Content of the study:MARKET OVERVIEW
1.1 Definition and presentation
A food truck is a vehicle (truck, van, pickup) equipped to prepare and sell a variety of culinary preparations or beverages. The concept originated in the United States. The food-truck borrows a number of codes from fast-food restaurants, with typical cuisines (American, Asian, Italian, etc.) and fast service.
In Europe, many entrepreneurs have entered the food-truck market, which presents few barriers to entry, with limited fixed costs and the possibility of changing location. Certain specialties lend themselves particularly well to this type of catering, such as Souvlaki in Greece or Churros in Spain. Some companies, such as Prestige Food Truck (USA), M&R Trailers & Trucks (USA) and the Food Truck Company (Netherlands), have also successfully launched into the manufacture of specialized vehicles.
In Spain, the food-truck market has also seen an upward trend, particularly in urban centers where spending on out-of-home catering is on the rise and street food is very popular. The market was strongly affected by the appearance of covid-19 in 2020, with sanitary closures and a complete halt to sales for part of the second quarter of 2020. However, the relaxations introduced in 2021 and 2022 have enabled the sector to recover with a degree of dynamism.
1.2 Global market
The global food truck market is set for solid growth over the next decade, with average annual sales of +*.*%. The sector's revenues are expected to rise from US$*.** billion in **** to US$*.** billion in ****. [***]
Food Trucks market sales World, ****-****, US$ billion Source: ****
Growth in this market is being driven by ...
1.3 Spanish market
The food-truck market in Spain is still in its infancy. Within the food industry market, which will account for more than €*** billion in sales in Spain in ****[***]. This represents **% of the Foodservice market, up * points on ****. The trend is therefore towards new consumption patterns.
sales trends in the Fast-Food market Spain, ...
1.4 Covid-19 crisis
The Covid-** crisis led to repeated lockdowns in Spain, which had a lasting impact on consumer habits in the country. The hotel and restaurant sector was particularly hard hit. Among the lasting effects, it is worth noting that confined Spaniards have increased the amount of time they spend cooking food themselves ...
DEMAND ANALYSIS
2.1 Variety request
As with fast food, food-trucks appeal for the diversity of the dishes they offer. Trucks often specialize in a particular type of cuisine, referring to a particular nationality, for example: American hamburgers, French crepes, tapas... So it's interesting to know which types of product are most in demand.
Breakdown of Fast-Food ...
2.2 Spanish eating habits
Spaniards are accustomed to eating their meals outside the home, a practice found in several Mediterranean countries. With **% of Spaniards frequently eating out, they are above the European average (***).
Percentage of population going out to eat at least once a month Europe, ****, % (***) Source: ****
Spaniards also tend to go out to eat ...
MARKET STRUCTURE
3.1 Events
One business model for food-truck operators is to travel from festival to festival, criss-crossing the country. Here's a list of food festivals and other recurring events that are a must for street food operators.
Source: ****
In addition to food-trucks owned by entrepreneurs who operate year-round, some brands and restaurants promote themselves ...
3.2 Investment
A quality truck costs around €**,*** before tax. Below, we present the prices of the products offered by Lacomma, Spanish manufacturer of food-trucks:
Source: ****
It should be noted, however, that all these models are trailers, so the cost of the vehicle in front must be added. For food-trucks integrated directly into the ...
3.3 Comparison with Fast-Food market structure
As the food-truck market in Spain is far from mature, it needs to be set against models that are firmly established in the country, such as fast-food restaurants. In fact, food-trucks are newcomers to this segment, although they are distinguished by a more refined and original offering.
As for the big ...
OFFER ANALYSIS
4.1 Price per product
Spain's best-known food-truck is chef Dabiz Muñoz's Goxo, which in **** was awarded the prize for best chef in the world for the second year running in The Best Chef Awards international competition. We present his menu here, to give you an idea of the high end of what food truck ...
4.2 Offer by food type
On a global scale, it is possible to distinguish the sector's revenues by food type. In ****, for example, **% of food-truck sales will involve fast-food products[***].
Revenue breakdown by product category World, ****, % Source: ****
Over the long term, the fast-food segment is the most dynamic. However , the fastest-growing segment over the decade is ...
REGULATIONS
5.1 Standards and regulations
In Spain, you can't sell food just anywhere. You need a license, which is more or less complex to obtain depending on the community in which you are located.
The most important legislation for players in the food-truck segment is"Real Decreto ***/****, del ** de febrero", which regulates itinerant or non-sedentary sales. ...
POSITIONING THE PLAYERS
6.1 Segmentation
- McDonald's
- Burger King
- DiverXO
- Morcillas de Villada
- El Kiosko
- Lacomma food trucks
- Telepizza
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Reviews (1)
The food-truck market - France
Publicado en 10/05/2021 by Felicien Jeumtsa
A complete, professional and almost exhaustive market study on our sector of activity. It perfectly supported our project in front of the banking partners and allowed a better understanding of the market internally. I highly recommend it.
Businesscoot Response:
Hello Félicien, Thank you for your feedback on our study, we are very happy to contribute to the success of your project. :)
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