Food Truck Revenue Growth Increasing

The food truck trend continues to accelerate as entrepreneurs use them to enter the restaurant industry and sometimes spin off brick-and-mortar operations.

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According to Statista, the value of the U.S. food truck industry has grown 7.9% over the past 5 years – and is forecast to increase by another $140 million by 2020.

In 2015, the value of the U.S. food truck industry was $856.7 million – and is forecast to increase to be $996 million in 2020.

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The phrases “Food Truck”, “Mobile Food Vendor” or “Mobile Food Facility” refers to several different types of vehicles that food is sold from. Some examples include: lunch trucks, vending trucks, concession trucks, sandwich trucks, taco trucks, loncheras, catering vehicles, ice cream trucks, and hot dog carts.

The mobile food services industry includes operations such as ice cream trucks, food concession stands, hot dog carts, and food trucks. Food trucks are relatively inexpensive investments compared to most other food services, requiring little more than a street permit. This has allowed more people to open such a business.

The average mobile food vendor earns just $17,571 annually, about $2,000 less than the average across the food services sector as a whole and $35,000 less than the average for all occupations.