What is the Size of Global Catering Industry?
Global Catering Market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027.
The Global Catering Market is largely driven by urbanization and changing lifestyles. There has been a change in the demand for catering services in recent years, supported by the quickly developing business-to-business (B2B) events sector and food and beverage services being offered at a growing number of corporate events. Furthermore, the market for catering services is growing because of factors including hectic lifestyles and difficulties associated with cooking at home.
The growing preference among customers for fresher, healthier foods is boosting the worldwide catering services market. The catering service operators have shifted their emphasis to providing healthier meals made in-house using fresh ingredients. The market is expanding because of the increased focus on implementing technology to enhance the customer experience and minimize time spent waiting for food.
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Global Catering Market By Service Type
The Global Catering Market is segmented by service type into contractual and non-contractual. There is a preference towards the contractual catering service segment as contract catering has emerged as a cost-effective way of managing food services in a very less stressful manner for various events. Owing to this, contract catering is being rapidly adopted across diverse sectors, including education, corporate, healthcare, defense, sports, senior care, aerospace, etc.
Global Catering Market By End User
The Global Catering Market is segmented by end-user type into healthcare, corporates, education, hospitality, industrial, in-flight and others. The event sector has the largest share as events and function happens in all the other sectors and they need catering services.
Global Catering Market By Region
The Global Catering Market is segmented by region into North America, Europe, Asia-Pacific, Middle East & Africa and South America. The Asia-Pacific has the largest share in all the region owning to hectic lifestyle, urbanization, taste and preferences.
Global Catering Market By Basis Of Applications
The Global Catering Market is segmented by basis of applications type into wedding caterings, corporate caterings, social events catering and others.
Competition Scenario In Global Catering Market
Global Catering Market is at growing stage and has highly fragmented market. There more than 50 thousand players in market. Top players such as Compass Group Plc, Aramark Corporation and AVI Food Systems in Global Catering Market hold major market share. The market is largely driven by rising demand for healthier fresh food and international cuisine and rising culture of on-site catering.
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What is the Expected Future Outlook for the catering Market Across the globe?
The Global Catering Market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027, witnessing a CAGR of ~% during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Catering Market is driven by customers' growing preference for fresher, healthier foods is driving growth in the global catering services market. Catering service providers have shifted their focus to providing healthier meals prepared in-house with fresh ingredients. The market is expanding as a result of a greater emphasis on implementing technology to improve the customer experience and reduce time spent waiting for food. Specialized catering services are becoming more popular as global multinational corporations rapidly expand into emerging markets. Catering businesses now offer healthy dining options such as organic meals, a balanced vegan diet, and healthy snacks as a result of the worldwide trend of rising health consciousness.
The growing demand for locally produced fresh farm produce, such as fruits, vegetables, and meat items, is fueling the catering services market.
In addition, hotels and restaurants are developing novel catering services, which are expected to fuel the catering service industry.
Although factors such as the growing preference for home-cooked foods may impede market growth, the increasing popularity of online catering is clearly driving market growth. Our researchers examined the data with 2022 as the starting point, as well as the key drivers, trends, and challenges. A comprehensive analysis of drivers will assist businesses in refining their marketing strategies in order to gain a competitive advantage.
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