items or to expand their reach into new markets.
- Expansion into catering and events: Many food trucks are expanding beyond their traditional street locations and into catering and events. This allows them to generate additional revenue and reach new customers.
- Technology integration: Food trucks are adopting new technologies to improve their operations and enhance the customer experience. This includes mobile ordering and payment systems, social media marketing, and location tracking tools.
U.S. Food Trucks Services Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the U.S. Food Trucks Services market is the growth is being driven by a number of variables, such as an explosive growth in gastronomy, a rise in young people's preference for novel dining experiences over traditional dining in brick-and-mortar restaurants, an increase in the demand for food on the go, and the popularity of mobile lifestyles. Food trucks are adopting new technologies to improve their operations and enhance the customer experience. This includes mobile ordering and payment systems, social media marketing, and location tracking tools.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 1.16 billion |
| Market size value in 2030 | USD 2.04 billion |
| Growth Rate | 6.4% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
U.S. Food Trucks Services Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on U.S. Food Trucks Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on U.S. Food Trucks Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the U.S. Food Trucks Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. Food Trucks Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the U.S. Food Trucks Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the U.S. Food Trucks Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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