We keep saying that food industry is growing because that is what it is. Food truck is the new evolution and becoming one of the next big trend these days. This large vehicle with food loaded in it is grabbing people’s attention. If you’re bored out of those fine dines and chic Chinese cuisine than there’s another option available in the market now which serves numerous varieties of gourmet cuisine.
The food truck business has shown a tremendous growth of 7.9% However, starting a food truck takes tons of hard work and of course passion for food. Wandering all around is not that easy; it poses a huge challenge for restaurateurs. “We’re still trying to figure out the licenses required. The biggest issue is no clear legislation. Hence, there is no specific way forward or a regulation system to deal with a food truck in Mumbai,” says Ashish Sajnani, Owner of Bombay Food Truck.
Ordinances in the path
In the fastest growing food industry, food trucks has shown massive growth over the past few years and even holding a good stake in the broader food-service industry. The consumer’s taste has also changed over the past few years in favour of unique, gourmet cuisine keeping in mind the budget; they have started liking the emerging new trend in the market. Although, running a food truck business is not like cutting a cake, they have to face the municipal norms to feed people, many of them even have been held back by municipal regulations i.e., parking laws and other ordinances. But food truck business has for sure shown a remarkable growth and increased competition in the market. According to National Restaurant Association report, by 2017 food trucks will generate about $2.7 billion revenue and this is a fourfold increase from the 2012 food truck revenue estimate of $650million.
If there are ordinances to handle the business then there are some key factors as well granted by IBIS World to deal with the hurdles like if they take license thing at the first place then municipal regulations could be avoided. They must be known about the places where they could sell their business and they should have the ability to stock market by its changing attitude. These are some of the proxies to build a stake in market.
Trading on customer response
Customers like the food truck business as some find it unique, unusual, and interesting or some find it adventurous. Many of them even rated food trucks’ food healthy and hygienic and it doesn’t even burn a hole in one’s pocket. Diners also like the speed and convenience of food trucks and they do not mind to pay for that quality only. It does not even cost much to start up and run a food business than a traditional brick-and-mortar restaurant. They even have the liberty to experiment new cuisines and recipes. They intimately observe their customers because they are interacting patrons every day on face to face. These interactions provide a boost in business and brings them the loyal base fan following.
No doubt, this sector is a new craze these days; you may see food-trucks popping here and there if you live in a city showing an estimated growth of 8.4% annually.