New York – January 7, 2021 – The mobile food and beverage (F&B) industry has been hit particularly hard by the COVID-19 pandemic. In a June report from ResearchandMarkets.com, the global restaurants and mobile food services market in 2020 was anticipated to decline at a compound annual growth rate of -3% versus 2019.
This has created both short-term impacts of declining traffic and decreased sales as well as long-term consequences. Unlike traditional ‘street-side’ restaurants, many small, independently-owned food trucks may not qualify for the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL), exposing them to the risk of permanent closure.
Historically, food trucks rely heavily on densely-packed business districts to make up the bulk of their day-to-day ‘short sales.’ As consumers shifted to working from home, leaving office buildings empty, food trucks innovated new business models, catering smaller, private events, and targeting residential neighborhoods and essential businesses.
As the COVID-19 vaccine becomes widely distributed nationwide in the coming months, the New York Food Truck Association (NYFTA) predicts a gradual return of office employees to onsite locations and an increase in reserving food truck event catering as a way to introduce new employees to their colleagues in-person, enhance company culture and boost employee morale. Overall, NYFTA anticipates a more robust return to gatherings of higher volume later this year which will be boon for NYC food trucks.
“Few sectors were left unscathed by the pandemic, but the mobile F&B is a resilient industry and has adapted to changing times. Reacting quickly to immediate challenges while anticipating reverberations,” said Ben Goldberg NYFTA’s President “We forecast increased business opportunities and greater flexibility for food trucks to operate throughout major metropolitan areas in the U.S.”
There are accompanying headwinds that will have enduring impacts on the mobile F&B space, concentrated around technology and sanitation. Companies like PayPal have encouraged contactless payments, allowing businesses to remain open by reducing physical contact between employees and customers. NYFTA sees this trend becoming a permanent B2C and B2B transaction method, because of its convenience and current dominance on pre-ordering platforms.
While food trucks are inspected and graded by local health departments to meet uniform standards, NYFTA expects 2021 will see a prioritization of health and safety through a significant emphasis on cleanliness to demonstrate quality.
For more information regarding NYFTA, please contact Ben Goldberg, Founder and President of NYFTA, or visit https://www.nyfta.org/
Partnering with the best food trucks in the New York metropolitan area, NYFTA specializes in full-service, turn-key mobile catering, and experiential marketing activations. Committed to empowering local, culinary diverse mobile vendors to grow their businesses through branded promotions, NYFTA is community-driven, values high-quality cuisine, and strives to elevate the food truck experience.
Company Name: New York Food Truck Association
Contact Person: Ben Goldberg
Email: Send Email
Address:350 E 54th St
City: New York
State: NY 10022
Country: United States