Mobile Food Services NAICS 722330

Jul 14, 2025 - Food Truck Business Tops $1 Billion in Sales

• Since its founding in 2012, Cousins Maine Lobster’s food truck business has surpassed $1 billion in sales by serving up pricey Maine lobster and pursuing an aggressive franchising strategy that’s grown the business from a single food truck in Los Angeles to more than 85 locations in 30-plus states, Retail & Restaurant Facility Business reports. Franchisees are driving systemwide growth with 30 new trucks projected in 2026 and the possibility of expansion in international markets, including Dubai. In 2024, the average truck has sales of approximately $1.3 million per unit, according to the company. The business is one of the biggest purchases of Maine lobster in the world. An appearance on Shark Tank, which won its two founders a $55,000 investment from Barbara Corcoran, helped to jumpstart the business.
• In May, Fitch Ratings lowered its 2025 outlook for the US restaurant sector to Deteriorating from Neutral, citing weakening consumer sentiment on discretionary spending and renewed inflationary pressures on the sector’s profitability. The credit rating agency predicts a low-single-digit decline in restaurant spending this year, versus previous expectations of flat to slightly positive. Fitch’s downgrade followed data company Technomic’s lowering of its 2025 projection, from about 5.1% sales growth to 3.4% to 4.6%, citing “uncertainty” for its adjustment. Consumer sentiment plunged to near record-lows in May as consumers braced for more inflationary impact amid President Trump’s trade war. According to Fitch, weakening consumer sentiment is expected to further reduce discretionary spending throughout 2025, as persistent inflation pressures disposable income, and tariffs exacerbate food inflation. Flexible menu design and pricing strategies are key levers food truck operators can pull to combat inflation and retain price-sensitive customers.

• While food trucks typically use propane tanks to fuel their cooking equipment, they may also rely on portable generators to provide temporary power for lighting, refrigeration, point-of-sale systems, Wi-Fi, and more, according to Catersource. To reduce noise, food trucks may use generator sheds alongside their trucks – an unsafe and dangerous practice, according to the Portable Generator Manufacturers’ Association (PGMA), which does not recommend their use. The Consumer Product Safety Commission advises never to use generator sheds because they can concentrate deadly carbon monoxide (CO) gas. Symptoms of CO poisoning include headache, dizziness, nausea, fatigue, and disorientation. The PGMA also encourages the purchase and use of portable generators that meet ANSI/PGMA G300-2018 or later safety standard requirements, which include built-in CO shut-off systems to protect against dangerous carbon monoxide levels. Food trucks should also have a secondary CO detector inside for added protection.
• Restaurants are projected to add 490,000 jobs this summer, according to the National Restaurant Association’s 27th annual Eating and Drinking Place Summer Employment Forecast published in June. Summer hiring is projected to be strongest in Northeastern states, including Maine, Rhode Island, and Delaware, as well as in Alaska, which are projected to see the largest proportional increases in restaurant employment. Per the NRA, the increase in hiring is fueled by a stronger labor pool, especially teens and young adults, returning to the workforce in numbers not seen in years. Employment by catering and mobile food services grew 7.7% in April compared to a year ago, while the average industry wage rose 2.5% over the same period to $23.13 per hour, according to the US Bureau of Labor Statistics.