A food truck enables food retail even at the most difficult places to build a standard restaurant such as construction sites, camping, parks, schools and hiking sites. In addition to this, the low costs associated with the establishment and maintenance of food trucks make them an attractive option for would-be restaurateurs. A shift in taste of consumer around the world is further contributing to the popularity of food trucks. Apart from that, the rise in trend of working women, is propelling the demand for food intake from remote or mobile food stations such as food trucks. Increased workload, literacy rate, and mobility are some factors responsible for the rise in women’s population in the workforce. More individuals are migrating to cities with an aim to improve their standard of living. These guiding factors are anticipated to steepen the growth curve for the food truck market.
Growing Consumer’s Inclination Toward Gourmet Offerings to Prolong Market Expansion
Recent years have witnessed a growing popularity of gastronomy. This is owing to the trend of individuals looking for innovative dining experiences with exciting gourmet options and unique culinary ideas over traditional brick-and-mortar experiences. Besides, specialty beverages and a wide range of other new unorthodox items on the menu are also contributing to this trend. At most locations, food trucks are also offering gourmet food that perfectly blends the specialties of other places and cultures. As a result of these notable factors, consumers are attracted towards gourmet offerings. This in turn is expected to unlock novel opportunities for the food truck market in the coming years.
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Surge in Fast Food Consumption to Build Momentum for Food Truck Market
Fast food is moderately inexpensive and favoured by people of most age groups. This has fuelled their consumption over the years. In the present scenario, the food industry continues to flourish owing to the rise in demand for convenience foods, diversification in menus and flavours, on-the-go snacks, and ready-to-eat meals. That said, the hectic millennial lifestyle and the global rise in the working population are also fuelling fast food consumption at scale. Furthermore, with the rise in families with two or more members, consumers are showing great preference to dine-out idea. Therefore, the rise in fast-food consumption is projected to drive the growth of the food truck market over the forecasted period.
Europe to Reign Supreme Amid Preferential Shifts in Consumer’s Tastes
The shift in consumer preference towards international cuisine, culinary festivals, and street food is promoting the growth of the food truck market in Europe. Meanwhile, Asia Pacific is expected to witness the fastest growth in the global food truck market. This is due to the growing consumer base who prefer street food in the region. Additionally, the rising disposable incomes and inclination toward local cuisines, especially Chinese fast food, is further promoting the market growth in countries such as China and India. The cumulative force of these factors is spearheading robust growth across the food truck market in Asia-Pacific.
Prominent Market Players
Some of the most prominent players operating in the food truck market include The Fud Trailer Company, Food Truck Company B.V., Food Trucks United LLC, M&R Trailers, VS VeicoliSpeciali, MRA, Futuristo Trailers, Prestige Food Trucks, United, MSM Catering Trucks Manufacturing, and Bostonian Body, Inc.
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