U.S Food Truck Services Market Growth & Trends
The U.S. food truck services market size is expected to reach USD 2.04 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 6.4% from 2022 to 2030. The growing popularity of events such as carnivals, food festivals, concerts, and parades are driving the demand for food truck services in the U.S. The growing partnership between food trucks and bars to attract millennials and get more foot traffic is projected to drive the industry’s growth. Furthermore, growing demand for different cuisines along with the rising popularity of mobile lifestyle are some of the major factors, which are anticipated to spur the market growth.
The food segment held the highest revenue share of the industry over the forecast period. The positive outlook for the industry can be contributed to the rising demand for fast food in California, Portland, Denver, New York, Orlando, and others. The demand for fast food has increased significantly in the U.S. among the Gen Z group owing to the convenience and affordability of the food trucks.
Nonvegetarian foods including tacos, pizza, BBQ, lobster rolls, hotdogs, hamburgers, and beef sliders get more attention than other foods owing to consumer preference and their appeal to mass cravings. Consumers, especially, the millennials and Gen Z group prefer to purchase fast food from food trucks over stores, which is anticipated to drive the growth of the segment. Growing demand for fresh, quick, and appealing meals is a major factor contributing to the growth of non-vegetarian trucks in the U.S.
The online delivery platform segment is anticipated to register a high CAGR over the forecast period. In the last few years, the food truck business has seen significant technical developments, making it simpler for food truck operators to create their online ordering platform. Online ordering enables diners to submit orders for pickup, avoid the crowd, social interaction, and enjoy hassle-free dining. These factors are expected to boost sales through online platforms.
Major players in the U.S. market for food truck services include a combination of a few established players and many small players. Some of these are Stoked Wood Fired Pizza, Tenoch Mexican, Roxy’s Gourmet Grilled Cheese, Vibe Food Truck, Slide by Food Truck, Rocket Fine Street Food, Noble Knots Food Truck and Catering, Dee’s Deli Food Truck, & Catering, Twisted T’s Food Truck, and Gastros. Moreover, there is intense competition between the leading players in this market as some of them are major food trucks and have a large customer base.
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U.S. Food Truck Services Market Report Highlights
The food segment held the largest revenue share in 2021. The increasing demand for fast foods, and vegan foods in the U.S. is expected to support the growth of the segment
Mexican cuisine held the largest revenue share of over 34.6% in 2021 owing to its popularity and rising consumer preference for Mexican food
The online platform is projected to register a CAGR of 10.4% during the forecast period owing to easy ordering and hassle-free dining options. Growing online presence and convenience of purchasing will further enhance the segment growth
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