New Delhi, April 04, 2023 (GLOBE NEWSWIRE) -- North America food trucks market was valued at US$ 23.87 Mn in 2022 and is projected to reach US$ 137.19 Mn by 2031, growing at a CAGR of 18.47% during the forecast period of 2023-2031.
The North America food trucks market has experienced significant growth in recent years, driven by factors such as changing consumer preferences, increasing urbanization, and a growing interest in street food. The market has also been influenced by government regulations, which have both supported and hindered the growth of the industry. Furthermore, the market is witnessing a surge in demand for mobile food trucks that cater to specific dietary requirements, such as vegan and gluten-free options. This trend is expected to continue in the coming years, providing growth opportunities for companies that offer specialized food products.
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According to the National Restaurant Association (NRA), there were approximately 25,500 food trucks operating in the United States in 2021, with an estimated annual revenue of $1.2 billion in the food trucks market. In Canada, the food truck industry has also grown significantly in recent years, with an estimated 6,000 food trucks operating across the country.
The number of new food trucks added each year in North America has been steadily increasing. In the United States, it is estimated that over 2,000 new food trucks are added each year, while in Canada, the number is around 500. This indicates a healthy and growing market, with increasing opportunities for new entrepreneurs to enter the industry.
Food truck prices in the North America food trucks market vary widely depending on factors such as location, menu offerings, and the quality of ingredients used. However, overall, the prices of food truck meals have remained relatively stable in recent years. According to a survey by the NRA, the average cost of a food truck meal in the United States in 2021 was $11.60.
Government Regulations are Leaving Mixed Positive and Negative Impact on North America Food Trucks Market
Government regulations have played a significant role in shaping the food truck industry in North America. In recent years, many cities and states have passed laws that are more supportive of food trucks, making it easier for them to operate and increasing the number of locations where they can sell their products. For example, some cities have created designated food truck zones or allowed food trucks to operate in public parks. This has allowed food trucks to reach new customers and expand their businesses.
However, regulations can also create challenges for operators in the North America food trucks market. Many cities require food trucks to obtain permits, undergo inspections, and comply with specific health and safety regulations. These requirements can be costly and time-consuming, and can make it more difficult for new food trucks to enter the market. In addition, some cities have restrictions on the number of food trucks that can operate in a certain area, which can limit competition and make it more difficult for established food trucks to expand their businesses.
The impact of government regulations on food truck sales in North America has been mixed. While regulations can create challenges for food truck operators, they can also provide important protections for consumers and create opportunities for growth in the industry. For example, regulations that require food trucks to undergo regular inspections and maintain high health and safety standards can help to build consumer trust in the industry, which can ultimately lead to increased sales.
Box Trucks to Contribute more than 15% Revenue to North America Food Trucks Market
In recent years, box trucks have emerged as a popular option in the North America Food Trucks Market, generating more than 15% of the market's revenue. Box trucks offer several advantages over traditional food trucks, including larger storage space, customizable interiors, and the ability to accommodate more staff and equipment. According to local organizations such as the National Food Truck Association, there has been a significant increase in the number of box trucks operating in the market, with many new players entering the industry with this type of vehicle. This trend can be attributed to the increasing demand for food trucks that offer a broader range of food options and larger seating areas.
Box trucks also provide a platform for food entrepreneurs to expand their offerings beyond traditional street food, catering to a wider range of customers with upscale and gourmet offerings. The larger size of box trucks also enables them to participate in larger events, such as music festivals and sporting events, where they can generate significant revenue.
Additionally, box trucks are often used for catering services, providing a convenient and mobile option for corporate events, weddings, and other private functions in the food trucks market. This segment of the market is expected to grow in the coming years, with more businesses and individuals opting for food trucks as a cost-effective and hassle-free catering solution.
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Top 5 Players Hold Around 30.10% Revenue Share of North America Food Trucks Market
The North America food trucks market is highly competitive, with numerous players operating to provide a wide range of products to consumers. A recent study has found that the major players in the market have adopted several competitive strategies, such as mergers and acquisitions, to establish a strong foothold in the emerging market. These leading companies are also expanding their geographical boundaries by acquiring smaller brands and domestic companies.
Despite the presence of a large number of players, the cumulative market share of the major players is close to 30.10% in the North America food trucks market, indicating the existence of monopolistic competition in the market. The top players in the North America Market include Bostonian Body, Inc, EasyTracGPS, Inc, M&R Trailers, MSM Catering Trucks Manufacturing and Roaming Hunger.
Roaming Hunger is one of the top players in the market, with a significant market share of over 8.9% in terms of revenue. The company has established itself as a leading provider of mobile food solutions, catering to a wide range of events and occasions, including corporate events, weddings, festivals, and more. The company has gained a reputation for its diverse range of food offerings, from classic street food to gourmet dishes, catering to different tastes and preferences. The company has also leveraged technology to enhance its offerings, with a user-friendly online ordering platform and mobile app that enables customers to locate and order from their favorite food trucks.
In addition to mergers and acquisitions, leading companies in North America food trucks market are also investing heavily in product development and innovation to stay ahead of the competition. With increasing consumer demand for healthy and organic food options, companies are focusing on developing new and innovative food products that cater to this trend.
Some of the Top Market Players Are:
- ALL AMERICAN FOOD TRUCKS
- Bostonian Body, Inc.
- EasyTracGPS, Inc.
- Food Truck Company B.V.
- Futuristo Trailers
- Good Food Truck Company
- M&R Trailers
- MSM Catering Trucks Manufacturing
- Prestige Food Trucks
- Roaming Hunger
- The Fud Trailer Company
- United Food Trucks United LLC
- VS VeicoliSpeciali
- Other Prominent Players
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