Food trucks are often the gateway into larger restaurant business enterprises for many food entrepreneurs. Quick to set up, easy to maneuver, and effective at reaching customers, food trucks tend to be the backbone of innovation and new concepts in the food world.
Below are 25 food truck industry statistics that can give you an insight into how this sector is performing in 2024.
Key Takeaways:
- Food trucks are profitable businesses that are easy to launch but require good business knowledge and experience to stay operational over a long-term period.
- The food truck industry is growing, with a lot of niche opportunities, such as wedding catering, for food entrepreneurs to build their businesses.
- Competitive compensation offers, which are standard in the industry, can attract employees.
Food Truck Statistics: Overview
1. The food truck industry has grown 10.9% in the US
Food truck market analysis found that the industry experienced some encouraging growth in the last five years, especially considering the obstacle that was the COVID-19 pandemic. This 10.9% compound annual growth rate (CAGR) speaks to the increased popularity of the industry.
However, one should note that the market size of the food truck industry declined by 0.5% in 2023, speaking to consolidation and a tighter business footprint among food trucks.
2. There are currently over 58,000 food truck businesses in the US
The number of food truck businesses in the US increased by 15.9% between 2018 and 2024. This puts the total number at 58,064 food trucks in the country. This number shows not only the potential for business growth but also a very high demand by consumers for more access to food trucks around the country.
3. The average revenue for food trucks is $346,00
The average revenue for food trucks in 2024 is $346,000. While restaurants may garner a couple of million in revenue each year, they also cost a lot more to manage and maintain. Understanding this figure can help you manage your costs, operate your business efficiently, and hit profitability with your food truck business.
4. Food trucks have a profit margin percentage of 6.2%
Food trucks have a profit margin percentage of 6.2%, which is significantly higher than that of restaurants, which typically sits at around 1% to 3%. This is due to startup and operating costs, especially labor costs, being much lower for food trucks.
5. Nationally, food truck owners make half of their total profit per year
Between $24,000 and $153,000 is how much food truck owners make a year nationally. This equates to about half of the profit from the business itself and is one of the main reasons why food truck ownership is rising. The chance of such a high margin for personal profit in the food truck industry is great, especially since each truck only employs 1.2 employees on average.
6. Food truck wages have grown in the last five years
Food trucks are not only popular with customers, but they can also be alluring places of employment in the food service sector. Wage growth increased by 14.8% year on year on average from 2019 to 2024. This consistent growth is massive for cooks and other workers in the food and hospitality industry, as cook’s wages are often low. Food trucks can be a competitive place of employment for labor if the wage is right.
7. The average wage for food truck industry workers is $57,109
The average wage in 2024 for food truck workers is $57,109 annually. This is quite a bit higher than the annual wage of a line cook in a restaurant, which is around $51,000 annually. For food truck businesses that are growing, hiring workers and sharing the potential growth in wages they can attain is a good way to attract and retain talent.
8. 40% of food trucks remain operational after three years
Food trucks are a more approachable food business to get into, but there can be risks and drawbacks to them. For example, only 40% of food trucks remain in business after three years. This is often due to lacking a business plan or fundamental business education and training for new owners. Crafting a business plan and learning basic food business fundamentals is key to ensuring a food truck survives its initial starting years.
9. Food trucks thrive on independent operators
It is a stunning fact that 91% of all food trucks are independently owned and operated, making them the essential business type for a wide variety of food entrepreneurs. Due to the scrappy nature of a food truck, it is easy for many to enter into this sector. Meanwhile, customers may be drawn to the nature of independent operators owning the trucks.
10. No single company owns more than 3% of the food truck market
The food truck market is so popular for food business owners because it is perceived as a fair industry. No company holds more than 3% market share, allowing for healthy competition and an equal opportunity to attract more customers. Due to how broken up the food truck industry is, there is a lot of potential for growth and brand establishment in the years to come.
11. Food trucks remain popular among millennials
According to a recent study, over 60% of millennials have eaten in a food truck in the last year, showing sustained interest in 2024 among a customer base that represents a large portion of diners. Catering to millennials and younger generations is a good business goal for sustaining the growth of food trucks in the years to come.
12. Food trucks pose little threat to the traditional restaurant
A general sentiment about food trucks is that they may hurt traditional restaurants by taking away business in the market. This argument is actually a false narrative, as the data shows that food trucks pose relatively little threat to traditional restaurants’ business levels. Restaurants vastly outnumber food trucks, with the average county having 145 restaurants and just one food truck. The data also shows a positive relationship between the number of restaurants and food trucks in the same year, indicating that they can thrive in the same period.
