Visibly Growing Preference of Urban Consumers to Food Trucks over Conventional Restaurants to Propel Market Growth
Owing to the relatively low costs involved in the establishment and maintenance, several would-be restaurateurs across the world prefer to open food truck businesses, which now are regarded as among the respectable venues for starting a career in food industry. The purpose of a food truck is to successfully retail food via mobile platforms in places where it is difficult to establish a standard restaurant, places like construction sites, camping and hiking sites, parks, and schools. A spike in gastronomy worldwide, along with increased customer demand for innovative dining experiences over traditional brick and mortar restaurant experiences, is likely to boost the progress of global food truck market over the forecast period. Increased customer preference for gourmet options and unique culinary ideas is expected to drive demand for food trucks. Incorporating specialty beverages, and a variety of other new unorthodox items onto the menu will open new avenues for the participants in food truck market space.
The primary drivers of the food truck market are the shifting customer tastes, increased propensity towards street food and drinks, expanding urbanisation, and the increasing number of working women. Better work and education prospects, better health, greater access to social services, and more opportunity for social and cultural activities are all connected with urban living. As a result, people travel to towns and cities in search of a better standard of living. Globally, 4.46 billion people will reside in urban cities as of 2021. The world's urban population is expected to reach 6.68 billion by 2050, with an additional 2.22 billion people living in cities. Therefore, with the increase in urbanisation, and improved standard of living, demand for smart cities will grow, which would in turn fuel the growth of food truck market.
The increase in the women workforce is increasing the food consumption from remote or mobile food stations such as food trucks. The change in attitude, increased workload, increased literacy rate, and increased mobility are some factors responsible for the growth of the women’s workforce. In the United States, in 2021, around 71.75 million women will be employed. This is an increase from the previous year when 69.23 million women worked. Therefore, with the continual rise in the women’s workforce, the demand for food consumption from remote or mobile food stations such as food trucks will increase.
Surging Popularity of On-the-Go Items Underpins Continued Dominance of Fast Food Sector in Food Truck Market
The fast food segment will contribute a significant global market share in the forecast period. Fast food consumption has expanded dramatically because of reasons such as convenience and low cost, as well as the diversity of menus and flavours available. This industry is steadily rising due to increased demand for convenience foods, on-the-go snacks, ready meals, and cold cuts. Fast food consumption has been affected by the hectic lifestyles of millennials and the global rise of working people. This is likely to help the fast food industry's international expansion. In most locations, increased family income and the formation of households with two or more members are the primary reasons consumers dine out more. As a result, the surge in fast food consumption is expected to drive the growth of food truck market in this area over the projection period.
Preferential Shifts of Consumers Enables Europe to Acquire a Larger Share in Food Truck Market
In the forecast period, Europe will hold the most significant market share. This is due to the region's growing consumer preference for international cuisine, culinary festivals, and street food. Consumers' shifting tastes and preferences are also anticipated to boost the market's geographical growth. The increased availability of diverse culinary options is projected to promote market growth shortly. A survey published in early 2021 found that respondents in the United Kingdom, and Belgium ate junk food more than five times per month. This factor will propel the growth of fast food trucks in the region.
During the forecast period, Asia Pacific is predicted to have the fastest growth rate. Consumers in Asian countries such as China, Japan, and South Korea prefer street food, which is expected to increase product demand in the region. Well-established manufacturers in the Asia Pacific, such as Hanyi Machine, and Ante Trailers, and rising demand for street food are projected to fuel market expansion. The growing millennial population and their hectic lifestyles have aided fast food's rapid growth. The rising disposable incomes and the appeal of local cuisines, particularly Chinese fast food, have helped the development of this category in large markets such as China, and India. southeast Asia has the most teens (17.7 percent) who consume fast food 4-7 days a week, which is more than 4% higher than its bordering region. The rapid increase in fast food consumption will boost the growth of food truck market across the region.
Global Food Truck Market: Competitive Landscape
Some of the significant market participants have proposed new products in addition to the conventional strategic collaborations, alliances, and partnership agreements. In April 2022, VS Veicoli Speciali revealed a sneak glimpse at a food truck Pro X with unique qualities that break with the past. This vehicle's every feature and detail has been engineered to set it apart from the competitors and flourish. In October 2021, FEEL FOODS LTD announced it would be offering plant-based meat products, together with its previously announced acquisition of Black Sheep Vegan Cheeze products, which will be available in places around the Lower Mainland. The Feel Foods truck will serve finished plant-based "ready to eat" meals that integrate numerous Feel Foods plant-based product lines into a pleasant dinner or snack to on-the-go consumers.
A few of the notable food truck market players include Prestige Food Trucks, United Food Trucks United LLC, M&R Trailers, VS VeicoliSpeciali, MRA, Futuristo Trailers, MSM Catering Trucks Manufacturing, The Fud Trailer Company, Food Truck Company B.V., and Bostonian Body, Inc.
Global Food Truck Market is Segmented as Below:
By Food Type
Key Elements Included In The Study: Global Food Truck Market
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