The Facts to Know About the Food Truck Industry’s Growth
The food truck industry has greatly increased since 2008. Included in this infographic are some facts about how much the industry has grown, what experts are projecting, and who are the consumers.
Food trucks and other mobile kitchens had a resurgence in popularity after the 2008 crisis.
- 2008 – Financial crisis occurs.
Mobile food services has a boom in industry growth
- 2009 – 2014 Food truck industry grows by 12.4%
- U.S. food truck industry was valued at $803.8 million dollars in 2014.
- U.S. food truck industry was valued at $856.7 million dollars in 2015.
- U.S. food truck industry is estimated to be valued at $996.2 million by 2020.
Industry experts expect revenue to grow by another $140 million dollars by the year 2020.
Consumer Age Demographics play a large role in who purchases food from a mobile vendor.
Young diners between the ages of 18 and 34 years old are most likely to purchase food from a food truck.
54% of diners between 35 and 44 years old would eat from a food truck.
Only 30% of those 65 years old and older would eat from a food truck.
However, 53% of older diners are more likely than the younger diners to visit a food truck when it is connected to their favorite restaurant.
Food truck businesses are more affordable for start-up than a restaurant.
Average cost to start a Brick and Mortar Restaurant: $250k-$500k
Average cost to start a Food Truck Business: starting at $75k up to $200k
Catering is becoming a big trend for food trucks and concession trailers.
1/3 of all mobile food revenue comes from catered events
Food truck owners are a diverse crowd of rich and poor and represent all races and genders.
In Chicago, roughly 80% of local food trucks are minority-owned small businesses