The food truck industry has shifted into high gear, reaching a $4.3 billion market value in North America last year. At a compound annual growth rate of over 5%, it’s expected to rise to $6.9 billion by 2032, according to the market research company Global Market Insights.1
A hunger for convenience and variety has helped drive that growth. “Modern consumers increasingly prioritize convenience and variety in their dining experiences, which food trucks readily offer,” reported GMI. “With the ability to bring diverse cuisines directly to consumers’ doorsteps or workplaces, food trucks cater to busy lifestyles and varying palates.”1
GMI found that food trucks also feed a market appetite for an informal and sociable atmosphere where consumers can experience diverse culinary cultures.1
The mobility and flexibility of food trucks fuel the segment’s growth. Not being anchored to a specific location gives food truck operators the agility to reach a broader audience for sporting and entertainment events and cultural celebrations like Cinco de Mayo and Oktoberfest. Food trucks can also serve as a cost-effective option for catering private events and corporate functions like conferences and conventions.
In comparison to traditional restaurants, operational and staffing costs are low, and the potential for favorable margins is high. While food truck operators must adhere to strict requirements for permits, licenses, health requirements and zoning laws, they can push profits into overdrive with less overhead.
For food and beverage brands, truck activations can be a powerful marketing tool that revs up social buzz and drives sales. Food trucks can set the stage for a surprise-and-delight pop-up event or be positioned as a limited-time experience to create a sense of urgency. They also open up opportunities to give out product samples, branded swag and other promotional items.
Given the success of these and other food truck activations, it makes sense that the trend is attracting investment. Private equity firm Shore Line Partners is feeding the growth of Roaming Hunger, a platform for food truck services and experiences. Over 20,000 food trucks, trailers, carts and pop-ups engaged on the company’s platform, which has fueled food truck activations for Budweiser, Pepsi and other top brands.2
As a marketing solution to boost brand visibility and get promotions trending in an unexpected and out-of-the-box way, food trucks are on a roll — and with good reason. From testing out new markets to launching products to building buzz on social media, food truck activations can turbocharge your marketing and be a powerful revenue engine.
For custom marketing solutions for your business challenges, contact The Food Group today.
1 Global Market Insights, Food Truck Market Size Report, April 2024
2 Shore Capital Partners, “Shore Capital Partners Announces Partnership with Roaming Hunger,” June 12, 2023
3 Traylor, Richard, “Comprehensive marketing plan is key to food truck success”, FoodTruckOperator.com, Jan. 3, 2022