Is the food truck industry growing or declining?
The food truck industry in the United States has been growing in recent years, although it has faced some challenges due to the COVID-19 pandemic. According to a report by IBISWorld, the food truck industry grew at an average annual rate of 6.8% from 2016 to 2021, reaching a revenue of $1.2 billion in 2021.
One reason for the growth of the food truck industry is the increasing popularity of street food and the demand for unique and diverse dining experiences. Food trucks offer a wide variety of cuisines and are often more affordable than traditional brick-and-mortar restaurants. In addition, food trucks are often mobile and can cater to different locations and events, making them a popular option for festivals, concerts, and other outdoor gatherings. There are now food truck executives all over the country.
However, the COVID-19 pandemic has had a significant impact on the food truck industry, as many events and gatherings were canceled or postponed, and foot traffic in urban areas declined. Despite these challenges, many food truck operators have adapted by offering online ordering and delivery, and by pivoting to catering and private events.
Overall, while the food truck industry has faced some challenges in recent years, it is still growing and is likely to continue to be a popular dining option for many people in the United States.
Is the food truck industry growing or declining?
