What Data Can Tell Us About The State Of The Food Truck Industry

Food Truck Industry

Editor’s Note: Today we’re excited to present a post from Tori Galatro. Tori is a blogger, copywriter, and SEO outreach manager based in Austin, Texas. Her favorite things to write about are film, food, travel, art, and culture. She has a degree in English Literature. For more information about her and to see some writing samples visit http://www.torigalatro.com/.

The food truck industry is booming and is predicted to continue to grow in the coming years according to several recent studies. With affordable options, a diverse selection and local curiosities, food truck parks appeal to everyone from families to business people to college students, and their reach only appears to be expanding.

Sign up to receive the FoodTruckr Newsletter and we’ll throw in our free guide: 6 Free Social Media Tools to Get People Talking About Your Food Truck.

The Golden Age Of The Food Truck

While the restaurant industry has steadily climbed at a yearly growth of roughly 2 percent in recent years, the food truck sector has skyrocketed, growing at an annual 7.9 percent over the past five years. With at least 4,000 trucks employing 14,000 workers throughout the U.S., food trucks are one of the fastest growing segments in the food industry. Everyone from commuters to Sunday brunchers to families, locals and tourists flock to these establishments in cities like Portland, which holds the title for most food trucks per capita, boasting an estimated 500 total trucks. Runners-up include Austin, Seattle and San Francisco. Although coastal cities and college towns currently attract the most trucks, market researchers predict food truck demand to start expanding further into the suburbs in the coming years, so there should be plenty of hungry patrons to go around.

You May Also Like...  Dealing With Difficult Clients As A Food Truck Owner

Are you currently doing any kind of email marketing or social media marketing? If so, then you should also be doing Facebook Messenger Marketing! Click here to find out more.

Sources conflict over the size of the industry, but it averages around $2 billion for 2017. With comparatively low initial capital and yearly overhead, as startups, food trucks have an industry advantage. According to a data set compiled by research website Statistic Brain, the average startup cost for a food truck is just under $100,000, with the vast majority going to the truck, equipment and inventory. Later, costs like maintenance, repair, insurance and fuel become a higher priority. Studies have shown that customers spend slightly more at trucks than they do at fast casual restaurants, which are often considered to be their brick-and-mortar counterparts. According to one study, $10 on lunch and $15 on dinner is the average bill.

Looking to take your food truck business to the next level? If so, then The Food Truck Growth Kit has your name written all over it!

The Road Blocks For Food Trucks

Of course, no small business venture is without its challenges. Whether a truck is mobile or primarily stationary, success or failure often depends on location. Although events, venues and malls offer parking opportunities, studies show that food trucks still find most of their customers on street corners and in neighborhoods. Food truck parks attract droves of indecisive customers looking for a diverse selection, but parking yourself right next to your competitor can be risky. Add to that the laws and regulations some cities uphold, lobbied by the well-established restaurant industry seeking protection. In Chicago, food trucks are not allowed to park within a certain range of restaurants, and they must change location every two hours. This, despite evidence suggesting that restaurants actually benefit from the increased presence of food trucks, perhaps because they encourage a cultural habit of eating out, which is good for the prepared food industry in general.

 

You May Also Like...  The Best FoodTruckr Advice For Mobile Kitchen Owners From Last Week: Jan. 1-7

Inclement weather also causes dips in sales for food trucks, especially in cities with harsh winters. They also face the threat of established fast food and fast casual restaurant chains releasing their own trucks, enticing customers with familiar products and therefore lower risk.

RELATED: What Do You Want Your Legacy To Be, Food Truck Owners?

A Long Hopeful Road Ahead

Despite the recent influx in new trucks, demand continues to steadily rise, making room for more and more aspiring street food purveyors. Food trucks with a unique local style, healthful alternatives and relative affordability perform best. To a generation that grew up with the mall food court, but is committed to local, sustainable, healthy alternatives, the food truck park is the perfect destination.

Want to learn how to build a subscriber list for your food truck business? One of our managing partners here at FoodTruckr has put together an AMAZING FREE GUIDE that will teach you everything you need to know about getting started with Messenger Marketing! Click here to get your free guide.

If you liked this article, then we encourage you to share your feedback, advice, questions and/or stories below!

