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The Food Truck market is anticipated to grow with a CAGR of 5.3% over the forecast period of 2019-2028. A food truck is a large vehicle that can be a van or trailer, equipped to cook, prepare, serve, and sell food. Some, including frozen dessert trucks, sell frozen or prepackaged food; others have on-board kitchens and prepare food from scratch, or they heat up food that was prepared during a bricks and mortar commercial kitchen. Various fast food products such as sandwiches, hamburgers, french fries, etc., can be sold using a food truck. Food trucks can also sell cold beverages like pop and water. Some may cater to specific meals, like the breakfast truck, lunch truck or lunch wagon, and snack truck, break truck, or taco truck. Food trucks cater events where potential customers gather, and places of normal work or study – college campuses, office complexes, industrial parks, auto repair shops, movie sets, military bases, etc. – where potential customers require regular meals or snacks. The icreasing consumpetion of fast food beverages, rise of busy lifestyles, and rapid urbanization are major factors contributing to the growth of the market.
Top Driver: Increasing Consumption of Fast Food and Busy Lifestyle to Propel the Marlet Growth
The rising number of fast-food trucks is attributed to the growth o the market mainly due to the growing consumption of fast food such as burgers, cold drinks, cakes, hot dogs, etc. Mainly, the working class people and teenagers highly influenced by such food services because these are easily available and favor the busy schedules of people. Moreover, the taste of fast foods attracts the younger population, such as school-going children, due to which the market is expected to boost in the forecast period. Also, rapid urbanization and growing office jobs also contribute to the growth of the market.
Although such food services enjoy great attention, rising health concerns regarding fast food consumption may be a restraining factor for the market.
The Fast-food and Snacks Segment to Observe a Steady Growth in the Market
Based on type, the market is segmented into fast-food and snacks, ice-cream and frozen food, fruits and vegetables, barbeque food, and others. The fast-food and snacks segment held the largest market share owing to the busy lifestyles of people du to which they opt of easy to grab and fast eat foods. moreover, fast food and snacks are widely eaten for smaller breaks that may attribute to the growth of the segment. On the basis of location, the market is segmented into streets, parks, commercial institutions, and others.
North America Occupied the Largest Market Share
North America accounted for the largest market share due to the rising compact and faster lifestyle in various states of America. The rising inclination of consumers towards fast food taste and easy availability of the food trucks are some factors that attributed to the growth of the market. Aisa Pacific is the fastest-growing region owing to the rising urbanization and growing job opportunities for youngsters. Regions such as India, China, Japan, and Australia are expected to drive the APAC market widely.
Players to Focus on Development of Sales Strategies and Mergers
The global Food Truck market is expected to grow with a significant CAGR due to presence of various companies including Roundup World Street Kitchen, Food Truck India, Food Truck Company B.V., Mallaghan, Prestige Custom Food Truck Manufacturer, EasyTracGPS, Inc., Roaming Hunger, Good Food Truck Company, Custom Concessions and others which are developing new products to drive the market growth.
Frank’s Star Lunch: Recently, in July 2020, a Pennsylvania reastaurant, Frank’s Star Lunch, launche a new food truck called The Chuck Wagon. The truck offers the restaurant’s smaller version of menu including popular homemade recipes.
FoodTrux: In July 2020, a Portalnd based tech company named Foodtrux, launched a mobile application which is a fully interactive food truck finder. The app is designed to search for food trucks near by using the geographic locations.
Takenaka Vancouver: In July 2020, Takenaka, a chef owner launches a highly anticipated food truck that serves Japanese bentos, rice bowls and appetizers.
Scope of the Report
Key Reasons to Purchase this Report
Table of Content
Chapter 2 Our Research Practice
Chapter 4 Covid-19 Impact Analysis
4.3 Key Factor Impact Analysis
Chapter 5 Global Food Flavors Market Forces
5.2 Porter’s Five Forces Analysis
5.2.2 Threats From New Entrants
5.2.4 Threat From Substitute Product
Chapter 6 Global Food Flavors Market -Industry Snapshots
6.1.1 Global Food Flavors Market Value, 2019 – 2028, (US$ Bn)
6.2.2 Restraint/Challenges analysis
6.3 Supply Chain/Value Chain Analysis
Chapter 7 Global Food Flavors Market Analysis, by Type
7.2 Key Findings for Food Flavors Market- By Type
7.2.1 Food Flavors Market- Chocolate & brown
Food Flavors market by Type 1, 2019 – 2028 (USD Million)
7.2.2 Food Flavors Market- Vanilla
7.2.3 Food Flavors Market- Fruit & nut
Chapter 8 Global Food Flavors Market Analysis, by Origin Type
8.2 Key Findings for Food Flavors Market- By Origin Type
8.2.1 Food Flavors Market- Natural
8.2.2 Food Flavors Market- Natural-identical
Food Flavors market by Origin Type 2, 2019 – 2028 (USD Million)
8.2.3 Food Flavors Market- Artificial/Synthetic
Chapter 9 Global Food Flavors Market Analysis, by Form
9.2 Key Findings for Food Flavors Market- By Form
9.2.1 Food Flavors Market- Liquid and gel
9.2.2 Food Flavors Market- Dry
Chapter 10 Food Flavors Market Analysis by Region
10.1 Key Findings for Food Flavors Market- By region
10.2.1 Global Food Flavors Market Analysis, By Type, 2019 – 2028
10.2.2 Global Food Flavors Market Analysis, By Product Type, 2019 – 2028
10.2.3 Global Food Flavors Market Analysis, By End User, 2019 – 2028
10.3 Food Flavors Market – North America
10.3.5 North America Market, By Type
10.3.6 North America Market, By Product Type
10.3.7 North America Market, By End User
10.4 Food Flavors Market – Europe
10.4.8 Europe Market, By Product Type
10.4.9 Europe market by, End User
10.5 Food Flavors Market – Asia Pacific
10.5.6 Asia Pacific Market, By Type
10.5.7 Asia Pacific Market, By Product Type
10.5.8 Asia Pacific Market, By End User
10.6 Food Flavors Market –SAMEA
10.6.2 Middle East & Africa (MEA)
10.6.5 South America, Middle East and Africa Market, By Type
10.6.6 South America, Middle East and Africa Market, By Product Type
10.6.7 South America, Middle East and Africa Market, By End User
Chapter 11 Market Competition Analysis
11.1 Market Share/Positioning Analysis
11.1.1 Market Positioning of Key Vendors, 2019
11.1.2 Key Strategies Adopted by the Leading Players
Chapter 12 Company Profiles- Snapshot
12.3 Archer Daniels Midland (ADM) (US),
12.6 International Flavors & Fragrances (US), Firmenich (Switzerland),
12.9 Taiyo International (Japan), T.
*More than 10 Companies are profiled in this Research Report*
*Financials would be provided on a best efforts basis for private companies”
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