Coping with the End of Food Truck Fever

It's called a lot of things in a lot of places - the food truck phenomenon, street food revolution, food truck fever, or the food truck craze. Whatever it's called in any city, it's likely not a phase. With an average annual growth rate of 8.4%, the street food industry has grown into a thriving $1.5 Billion industry in the United States in less than a decade, and is expected to swell to a staggering $2.7 Billion by 2017. Despite the impressive statistics, however nearly as many food trucks and food carts will close their serving windows for good this year as will open.

While the rest of the food service industry has seen less than impressive growth, and has actually suffered due to lower consumer spending, street food continues to build a momentum, propelling itself by leaps and bounds as new and exciting food options hit the streets at an alarming rate. Weakness in the economy and high unemployment rates have encouraged people with otherwise slim job prospects to embark on food service careers where they have more control over their lives and incomes. And, it's seemingly easy, especially at the peak of a local food truck frenzy where no company owns a dominant market share in the industry. Everyone is on a level playing field, and customers line up for blocks.

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