Meals on Wheels: Investing in the U.S. Food Truck Boom
The U.S. food truck services market size was valued at USD 1.16 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. A rapid surge in gastronomy and the rising demand among youth for novel dining experiences over traditional dining in brick-and-mortar restaurants are the factors driving the growth. Furthermore, the growing demand for food on the go along with the rising popularity of the mobile lifestyle are other major factors driving the growth. The COVID-19 pandemic negatively impacted the growth of many sectors of the U.S. economy. Strict lockdown measures and stay-at-home orders resulted in closure & restrictions of on-premises dining at restaurants and cafes. The ban on street food vendors directly impacted the food truck services and their business models. The reduction in purchasing power along with the avoidance of eating outside forced consumers to change their consumption patterns during the COVI...