Food truck industry trends in the United States suggest that business has been good based on the industry’s overall value, number of businesses, and future demand—and will likely continue to increase. As a current or prospective food truck owner, the more you know about your changing industry, sales patterns, projections, and expected profitability, the more prepared you’ll be in every stage of running your business. This post will give you several must-know trends and statistics so you can stay ahead of the curve in 2024.
43,215 food truck businesses operate in the U.S.
According to IBISWorld, there are over 43,000 food trucks operating in the United States in 2023, which is nearly a 10% increase from 2022. The number is expected to grow even further in 2024.
Between 2018 and 2023, the food truck business grew at a 9.9% annual rate.
IBISWorld also reports 9.9% annual growth over the last 5 years, signifying that the food truck industry is thriving and is unlikely to slow down very soon.
Food truck income in the U.S. is expected to surpass $2 billion by 2030.
As per Grand View Research, the food truck industry is estimated to expand at a 6.4% average yearly from 2022 to 2030, totaling roughly $2 billion.
Over 40% of food truck consumers are below 45 years old.
Over 40 percent of food truck customers are below the age of 45. This could be attributed to various factors, including income levels, generational preferences, and a desire for ease and convenience when it comes to ordering food to go. Knowing more about customer demographics and age ranges will allow you to develop targeted marketing strategies and tailored products.
A new truck with a brand-new kitchen will cost between $125,000 and $200,000.
Entrepreneurs interested in entering the food truck market can expect a significant financial investment, especially if they intend to buy a brand-new vehicle with brand-new equipment. During their first year of business, food truck operators also spend an average of $28,276 on licenses, permits, and continuous legal compliance.
Used food truck trucks typically range in price from $30,000 to $70,000.
Toast estimates buying a pre-owned truck will cost $70,000 or less. However, you should consider that this option typically requires more time and money to do extra maintenance.
Annual food truck revenue is between $250,000 and $500,000 on average.
According to Toast, most food trucks generate anywhere between $250,000 and $500,000 in annual revenue. Keep in mind that these figures don’t account for any expenses, so your profit will be less — but most likely still significant. Clearly, the food truck industry is thriving and is predicted to increase in value by 2024 and beyond.
Build Your Custom Food Truck Today
Need help bringing your food truck dream to life? At Legion, we can design and build a high-quality custom food truck for your business. Our team also provides expert assistance in branding, marketing, equipment, and more. Feel free to reach out to our team to started!
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