El Taco Truck continues to conquer the Nordics – expands into two new markets
The rapidly growing company El Taco Truck is now conquering the Nordics, step by step, with its vegan range of Mexican inspired street food. After a successful launch in 450 Kesko stores all over Finland, it’s now time for Danes and Icelanders to get their taco shelves painted pink.
The Nordic taco market is valued at SEK 4,5 billion according to market data. El Taco Truck’s turnover has grown from SEK 4 million in 2020 to SEK 30 million in 2021 on the Swedish market - and has continued to grow strongly during the year. Before December 2022, El Taco Truck will be established in four Nordic countries. Danish consumers will be able to buy the pink products from the grocery stores Bilka, Netto and Føtex, a part of the Salling Group, which accounts for 35% of the grocery market. In Iceland, the food chain Kronan offers the El Taco Truck range.
“The taco market is huge on the markets we are established in, the response we have received has been fantastic and there is still a lot left to win both in Sweden and in Finland. We have a strong concept that we know works and thanks to that, we can build our brand and distribution in our home market while launching in new countries. We are very grateful for the trust our existing customers have had from day one and the strong plans we have managed to create together with our new customers in Denmark and Iceland. We’re making enormous progress quarter by quarter and now we’re aiming for the rest of the Nordics and Europe”, says Robert Wranning, CEO of El Taco Truck.
Within the next few years, the plant-based food market is expected to grow at 15% per annum according to market data. With this tailwind, El Taco Truck has its sights set on further expansion in selected European markets, both through digital retailers and trough physical grocery retailers.
Before the summer, the company carried out a successful equity issue of SEK 50 million, in a tough financial market climate. El Taco Truck is still equity financed by the major owners: the investment company Nicoya and Fredrik Österberg (founder of Evolution Gaming), and Malin Mortensen.
“El Taco Truck has swiftly managed to create an innovative and highly competitive offer within a rapidly growing category. El Taco Truck is clear proof that the completely vegan food concepts can be very successful and contribute to the transition towards a more sustainable food system“, says Christopher Slim, CEO of Nicoya.
About El Taco Truck
El Taco Truck's journey began in 2012 as Sweden's first food truck. With Mexican-inspired food, founders Nikola Adamovic and Niklas Bolle created a strong following - which contributed to the food truck trend that followed in Sweden. They identified a huge opportunity to bring El Taco Truck's concept of flavorful, Mexican-inspired food to retailers and are working on redefining what we call today call “Tex Mex”. El Taco Truck's vegan product line is available in all major food stores around Sweden as well as at the food chains Kesko in Finland, Bilka, Netto and Føtex in Denmark and Kronan in Iceland.