To dig your teeth into what FoodTruckr has to offer, make sure to like us on Facebook and follow us on Twitter, and also make sure to check out more content that we bring to the table.

Recently on FoodTruckr

Why Mobile Kitchen Owners Should Market Their Trucks On Facebook And Grow A Messenger Subscriber Lis... The food truck industry might be friendly in nature but it’s also a competitive field that has an endless amount of competition. Cooking delicious meals and implementing new recipes, unfortunately, is...
The 12 Days of FoodTruckr: 1 Very Extra Super Special Sale! On the first day of Christmas, FoodTruckr’s giving you… One Very Extra Super Special SALE! That’s right, FoodTruckrs. We’re kicking The 12 Days of FoodTruckr off with a bang and offering a big disco...
FoodTruckr Heroes: King of Pops Our latest FoodTruckr Hero just celebrated their fourth birthday.  During those four years, they’ve won over the hearts of nearly 20,000 Twitter followers and more than 25,000 Facebook fans with a con...
Throwback Thursday: A Look Back At FoodTruckr’s Interview With Better Buzz Mobile Espresso Thursday is among us yet again, and for this edition of Throwback Thursday, we decided to go all the way back to Oct. 13, 2016. On that day, FoodTruckr interviewed Amy Herrmann of Better Buzz Mobil...
Breakfast Food Truck Items That Will Turn You Into A Morning Person There are morning people, and then there are ... well, non-morning people. With that in mind, there are things that help people manage the pains of waking up early in the morning, such as a nice cu...
Portland Food Trucks That Foodies Need To Try Immediately Just like so many other places, Portland has its fair share of food trucks, and if you consider yourself a food lover, then we have three food trucks that you need to try immediately. While there a...
3 Things A Food Truck Entrepreneur Should Be Doing Now In Hopes Of Conquering Spring Editor’s Note: Today we’re excited to present a post from Jeremy Adams. Jeremy is the President/CEO of Prestige Food Trucks, which is the world's leading custom food truck manufacturer. In his current...
Foods That Your Customers Would Love To See During This Time Of The Year Spring is here, which means summer is right around the corner. That, of course, means the busy season is almost here (for some food trucks, it might have already arrived). In the spirit of taking your...
How To Find The Perfect Location For Your Food Truck One of the most important parts when it comes to starting up a food truck business is figuring out where you are going to park your food truck. For some people, this might be an easy decision. For oth...
The Best FoodTruckr Advice For Mobile Kitchen Owners From Last Week: July 31-Aug. 6 So much valuable information was released at FoodTruckr last week, and we want to give the folks who missed the info an easy way to access it, which is why we will be providing every article below. W...
FS019- What’s it REALLY Like to Start a Food Truck with Gina from Get the Scoop Starting a food truck is a dream that is very much alive in today's world, and many chefs and entrepreneurs are making that dream come true. Like with anything awesome, however, it's not always...
How to Start a Food Truck 16: Get Insurance Alright, FoodTruckrs—over the last four months, you’ve done a lot of prep work and research to figure out whether or not a food truck is right for you. You’ve got your business plan, you’ve built an e...
Announcing…the “How to Run a Food Truck” Series! We showed you how to start a food truck—and now it’s time to take your learning to the next level. That’s right, FoodTruckrs! Coming up next, we’re proud to announce our brand new blog series: “How...
3 Great Fall Practices For Food Truck Owners Summer came and went and now fall is here. Before we know it, winter will be here, and then spring and summer again. In hopes of taking full advantage of the current season, which is, of course, fa...
3 Basic Scheduling Tips Food Truck Entrepreneurs Need To Follow Editor’s Note: Today we’re excited to present a post from Jeremy Adams. Jeremy is the President/CEO of Prestige Food Trucks, which is the world's leading custom food truck manufacturer. In his current...

About the Author

FoodTruckr

FoodTruckr is the #1 online destination for current and aspiring food truck owners looking to succeed in the mobile food industry. Self described “food truck devotees,” the FoodTruckr team enjoys reading about successful entrepreneurs, salivating over photos of burritos on Twitter, and long walks through food truck parks. Chat with FoodTruckr on Facebook or check out the FoodTruckr School podcast for more awesome tips to level up your business.

Love it? Share it: Share on Facebook Share on Twitter