Catering Services And Food Contractors Market Overview: Market Size, Major Drivers And Trends
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The catering services and food contractors market size has exhibited robust growth, escalating from $286.33 billion in 2023 to $303.16 billion in 2024, representing a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historic period can be attributed to strong economic growth in emerging markets, an increased preference for healthy food in the workplace, and a rise in the tourism industry. Looking forward to 2028, the market is poised for strong growth, reaching $388.29 billion with a CAGR of 6.4%. The anticipated growth in the forecast period is associated with rising populations and increased urbanization. Key trends in this period involve the adoption of intelligent methods such as artificial intelligence, the consideration of offering food products made from natural ingredients free of GMOs and artificial flavors or colors, geographical expansion, and new service launches aimed at improving product portfolios and revenues.
The catering services and food contractors market’s growth is bolstered by stable economic growth forecasts in many developed and developing countries. Following a significant decline in commodity prices in the historical period, the market is expected to benefit from recovering prices. Stable economic growth is projected in developed economies, with emerging markets anticipated to grow slightly faster than their developed counterparts. For example, India’s GDP is forecasted to grow at 9.5% in 2022, according to the Reserve Bank of India, while China is expected to register a GDP growth of 5.5%. This stable economic outlook is set to increase the demand for services within the catering industry, driving market growth during the forecast period.
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What Are The Key Trends That Influence Catering Services And Food Contractors Market Share Analysis?
Food catering companies are forming partnerships to provide food services to educational institutions and are also developing mobile apps to offer customized food options. For instance, in March 2021, Sodexo partnered with HelloFresh to deliver meal kits to students at over 300 US colleges and universities. Through Sodexo’s BiteU app, students can pre-select and schedule meal kits, choosing from a variety of options including vegetarian and gourmet recipes.
Which Market Players Are Driving Growth In The Catering Services And Food Contractors Market?
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
How Is The Global Catering Services And Food Contractors Market Segmented?
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
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The Catering Services And Food Contractors Global Market Report 2024 provides an overview of the catering services and food contractorsmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The catering services and food contractors market forecast analyzes catering services and food contractors market size, catering services and food contractors market share, leading competitor and their market positions.
The Table Of Content For The Catering Services And Food Contractors Market Include
1. Catering Services And Food Contractors Market Executive Summary
2. Catering Services And Food Contractors Market Segments
3. Catering Services And Food Contractors Market Size And Template Market Growth Rate
4. Key Catering Services And Food Contractors Market Trends
5. Major Catering Services And Food Contractors Market Drivers
……
25. Key Mergers And Acquisitions In The Catering Services And Food Contractors Market
26. Top Catering Services And Food Contractors Companies
27. Catering Services And Food Contractors Market Opportunities And Strategies
28. Catering Services And Food Contractors Market, Conclusions And Recommendations
29. Appendix
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