Food trucks are mobile and trendier dining option that serves delicious fusion cuisine and traditional dishes from different countries around the globe. Food and Agriculture Organization of the United Nations estimates that around 2.5 billion people globally purchase food from mobile food vendors on a daily basis.

The modern-day food truck business was born in 2008 when a couple of entrepreneurs from Los Angeles collaborated with chef Roy Choi to form Kogi Korean BBQ. From there on, it was an upward trend where the US food truck market size expanded to $1.2 billion by 2020 (IBISWorld). Even though the food truck market has been booming in the united states for the past few years, it is still a relatively new venture in Europe, Asia and Latin America. Rebecca Seal from evening standard stated in one of her articles that it was not until 2017 that London picked up the food truck hype and turned it into a mainstream business. 

New players can enter the global food truck industry by spending less than $100,000 and in return earn an annual revenue between $250,000 to $500,000 (Food truck operator). The average revenue of a typical food truck is $290,000 (A City Discount).

Generations X, Generation Y and Generation Z are considered the target customer segments of the global food truck industry since the customer segment under the age of 25 is 19.7% while the customer segment between ages 25 to 44 is 43.4% (Food Truck Business – SBDCNet). 

Check our list of registered food trucks operators by clicking here. 

Pre-Pandemic State of the Global Food Truck Industry

Since 2011, the global food truck industry has thrived, with an average growth rate of 7.9% (IBISWorld). America which is the current industry leader has witnessed a 300% increase in revenue from 2014 to 2017. The country's annual revenue for the industry is $2+ billion (Food Truck Nation). Moreover, the growth rate of food trucks has outgrown that of conventional restaurants by 5.5% to 4.3% (Food truck operator).

Global Food Truck Industry During the Global Pandemic

At present, the Covid pandemic and legal constraints have slowed down the food truck market growth. In 2020, the predicted market growth for the industry was 0.4% relative to 2019 which experienced a substantial 20% growth (Food Truck Nation). Furthermore, the food truck business' worth dropped to $1.24 billion in 2020 from $1.4 billion in 2019 due to aspects such as social distancing, lockdowns, remote working and fewer pedestrians on roads due to the pandemic. To be in business, some food trucks have relocated to residential areas, or partnered with hospitals, supermarkets and factories, while unfortunately, some businesses have shut down permanently (IBISWorld). A survey conducted by Foodtruckbooking.us in USA, Spain, Germany, Belgium, and the Netherlands revealed that 97% of food trucks have got impacted by the Coronavirus to some extent.

What Can We Expect Post Pandemic?

Despite the pandemic, food truck market is expected to grow by 2.4% in the year 2021. The forecasted revenue for the year is $1.4 billion (IBISWorld). While the global food truck industry may not see a rapid growth in the upcoming years, it is expected that the businesses will recover from the crisis and continue to operate while recovering the losses during the outlook period.

For affordable and delicious food truck options for your events and festivals, click here.