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.
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:
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(Food Truck Nation)
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Need a POS system for your food truck?
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.
(IBISWorld)
(IBISWorld)
(IBISWorld)
(IBISWorld)
(IBISWorld)
(IBISWorld)
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:
(Big Think)
(Statista)
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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.
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(Off the Grid)
(Off the Grid)
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(Off the Grid)
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.
(Food Truck Nation)
(Food Truck Nation)
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(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.
The food truck industry performs with consistent excellence and outdoes the restaurant industry every year. Until 2020, the food truck industry averaged a yearly growth of 7.5%.
However, COVID-19 stopped the growth in 2020 at 0.4%, and some food trucks had to close down. Still, their flexibility and lack of dependence on indoor dining helped mobile diners fare better during the pandemic.
In terms of growth, food truck trends are expected to make an upward comeback as the economy starts to recover, with predictions of an increase of 3.4% in 2022.
Market worth estimates for 2022 put the food truck industry value at $1.2 billion, with an expected increase of 3.4%.
Food truck trends show that burgers remain a very popular choice among customers, despite the growing variety of mobile cuisine offerings. Burgers also strike a good balance between cooking costs and selling price, so trucks offering them still see the biggest profits.
Even though the food truck market is growing every year, that doesn’t mean that every mobile startup can stand the test of time.
Similar to traditional restaurants, food truck industry statistics show that around 60% of food trucks go under within three years of opening. The most common causes of shutdowns are bad budget planning, not hiring additional workers, poor customer service, and insufficient advertising.
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