Market Size of Food Truck Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.15 Billion |
| Market Size (2029) | USD 6.87 Billion |
| CAGR (2024 - 2029) | 6.50 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Food Truck Market Analysis
The Food Truck Market size is estimated at USD 4.15 billion in 2024, and is expected to reach USD 6.87 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2024-2029).
Over the medium term, an increase in the number of quick service restaurants (QSR) across the globe will likely increase the demand for food trucks during the forecast period. The rise in the cost of land rent to run a restaurant is likely to increase in popularity of food trucks during the forecast period.
The growing popularity of food trucks among commercial restaurants is likely to witness significant growth in the market. Commercial restaurants are launching food trucks across prime locations to explore the restaurant facilities. It is expected to propel the market during the forecast period. However, several countries witnessed significant growth in food services as the restrictions are normalized across the globe and are likely to witness substantial growth for the market during the forecast period. For instance,
- October 2022: Loblaw and Gatik launched driverless food delivery trucks in Canada. The company includes more than 2,400 stores across Canada. For now, a number of driverless trucks will service the Toronto area.
Further, the rising consumer trend toward fast food and beverages is anticipated to enhance the demand for food trucks. Rapid urbanization and an increasing number of women working for populations across the globe will likely create an opportunity for the food truck business during the forecast period.
