MENA Food Truck Market: Current Analysis and Forecast (2023-2030)

Report Description

MENA Food Truck Market Size and Forecast

The MENA Food Truck Market was valued at USD 461.26 Million in 2022 and is expected to grow at a strong CAGR of around 8.84% during the forecast period (2023-2030) owing to surge in demand for food trucks and growing popularity of food trucks among commercial restaurants.

MENA Food Truck Market Analysis

Adding to this, increase in the number of quick service restaurants (QSR). As per the study of secondary, almost 40 percent of foodservice establishments in the Gulf Cooperation Council region are quick service or fast-food restaurants. Moreover, high tourist traffic in the region and the sizable population under 24 years old, characterized by adventurous tastes and social media influence, drives the popularity of food trucks and fosters a culture of culinary exploration.

Some of the major players operate in Al Assri Ind. LLC, Marox Catering Equipment, BESPOKE TRAILERS, TheFoodTruck.Co, Ahoy Concepts Manufacturing LLC, MOG, MAB Inc., Karmod Plastic, cgs.com.sa, Ozan Food Truck. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative sectors/technologies.

MENA Food Truck Market Trends

“Amongst vehicle type, Trucks is expected to grow with a significant CAGR during the forecast period (2023-2030).”

Based on vehicle type, the market is segmented into vans, trailers, trucks, and others. Trucks are expected to grow with a significant CAGR during the forecast period (2023-2030). This is mainly due to their larger storage capacities and advanced cooking facilities enabling a diverse and extensive menu, accommodating various cuisines and culinary styles. Trucks often serve as anchors in popular food truck parks or designated areas, creating a sense of community and drawing in large crowds.

“Amongst customer’s age, aged 55 and above held a dominant share of the market in 2022.”

Based on the customer’s age, the food truck market has been classified into under 24, between 25 to 44, between 45 to 54, and aged 55 and above. The aged 55 and above held a significant share of the market in 2022. This is mainly older individuals seek post-retirement ventures that align with their interests, and the food truck business allows them to turn their passion for food into a fulfilling and potentially lucrative venture. Moreover, the flexibility and adaptability of food trucks caters well to the lifestyle of individuals aged 55 and above. These entrepreneurs are drawn to the idea of managing a smaller, mobile business that allows them to engage with different communities and events.

“Saudi Arabia leads the market.”

The Food Truck market in Saudi Arabia held a largest share of the market in 2022. This is mainly due to the changing consumer preferences, with a rising demand for diverse and convenient dining options. Adding to this, the cultural shift towards embracing street food has played a crucial role in the industry’s expansion, as Saudis increasingly value the vibrant and dynamic atmosphere created by food trucks. Moreover, Saudi Arabia’s stringent regulations on traditional brick-and-mortar restaurants have also led to the rise of food trucks as a flexible and cost-effective alternative. The Kingdom’s Vision 2030, aimed at diversifying its economy, has opened avenues for entrepreneurial ventures with the food truck industry being a notable beneficiary. Additionally, events and festivals that showcase food trucks have gained popularity, providing a platform for these mobile eateries to connect with a broader audience and further fueling their growth.

MENA Food Truck Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, sector portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The MENA Food Truck market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the MENA Food Truck Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA Food Truck market were the three major steps undertaken to create and analyze the adoption of the MENA Food Truck in major countries. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the MENA Food Truck market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the MENA Food Truck market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the MENA Food Truck market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & and sub-segments for major regions. Major segments are included in the report as vehicle type, food type, customer’s age. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the MENA food truck market. Further, we conducted factor analysis using dependent and independent variables such as sector, application, and material of the MENA Food Truck market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and sector launches in the MENA Food truck market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the MENA food truck market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the MENA food truck market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the MENA Food truck market in terms of sectors offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Key Stakeholders of EdTech Market in the MENA Region

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the MENA Food truck market. The data was split into several segments & and sub-segments post studying various parameters and trends in the areas of the vehicle type, food type, customer’s age of the MENA Food truck market.

The main objective of the MENA Food Truck Market Study

The current & future market trends of the MENA food truck market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional and country level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the MENA Food truck market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the vehicle type, food type, customer’s age
• Define and analysis of the regulatory framework for the MENA Food truck industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the MENA Food truck market for the major region
• Major countries of regions studied in the report include Saudi Arabia, UAE, Egypt, Kuwait, and the Rest of MENA
• Company profiles of the MENA Food truck market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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