Overview and Scope
Catering refers to a service that provides meal delivery to a client’s location and may also prepare and serve the food there. Food contractor refers to any individual who, in accordance with a food service contract, engages or maintains staff to offer on-site food services at a company location.
Sizing and Forecast
The catering services and food contractors market size has grown strongly in recent years. It will grow from $286.33 billion in 2023 to $303.16 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased preference for healthy food in the workplace and rise in the tourism industry.
The catering services and food contractors market size is expected to see strong growth in the next few years. It will grow to $388.29 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to rising population and rising urbanization. Major trends in the forecast period include adopting intelligent methods such as artificial intelligence, consider offering food products made from natural ingredients, free of gmos (genetically modified organisms) and artificial flavors or colors, geographical expansion, and new service launches to improve product portfolio and revenues.
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Segmentation & Regional Insights
The catering services and food contractors market covered in this report is segmented –
1) By Type: Food Service Contractors, Catering Services
2) By Ownership: Chained, Standalone
3) By Application: Corporate, Educational Institutions, Healthcare, Industrial, Hospitality Services, Sports And Leisure and Other Applications
Western Europe was the largest region in the catering services and food contractors market in 2023. North America was the second largest region in the catering services and food contractor’s market. The regions covered in the catering services and food contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The catering services and food contractors market growth is aided by stable economic growth forecasted in many developed and developing countries. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. For instance, according to the Reserve Bank of India, India’s GDP is expected to grow at 9.5% during the year 2022, whereas China is forecasted to register GDP growth of 5.5% in 2022. Stable economic growth is expected to increase the demand for services offered by this industry, thereby driving the market during the forecast period.
Key Industry Players
Major companies operating in the catering services and food contractors market report are Compass Group PLC, Sodexo, Inc, Aramark Corporation, Elior Group S.A, Autogrill S.p.A, Samsung C&T Corporation, Deutsche Lufthansa AG, Subway, SSP Group plc, DO & CO Aktiengesellschaft, Shanghai Wagas Catering Co., Ltd, Yum China Holdings Inc, Chefs Culinar Nord GmbH & Co KG, BaxterStorey, Kofler & Kompanie GmbH, Searcys, Bun Apetit Catering, Gaspar’s, Kyiv Catering, Premier Catering, Resto-Rātors, jezeršek catering, Wolfgang Puck Catering, CulinArt Group, Oliver & Bonacini Events and Catering, Encore Catering, Presidential Gourmet, Sapore, Nutriplus Alimentação, Banquetería Santa Brasa, Middle East, Emirates Flight Catering, Royal Catering, Qatar Aircraft Catering Company, Sawhney Foodstuff Tr.Co.LLC., Saudi Airlines Catering, Gulf Catering Company, Tsebo Solutions Group, Feedem Group, Food Concepts PLC, Meikles Limited, Ghada Nawara, Servest Catering
The catering services and food contractors market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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