US Food Truck Market Size Likely to Surpass at a CAGR of 6.38% By 2033

As per the current market research conducted by the CMI Team, the US Food Truck Market size is expected to record a CAGR of 6.38% from 2024 to 2033. In 2023, the market size is projected to reach a valuation of USD 4.52 Billion. By 2033, the valuation is anticipated to reach USD 7.89 Billion.

US Food Truck Market: Growth Factors and Dynamics

• Higher Affordability and Lower Overheads: Food trucks have lower startup costs and ongoing expenses compared to traditional brick-and-mortar restaurants, allowing them to offer more affordable prices and attract budget-conscious customers.

• Provision of Unique and Specialized Cuisines: Food trucks often specialize in niche or unique cuisines, offering customers a diverse range of food options and appealing to food enthusiasts seeking new and exciting culinary experiences.

• Emphasis on Sustainability and Ethical Sourcing: Growing consumer awareness and preference for sustainably sourced and ethically produced coffee beans, leading to increased demand for certified organic, fair trade, and direct trade coffees.

• Higher Mobility and Flexibility Offered by Food Trucks: The mobility of food trucks allows them to move to different locations, events, and high-traffic areas, capitalizing on changing customer demands and maximizing exposure. They can cater to various demographics and adjust their menus to suit different settings and occasions.

• High Focus on Social Media and Marketing Practices: Food trucks have effectively leveraged social media platforms to build a strong online presence, engage with their customers, and promote their locations and menus in real time, helping them gain a loyal following and attract new customers.

• Availability of Cultural Diversity and Fusion Cuisines: Many food trucks embrace cultural diversity and offer fusion cuisine, combining elements from different culinary traditions, which appeals to a broad audience seeking exciting new flavour combinations and international dishes.

• Changing Consumer Preferences for Fast and Convenient Food: Modern consumers are seeking more convenient, casual, and unique dining experiences, and food trucks offer an alternative to traditional restaurants, catering to the preferences of urban dwellers and those looking for on-the-go meals.

• Innovative Branding and Marketing Strategies: Adoption of creative branding, storytelling, and experiential marketing tactics by food truck companies to differentiate their trucks, connect with consumers on an emotional level, and build brand loyalty in an increasingly competitive market landscape.

US Food Truck Market: Partnership and Acquisitions

• In February 2024, Cousins Maine Lobster is celebrating the grand opening of their second food truck in Virginia, marking a significant milestone in the brand’s expansion. The expansion, led by brothers Yunus and Thameem Shahul, will take place at Patch Brewing Company in Gordonsville, VA, a popular beer and family-friendly venue.

• In May 2023, US Foods, a leading food service distributor, is set to acquire New York-based Renzi Foodservice. This acquisition will expand US Foods’ service area into central upstate New York, where Renzi currently operates a 110,000-square-foot facility. The move follows US Foods’ recent announcement of “opportunistically pursuing” acquisitions to grow its business.

Report Scope

US Food Truck Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the US Food Truck Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Reduced Foot Traffic: With widespread lockdowns, social distancing measures, and the closure of many public spaces, the usual bustling spots for food trucks, such as business districts, festivals, and events, saw a significant decline in foot traffic. This led to a sharp decrease in customer volume and sales for many food truck operators.

• Event Cancellations: The cancellation of large-scale events, including festivals, concerts, and sporting events, eliminated key revenue sources for food trucks that often rely on such gatherings for substantial portions of their income.

• Supply Chain Disruptions: The pandemic caused disruptions in the supply chain, making it difficult for food truck operators to source ingredients and supplies consistently. This sometimes led to increased costs and limited menu offerings.

• Regulatory Challenges: Adapting to new health and safety regulations, including enhanced sanitation protocols and requirements for protective equipment, posed additional challenges and costs for food truck operators.

• Increased Demand for Takeout and Delivery: As indoor dining options were restricted, the demand for takeout and delivery services surged. Food trucks, which operate as mobile takeout providers, were well-positioned to capitalize on this trend. Many operators partnered with food delivery apps and expanded their online ordering capabilities to meet the increased demand.

• Menu and Business Model Innovations: Food truck operators innovated their offerings to include family meal packs, DIY meal kits, and grocery items, catering to the needs of customers staying at home. Some trucks also introduced subscription models and loyalty programs to encourage repeat business and maintain steady revenue.

• Improved Digital Presence: Many food trucks boosted their digital presence through active engagement on social media, keeping customers informed about their locations and menu updates. The adoption of online ordering systems and contactless payment methods improved the customer experience and facilitated safer transactions.

• Diversification of Product Offerings: The diversification of product offerings significantly impacted the US food truck market during the COVID-19 pandemic. By adapting to consumer needs, enhancing revenue streams, integrating technology, and strengthening community ties, food trucks were able to navigate the challenges posed by the pandemic.

In conclusion, the COVID-19 pandemic has had a mixed impact on the food truck Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the US Food Truck Market:

• All American Food Trucks
• Bostonian Body Inc.
• Cart Concepts International
• Custom Concessions
• Farber Specialty Vehicles
• Golden State Trailers
• M&R Specialty Trailers and Trucks
• MSM Catering Trucks Mfg. Inc.
• Prestige Food Trucks
• Sizemore Ultimate Food Truck
• The Fud Trailer Company
• Titan Food Trucks MSG
• United Food Truck United LLC.
• US Food Truck Factory
• US Food Truck Manufacturing
• Others

The US Food Truck Market is segmented as follows:

By Food Type

• Barbecue & Snacks
• Fast Food
• Desserts & Confectionary
• Bakery
• Vegan & Meat Plant
• Others

By Truck Type

• Vans
• Trailers
• Trucks
• Others

By Size

• Small
• Medium
• Large

By Operating Model

• Independent Operators
• Fleet Operators
• Franchise Models