Food Trucks in the US - Industry Market Research Report

Mobile order: Growing household incomes and changing consumer preferences will drive industry growth

The Food Trucks industry has expanded over the years to 2023 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 lower prices than a sit-down restaurant. Cities like Portland, OR; Los Angeles; and Austin, TX, have sought to differentiate themselves by crafting laws and creating areas specially designed for mobile food trucks. These trends have been a boon for the Food Trucks industry, as consumers have sought to maximize their disposable income by indulging in small conveniences like affordable gourmet food. Although, the COVID-19 (coronavirus) outbreak has placed downward pressure on the industry, causing industry revenue growth to slow down in 2020. As the economy recovers, industry revenue is rebounding with growth continuing into 2022 as restrictions are lifted. Overall, industry revenue has increased, rising at a CAGR of 4.9% to $1.5 billion over the past years with an increase of 0.4% in 2023. The industry comprises establishments primarily engaged in preparing and serving meals from a mobile truck. Food is normally prepared, stored and cooked on the food truck. The food truck may or may not use the same location each day and does not sell alcoholic beverages. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.