Sr Business Development Manager

Topics: Street food, Food truck, Trucks Pages: 2 (853 words) Published: February 26, 2013
Food trucks Research Report

During the past few years, the Street Vendors industry surged ahead because of new consumer demand for unique and gourmet food trucks. According to IBISWorld industry analyst Nima Samadi, “this trend gained momentum as the fast food and food-service industries slowed down significantly due to changing consumer tastes and a struggling economy.” Over the five years to 2012, IBISWorld expects that industry revenue will grow at an average annual rate of 8.4% to $1.5 billion. As the food truck craze took hold, revenue jumped 6.1% in 2008 to $1.1 billion and again in 2009, rising 9.5% to $1.2 billion. The trend hit its peak in 2010, reaching growth of 12.7%, underpinned by an influx of innovative products and attention to niche demands. As the craze begins to subside, growth is forecast to slow slightly in 2012, rising 4.2% for the year. In recent years, consumers have increasingly turned to mobile food trucks for breakfast, lunch, dinner and snacks in between. A industry survey by IBIS World placed annual revenue from food trucks around $1.2 billion in 2009 and annual growth rates from 2007-2012 near 8.4% annually. "Street Vendors in the US: Market Research Report" estimated that there are over 15,500 individuals who serve food to diners in open-air locations. Due to the continued growth in popularity, starting a food truck is a viable business opportunity. Big Spenders

At this point, the majority of consumers are familiar with food trucks and have already purchased food from one. Food trucks represent the growth portion of eating out dollars in the U.S. A Gallup poll showed that consumers who eat out of their homes regularly spend more than $100 on a weekly basis, with the average falling around $150 each week. Roughly 10% of those surveyed spent more than $300 each week, with another 8% spending less than $50. Younger people and men in particular, eat out more often. An artisanal taco truck has come to Paris. The Cantine California...

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