Midnight Snacks Food Truck Industry Essay

1527 Words Oct 16th, 2016 7 Pages
Midnight Snacks food truck can be a late-night dream for people who typically work between 10:00 p.m. and 6:00 a.m. Night owls and overnight, third-shift workers, often lack access to fresh meals that are available in regular, or fast food, restaurants during the day. After a thorough analysis of the local food truck industry, and the Peoria-area census data, it appears that the Midnight Snack food truck business could be fruitful and fill a current market gap. This section of the business plan will study the local food truck industry, secondary market data, the market base and a local survey gauging interest.
Industry Analysis
Food trucks have been around since the 1930s, and in many regions, such as the West Coast, have become staples of the food industry. Street cart vendors in downtown Peoria are popular lunch sites for those that work downtown during the summer months, offering local favorites, affordable prices, and a chance to get away from the office for lunch without the lunch rush at a sit-down establishment. The food truck trend is growing, with approximately 4,042 operating food trucks nationwide in 2015, garnering an estimated revenue of $857 million, and a growth rate of 9.3% annually (“Food Trucks in the U.S.,” 2016). Peoria is in its food truck infancy, with city approval for three food truck business allowed for this year. A market analysis of the competitors in the food truck industry for the Peoria area is below, with details on cuisine offered,…

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