In recent years, food trucks have emerged as cost-effective options for individuals interested in the food business. The low cost involved in establishing and maintaining food trucks is a major factor contributing to its growing prominence. Moreover, gastronomy has gained significant prominence around the world, customers appreciate unique culinary ideas and gourmet options. Consumer preference has drastically changed today, individuals seek innovative gastronomy experiences instead of traditional brick-and-mortar restaurant experiences. Therefore, adding speciality beverages and other unconventional items on the menu will unlock new revenue opportunities for the participants in the food truck market. Other key drivers of the global food truck market include shifting customer taste, rising urbanisation, increased consumption of street foods, and a surge in the number of working women.
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Rapid Urbanisation to Unlock Revolutionary Growth Opportunities in Market
Rapid-paced urbanisation around the world is influencing the demand for food trucks. Better work and education opportunities, access to advanced healthcare facilities, and increased engagement in social and cultural activities are attracting individuals to urban areas. Due to urbanisation, the literacy rate of women has also improved leading to an increased women workforce. Open-minded thinking, increased workload, and increased mobility are other factors augmenting the growth of women’s workforce. With the rise in women's workforce, the expansion of remote or mobile food stations such as food trucks has increased. Against this backdrop, the global food truck market is expected to grow at an unabated rate in the upcoming years.
Growing Fast Food Consumption to Augur Well for Food Truck Market
Over the recent years, fast food consumption has significantly grown due to better taste, low cost, and diverse food options. The growing consumption is also influenced by the rise in working individuals and hectic lifestyles. On-the-go snacks, ready meals, and cold cuts, offered by food trucks, add convenience for the customers. Apart from that, the growing number of nuclear families and increased family incomes, have initiated the trend of dining out. This, in turn, has increased the consumption of fast food, propelling the establishment of food trucks. Considering this, the global food truck market is projected to attain robust maturity over the forecasted period.
Europe to Cement Itself as Key Region Amid Changing Consumer Preference
North America is to take a lead in the global food truck market owing to the rising consumer preference for international cuisine, culinary festivals, and street food. Moreover, the availability of diverse culinary options is also projected to promote regional market growth. Whereas, the Asia Pacific market is expected to grow at the highest rate during the study period. The hectic lifestyles of individuals, growing disposable incomes, and increased appeal of local cuisines are unleashing novel revenue opportunities in the regional market.
Leading Market Players
Some of the prominent food truck market players include Food Truck Company B.V., United Food Trucks United LLC, Prestige Food Trucks, VS VeicoliSpeciali, Futuristo Trailers, MR Trailers, MRA, The Fud Trailer Company, MSM Catering Trucks Manufacturing, and Bostonian Body, Inc.
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