20+ Food Truck Industry Statistics: What’s Cooking in 2024?
By Dusan Vasic
February 6, 2024
Food trucks are everywhere: You’re sure to find one on every corner serving busy people on their lunch break or a fleet catering to event attendees.
They’re great places to get authentic grub from all over the world or try out innovative chefs’ unique creations without splurging on a deluxe meal. The modern entrepreneurs with their kitchens on wheels bring experimental cuisine to their customers wherever they may be. Sounds like a great business idea, especially if we take into consideration that 36.6% of adult Americans eat fast food every day.
Key Findings: Food Truck Business Profits and More
- Starting a food truck business costs about $55,000 on average.
- Yearly food truck revenue ranges between $250,000 and $500,000.
- Gathering the required permits and licenses takes 30-plus days.
- There are over 35,000 active food trucks in the US.
- More than 40,000 people work in the food truck industry.
- The average annual food truck industry growth before COVID-19 was 7.5%.
- The food truck market size in 2022 surpassed 1.2 billion dollars.
- Over 34% of food truck chefs regularly experiment with their menu.
- Food truck industry statistics for 2022 predict a yearly growth of 3.4%.
Food Truck Startup Cost
The cost of getting a food truck business rolling is significantly lower than the cost of starting a brick-and-mortar restaurant, which makes it an attractive prospect for aspiring chefs. Of course, some expenses are inevitable: Getting the necessary licenses and permits, insurance for your small business, the right equipment, adequate POS system for your mobile restaurant, and kitchen implements are all things to consider before deciding to buy a food truck. Check out the ballpark estimates for the kinds of food truck profits and costs you might expect:
An investment of less than $100,000 can result in an average food truck revenue of $250,000 to $500,000.
(Food Truck Operator)
The average cost of getting a food truck and all the necessary permits ranges between $50,000 and $60,000.
(Food Truck Nation)
Obtaining the required permits, ongoing legal compliance, and licensing will cost you just over $28,000.
(Food Truck Nation)
An average of 45 government-mandated procedures needs to be completed to start a food truck business.
(Food Truck Nation)
Completing these procedures and obtaining all the documentation takes 37 days on average.
(Food Truck Nation)
Need a POS system for your food truck?
Food Truck Industry Trends
The food truck industry’s rising popularity has changed the public perception of food trucks as places to get a cheap bite to exciting local – or exotic – food stops. Food trucks are now full-fledged restaurant venues, serving everything from burgers, ice cream, and cupcakes to foreign delicacies. The industry trends reflect this change, showing growth both in truck numbers and revenue.
Of course, COVID-19 initially reduced food truck development. With most people working from home and avoiding large crowds, some of the best prepandemic spots for finding customers, like parking lots near business centers, temporarily became unprofitable. However, this industry does have the advantage of mobility over traditional restaurants and suffered nowhere near as many losses and venue shutdowns. In fact, the food truck industry’s growth kept up its upward trend, allowing people to “dine out” despite pandemic restrictions and social distancing measures.
From 2017 to 2022, the food truck industry grew 13.7%.
(IBISWorld)
As of January of 2022, there were over 35,000 food trucks active in the US.
(IBISWorld)
As of January 2022, the food truck market employs 40,547 workers in the US.
(IBISWorld)
Employment in the food truck industry has grown 6.5% compared to 2021 and 10.2% on average over the five years between 2017 and 2022.
(IBISWorld)
The US food truck market value in 2022 is 1.2 billion dollars.
(IBISWorld)
A food truck industry analysis by IBISWorld predicts an increase in market size of 3.4% in 2022.
(IBISWorld)
Food Truck Market Engagement and Demographics
Instead of traditional direct mailing marketing tools, food truck entrepreneurs build dedicated websites and utilize social media campaigns and geolocation tools to quickly reach their customers. Another strategy they employ is promoting engagement through connecting with their local audience, organizing events, and spreading the word via social media marketing.
Every truck can create a unique brand, special menus, and serve more affordable food compared to restaurants. This is particularly appealing to the millennial and Gen Z population – another trend apparent in food truck statistics:
Millennials make up the majority of food truck connoisseurs – 47%, and many of them are returning customers.
(Big Think)
People between 18 and 34 are most likely to grab a meal from a food truck, followed by patrons who are 35 to 44 years old.
(Statista)
Over 80% of food truck diners choose to eat there because of the exciting, new, and unique experience.
(Mobile Cuisine)
Customer satisfaction is what’s fueling the food truck success rate: More than 90% of patrons rate the quality of their experience positively, with 43% calling it excellent and 48% good.
(Mobile Cuisine)
Practically everyone who ate at a food truck once intends to enjoy the mobile restaurant adventure again.
(Mobile Cuisine)
Food truck fans cite convenience, great food at low prices, and short waiting and serving times as the most enjoyable aspects of this type of dining.
(Mobile Cuisine)
The Entrepreneurs Responsible for the Growth in Food Truck Popularity
Food truck industry data shows that innovation, variety, and convenience are the main factors driving the growth of this business. Chefs have to jump through fewer hoops and invest less to enter the market, while the inherent business mobility makes for an agile work environment accessible to a broader population. However, the pressure to innovate is exceptionally high in the food truck market.
Experimenting with new menus is a regular occurrence for 34% of mobile businesses.
(Off the Grid)
Food truck entrepreneurs are an optimistic bunch – 26% of them have a “sky’s the limit” approach to risk-taking.
(Off the Grid)
Only 11% of mobile chefs stated that they don’t experiment at all.
(Off the Grid)
Food truck industry statistics show that immigrants own 30% of mobile restaurants, 30% are owned by women, 8% by the members of the LGBTQ population, and 2% by military veterans.
(Off the Grid)
31% of entrepreneurs started a food truck business as a concept test for a traditional restaurant.
(Off the Grid)
Staying ahead of the ever-changing hospitality trends is the reason 24% of startup chefs begin by owning a food truck.
(Off the Grid)
The Best Cities for Food Trucks
Even though the food truck industry sales volume is rising overall, individual truck success is greatly dependent on location. City-specific legislature makes it easier for some and much harder for other prospective chefs to start and run their food truck businesses. Places that welcome food trucks often see them become a part of the local culture.
Portland is the best city in the US to own a food truck.
(Food Truck Nation)
California is the state with the highest number of food truck businesses – 753.
(Food Truck Nation)
The most affordable licenses and permits are found in Denver and cost just over $800.
(Food Truck Nation)
Food truck statistics will tell you that Boston is the most challenging city to start this mobile business. Permits and licenses alone cost more than $17,000, and the annual operating cost is $37,904.
(Food Truck Nation)
We hope these statistics have provided you with some valuable insights into the food truck industry and its future. The food truck market is growing and is expected to continue this trend in the years to come. This makes starting a food truck business in 2022 a wise investment. With careful planning and execution, your food truck can be a success.