Food truck vendors will continue to perform well over the next five years, benefiting from consumers with deeper pockets who are able to spend on pricier gourmet food options. Revenues are expected to increase to $1.4 billion during this time period.
Industry operators are expected to continue to experience growth, as generally positive economic conditions and momentum from the gourmet food movement propel growth.
Consumers nowadays demand higher-quality food, a wider variety of styles and tastes, better presentation and, most importantly, more healthy menu options. Therefore, operators that include healthy options on their menus will be best situated for success over the next five years. Vendors that continue to offer unique food options will also be in a strong position by carving out a niche and developing a loyal customer base.
The industry will also benefit from an increase in the urban population, which is expected to comprise the majority of the US population in five years. The industry benefits from agglomeration because it relies on high foot traffic. Additionally, urban dwellers are also more likely to purchase meals rather than cooking at home due to their above-average incomes and limited spare time.