India Food Truck Services Market Size Booming at Significant CAGR of 9.2% to Touch USD 277.3 Million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India food truck services market size at USD 152.45 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India food truck services market size to grow at a significant CAGR of 9.23% reaching a value of USD 277.28 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India food truck services market size at USD 152.45 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India food truck services market size to grow at a significant CAGR of 9.23% reaching a value of USD 277.28 million by 2029. Changes in consumer preferences, a rise in the popularity of street food & beverages, urbanization, and the number of working women are the key forces behind the expansion of the India food truck market. The market participants will have new opportunities owing to the addition of specialty drinks and countless other innovative, unusual products on the menu. Together with other factors, on-the-spot availability, and affordable costs are expected to be the primary factors influencing demand for mobile food services. However, stringent government regulations could hamper the growth of the India food truck services market.
India Food Truck Services Market – Overview
A food truck is a sizable motor vehicle (like a van) or trailer that can prepare, cook, serve, and/or sell food. Some have onboard kitchens and either make meals from scratch or reheat meals that have previously been cooked in a brick-and-mortar commercial kitchen. Some, like frozen dessert trucks, sell frozen or prepackaged food. Local fast food favorites like sandwiches, French fries, and hamburgers are typical. Gourmet food trucks with a variety of specialties and ethnic menus have grown in popularity as a result of the recent trend of pop-up restaurants. Food trucks also sell cold beverages like soda and water.
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Impact of COVID-19 on India Food Truck Services Market
India food truck services market was negatively impacted by the COVID-19 pandemic. The demand for food services, especially those provided by food trucks, has decreased owing to the COVID-19 outbreaks. Due to the statewide lockdown, food festivals, weddings, birthday party buffets, and local street food services have all been postponed, which has hampered food truck sales. Sales decreased by 50% nationwide between March and April 2020 owing to store closures brought on by severe lockdown laws.
India Food Truck Services Market – By Offerings
By offerings, India food truck services market is segmented into four categories: desserts, ice creams, non-vegetarian, vegetarian, and vegan. The vegan & meat plant sector is expected to grow at the fastest CAGR throughout the projected period. According to forecasts, there will be a rise in the demand for vegan products and plant-based meat, which will fuel market growth. Food truck vendors are creating innovative vegan meat blend meals to appeal to millennials.
Competitive Landscape
India food truck services market is highly competitive. Major players in the market include The Lalit Food Truck Company, The Cheese Truck, Bombay Food Truck, SuperSucker Food Truck, Burgertron, Delhi Food Truck Co., Henny’s Gourmet, Mumbai Rolling Kitchen, and Go Waffles. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the India food truck services market.
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