Green light: Growing household income and changing consumer preferences will spur industry growth

The Food Trucks industry's remarkable rise in 2017 has been 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. Food trucks compete directly with the broader food-service sector, and some brick-and-mortar establishments have lobbied against the industry. The industry will contend with various challenges over the next five years, especially regulatory hurdles, which have restricted the industry's growth over the past five years...purchase to read more.

Industry Statistics & Market Size
Revenue
$960m
Annual Growth 12-17
7.3%
Forecast Growth 17-22
Profit
Employment
14,566
Businesses
4,046
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • The industry will contend with regulatory hurdles, which will restrict the industry’s growth
  • POS technology enables merchants to use smartphones and tablets to take payments
  • Vendors that continue to offer unique food options will benefit from carving out a niche
  • Industry Report - Industry Products Chapter

    There are also two types of catering trucks: mobile food preparation vehicles, which have the facilities to provide hot foods to customers' orders; and industrial catering vehicles, which sell mainly prepackaged, cold foods on a self-serve basis, and which are usually operated by a single person. These are generally used to service industrial and construction sites, as well as sporting and other major events. The proportion of industrial catering facilities has been somewhat stable over the last five years, while the proportion of mobile food-preparation vehicles has leaped forward over the last five years in response to the rising popularity of food trucks. Sof...purchase to read more.

    Additional Insights for the Food Trucks Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Food Trucks Industry are

  • Ability to control stock on hand
  • Proximity to key markets
  • Must have license
  • IBISWorld analysts also discuss how external factors such as Consumer spending and Consumer Confidence Index in the Food Trucks industry impact industry performance..

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    What's in this report

    What is the Food Trucks Industry?

    The industry comprises establishments primarily engaged in preparing and serving meals from a mobile truck. Food is normally prepared, stored and cooked on the truck. The truck may or may not use the same location each day and does not sell alcoholic beverages.

    Industry Products
  • American (burgers, sandwiches and hot dogs)
  • Central and South American
  • Mixed Ethnicity
  • Greek Mediterranean
  • Asian
  • Desserts
  • Industry Activities
  • Preparing and serving food from a mobile truck
  • Preparing and serving beverages from a mobile truck
  • Preparing and serving dessert from a mobile truck
  • Serving prepackaged food and beverages from a mobile truck
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Consumer spending
  • Consumer Confidence Index
  • Healthy eating index
  • Urban population
  • Agricultural price index

  • Current Performance
  • Bucking the trend
  • Shifting consumer preferences
  • Regulation
  • Tight profit margins
  • Social media and technology
  • Chart: Revenue Growth

  • Industry Outlook
  • Sophisticated consumers
  • Food truck popularity
  • Profit margins remain low
  • Table: Food Trucks Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Food Trucks Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Frozen Food Wholesaling
  • Fruit & Vegetable Wholesaling
  • Grocery Wholesaling
  • Meat Markets

  • Products & Services
  • American (burgers, sandwiches and hot dogs)
  • Asian
  • Desserts
  • Central and South American
  • Other
  • Mixed Ethnicity
  • Greek Mediterranean
  • Chart: Food Trucks Industry Products and Services Segmentation

  • Demand Determinants
  • Income and weather
  • Health consciousness
  • Convenience

  • Major Markets
  • Age 25 to 44
  • Under age 25
  • Age 55 and over
  • Age 45 to 54
  • Chart: Major Market Segmentation for the Food Trucks Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Food Trucks

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Food Trucks Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Food Trucks Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Food Trucks Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Consumer spending (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Brick And Mortar
  • A store that has a physical presence and location, as opposed to an online retailer or a street vendor.
  • Gastronomy
  • An interest in food and good eating with a particular focus on gourmet cuisine
  • Point Of Sale (Pos)
  • A system used at checkout in retail stores using computers and cash registers to capture transaction data at the time and place of sale.
  • What Our Customers Say

    Why buy this report?

    The Food Trucks industry market report contains data and analysis of the most influential current and future trends shaping the industry. IBISWorld’s in-depth industry market research is presented in a logical, user-friendly format, and provides growth and profit forecasts for a five-year outlook period.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Food Trucks:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Food Trucks market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Food Trucks, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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