Food Truck Stats on Costs
13. A brand-new truck and kitchen will cost an average of $125,000 to $200,000
A brand-new food truck with a new kitchen can carry a cost of $125,000 to $200,000 in 2024. While this is a sizable investment, it is nowhere near the several thousands or millions it can cost to open a new restaurant. This data further supports the low startup cost for even the newest food trucks, making them an accessible business type for many aspiring food entrepreneurs.
14. Startup inventory can cost $2,000 to $3,000
One important cost factor to note is the startup inventory required to be in business as a food truck. The average startup inventory cost for a food truck is $2,000 to $3,000, depending on truck type and cuisine. This is relatively low compared to restaurants but is a good number to consider when considering starting a truck.
15. Typical annual insurance cost for food trucks ranges from $2,500 to $4,500
The annual insurance cost for a food truck in 2024 can range from $2,500 to $4,500, depending on your location, food truck type, and other factors. This is a relatively low cost when compared to restaurants.
16. Food truck parking can cost between $300 and $1,000 per month
One associated cost many aspiring food truckers may not immediately be aware of is parking cost. The cost of parking can range between $300 and $1,000, depending on your location. Finding a balance between the cost and likely business at the location of your truck is always a process but one that pays dividends if done correctly.
17. The average operating cost for food trucks rose 7.8%
2023 and 2024 saw a rise in inflation domestically and globally. This saw the rise of prices on essential goods for food truck businesses. The average cost of operating a food truck rose by 7.8% in 2024. This means that operators must be extra vigilant in ensuring their food truck costs are managed and that food is served to customers with consistency and accuracy every day.
Food Truck Popularity Stats
18. 8% of food trucks serve Mexican food
Mexican food is a popular cuisine amongst American diners, with one in 10 restaurants serving Mexican food in the US in 2024. This is even more relevant when looking at food trucks, as 8% of all food trucks serve Mexican food. The popularity of this type of cuisine can lead to a massive push for food trucks serving Mexican fare in the coming years.
19. Tacos dominate food truck fare
Tacos continue to be a staple in food truck offerings, accounting for 25.18% of all prepared food pairings. Tacos have long been associated with food trucks, as they are portable and easy to eat. Some other popular items behind tacos are sandwiches, burgers, and pizza—also options that are easy to take on the go.
20. Mobile bars account for 3.5% of the food truck industry
Although starting a mobile bar can be a headache due to the amount of red tape, such as licensing, local fees, and permits, that you need to go through, 3.5% of all food trucks are now mobile bars. This trend of having access to alcoholic beverages on the go matches the demand for food to go that consumers have. With so little of the food truck market being mobile bars, there is an opportunity for growth in this niche section of the industry.
21. Wedding vending is lucrative for food truck owners
A recent report showed that 5% of interviewed newlyweds chose a food truck for their wedding. With wedding catering costs sitting at about half that of managing a truck, these events are both popular and very profitable for food truck businesses. Tapping into wedding catering is a must in 2024 for food truck operators.
22. There is diversity in popular food truck items between states
As you can see in the graph below, there is a ton of diversity between the top-selling items each state’s food trucks offer. This is an example of the niche offerings food trucks deliver and how, regionally, each truck can vary greatly. It is this diversity in menu offerings that makes food trucks so popular.
23. Vegan and plant-based menu items lead the way
A recent US Foods Report shared that vegan and plant-based menu items were amongst the top meal options for consumer demand in the modern food truck industry. Other popular menu categories are gluten-free and global cuisines. Tech-based payments and eco-friendly packaging were also trends in the food truck industry that are in high demand from modern consumers.
24. California has the most food trucks in the country
Thanks to cities like Los Angeles, the state of California has the most food trucks in the US. Although this is promising, data shows that Portland, Oregon, is the best city to open up a food truck due to consumer demand and expected market growth in the region. Food trucks are on the rise, and the West Coast has seen great consumer interest in the past five years.
25. Food truck owners in NY make the most revenue
Food truck owners in New York make $492,545 annually. This is due to the large presence of food trucks in New York City and a culture of food trucks that has had surprising growth within the state. New York is known for its food truck scene and mobile food offerings and can be a lucrative state to operate out of.
FAQs
Food trucks are more popular than ever, but there are still some common questions you may have regarding these mobile food businesses.
Last Bite
Food trucks are one of the most accessible business types for new food entrepreneurs. Operators can test out new concepts or build their own standalone business. While the food truck industry seems to be moving in a positive direction, there are some common pitfalls and lessons to learn when establishing your business. Use the stats above to make informed decisions on your food truck business in 2024.
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