The Catering Services And Food Contractors by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Catering Services And Food Contractors, 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..
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.
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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
Food catering companies are forming alliances to serve food to schools, colleges, and universities. They are also involved in the development of mobile apps that provide tailored food options to meet the needs of each individual. For instance, in March 2021, Sodexo, the food service and facilities management company, announced a partnership with HelloFresh, the meal kit leader, to deliver HelloFresh and EveryPlate meal kits to students at more than 300 colleges and universities in the United States. Students can pre-select, order, and schedule meal kits for delivery using Sodexo’s BiteU app. Whether students are vegetarian, on a low-calorie diet, or looking for something quick and easy, HelloFresh allows them to choose from a varied and changing weekly menu. EveryPlate is a rotating menu of simple and affordable chef-curated recipes, including vegetarian and gourmet options.
The catering services and food contractors market report table of contents includes:
1. Executive Summary
- Catering Services And Food Contractors Market Characteristics
- Catering Services And Food Contractors Product/Service Analysis -Product/Service Examples
- Catering Services And Food Contractors Market Trends And Strategies
- Catering Services And Food Contractors Market – Macro Economic Scenario
. - Global Catering Services And Food Contractors Market Competitive Benchmarking
- Global Catering Services And Food Contractors Market Competitive Dashboard
- Key Mergers And Acquisitions In The Catering Services And Food Contractors Market
- Catering Services And Food Contractors Market Future Outlook and Potential Analysis
- Appendix
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