Whether you’re new to the food truck industry, have been an owner for years, or want to join in the future, you’re likely wondering the forecast of this beloved industry.
Unfortunately, we can’t tell you if the industry is growing or not, especially since it’s likely growing in some areas and not in others.
What we can do is look at the numbers and allow you to make an educated decision based off of them.
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Is The Food Truck Industry Still Growing?
According to Statista, “In 2015, the value of the U.S. food truck industry increased to 856.7 million U.S. dollars. The industry was forecasted to increase by another 140 million U.S. dollars by 2020.”
If you base the growth of the food truck industry off of those numbers, then, well, it’s pretty clear that this industry is thriving.
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Let’s turn to IBISWorld to see more figures…
IBISWorld states that the food truck industry’s total revenue in 2019 is up at $1 billion.
The number of businesses is also up at 23,872.
What about the annual growth from 2014 to 2019? Also up… to the tune of 6.8 percent.
And, finally, the industry employment is, you guessed it, up as well with 28,916 employees in the industry.
IBISWorld also states that…
“The Food Trucks industry has expanded over the five years to 2019 and is one of the best-performing segments in the broader food service sector. The industry’s remarkable rise is largely attributable to changing consumer preferences in favor of unique, gourmet cuisine at less expensive prices.”
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While statistics can be misleading at times, not to mention some areas of the country might be thriving while others are seeing a decline, the figures above should be music to the ears of food truck owners.
Image by biggifraley from Pixabay
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