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. Despite a strong industry-wide performance, some food truck operators have been held back by municipal regulations, increased competition and low profit margins. Laws governing food trucks differ between cities, with most specifying the hours during which food trucks can operate and the distance they must be from the nearest brick-and-mortar restaurant. The industry will contend with various challenges over the five years to 2024, especially regulatory hurdles, which have restricted the industry's growth over the past five years. Parking laws and other ordinances are still evolving in many cities to catch up with the industry's transformation. Industry associations will need to work closely with city governments and other restauranteurs to resolve these issues if food trucks are to play a larger role in the food service sector.
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.
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