The food truck industry is one of the fastest-growing segments of the foodservice industry. With the rise of the mobile food industry, food trucks are popping up in cities across the country. From gourmet grilled cheese to tacos and cupcakes, food trucks are a great way to get a delicious meal on the go.
But how big is the food truck industry? What are the key trends driving its growth? In this blog post, we’ll take a look at the latest food truck industry statistics to get a better understanding of this booming business. We’ll explore the size of the industry, the types of food trucks, and the key trends driving its growth. So, let’s dive in and get the facts.
Food Truck Industry: The Most Important Statistics
38% of food truck owners are immigrants, 30% are women, 8% are LGBTQ, and 2% are veterans; 54% of sales come from consumers aged 18-44; 47% of millennials have eaten at a food truck at least once.
24% of cooks at food trucks are women, while 76% are men, and 30% of chefs hold a high school diploma and 31% hold an associate’s degree.
Food Truck Industry Statistics Overview
The number of food trucks in the Netherlands has more than doubled from 1200 to 2500 in the past six years.
The industry is becoming increasingly popular and that more people are turning to food trucks as an alternative to traditional restaurants. This growth is important as it means more customers and more revenue.
The US Food Truck industry saw an average annual growth rate of 9.9% between 2018 and 2023, resulting in 36,324 food truck operations in 2023.
This shows that the industry is growing and is a viable option for entrepreneurs looking to start a business.
38% of food truck owners are immigrants, 30% are women, 8% are LGBTQ, and 2% are veterans; 54% of sales come from consumers aged 18-44; 47% of millennials have eaten at a food truck at least once.
This demonstrates the importance of diversity and inclusion in the food truck industry, as well as the importance of targeting millennials in marketing efforts.
24% of cooks at food trucks are women, while 76% are men, and 30% of chefs hold a high school diploma and 31% hold an associate’s degree.
Thus, the majority of customers are young adults, which can help food truck owners better target their marketing efforts.
By 2023, the estimated number of food trucks in the United States is 32,176, with a 5.2% increase since 2022.
This highlights the regulations in place in certain cities, such as Minneapolis, which restricts the proximity of food trucks to restaurants.
The three states with the most food trucks in the US are California, Texas, and Florida, with 883, 744, and 725 respectively, and there is one food truck for every 37.7 persons.
The food truck industry is estimated to be worth 4 billion dollars in 2022 and is expected to increase to 6 billion by 2027 with a CAGR of 6.5%.
Thus, the food truck industry is growing at a steady rate. This growth is likely due to the increasing consumer preference for fast food and beverages, which is driving demand for food trucks.
The food truck market is estimated to be worth $2062.33 million in 2021 and is anticipated to grow to $2663.18 million by 2027 with a CAGR of 4.29%.
There is a good potential for the industry to expand in the United States, with a 1.2% annual growth rate and a $1.4 billion market by 2023.
Food Trucks can bring in an average of $250,000 to $500,000 per year, with 50% of trucks making $150,000 or more annually.
Food trucks in big metro areas generate significantly more sales than those in mid-sized cities, which indicates that location is a key factor in the success of food truck businesses.
Conclusion
The food truck industry is growing rapidly and is expected to continue to do so in the coming years. With the increasing popularity of food trucks, more and more entrepreneurs are entering the market. This is great news for the industry as it means more competition and more options for consumers.
The industry is also becoming more sophisticated, with more technology and data being used to track sales and customer preferences. With the right strategies in place, food truck owners can take advantage of this growth and make their business even more successful.
References
1 – https://www.statista.com/statistics/1308976/netherlands-number-of-food-trucks/
2 – https://www.ibisworld.com/industry-statistics/number-of-businesses/food-trucks-united-states/
3 – https://www.enterpriseappstoday.com/stats/food-truck-statistics.html
4 – https://www.mordorintelligence.com/industry-reports/food-truck-market
5 – https://www.enterpriseappstoday.com/stats/food-truck-statistics.html
6 – https://www.escoffier.edu/blog/food-entrepreneurship/how-much-money-do-food-trucks-make/
7 – https://www.mashed.com/189915/how-much-money-do-food-truck-owners-typically-make/
