Food Trucks in the US - Industry Market Research Report
Description
Food Trucks in the US
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.
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.
Table of Contents
39 Pages
- TABLE OF CONTENTS
ABOUT THIS INDUSTRY
Industry Definition
Main Activities
Similar Industries
Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Search Inside Report
Pricing
Currency Rates
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