In-flight Catering Service Market to 2025 - Global Analysis and Forecasts
LONDON, March 26, 2019 /PRNewswire/ -- The global In-flight catering service market accounted for US$ 17.96 Bn in 2017 and is expected to grow at a CAGR of 6.4% over the forecast period 2018–2025, to account for US$ 29.00 Bn in 2025.
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The demand for In-flight Catering Service is primarily driven by increase in demand for passengers opting air travelling as a mode of transportation.Further, with the increase in disposable income, the passengers are now using the paid food services offered by airline companies.
Owing to these factors, airline companies and caterers are forming strategic alliances to improve consumer in-flight experience.
The In-flight catering service market is highly consolidated with only few players sharing the larger pie of the global in-flight catering as a service market.On the basis of aircraft class segment, the economy class is holding a high market share followed by premium economy and business class.
The catering services vary from class to class.First class catering services include the highest standard of food and service to the customers, whereas some deductions in the product as well as service is observed in the subsequent lower classes of aircrafts.
The In-flight catering service are in operations to cater the needs of air travelers of all classes of aircraft to enhance the overall customer experience during the course of travel which creates significant opportunities for the companies to enhance its catering services In-flight catering service market.
On the basis of aircraft class, the in-flight catering service market is segmented into first class catering service, business class catering service, premium economy class catering service, and economy class catering service.The economy segment is the leading is anticipated to continue its dominance in the in-flight catering service market.
However, premium economy segment is projected to grow at a high rate in the in-flight catering services market.The catering services offered to the passengers varies from class to class.
On the basis of carrier type, the in-flight catering service market is segmented into full service carrier and low cost carrier.The major difference between different classes of air travel tickets lies between the seats and the services offered to the customer.
The low cost carriers are experiencing significantly high fleet demand, these carriers are increasingly introducing food and catering services on board, in order to maintain their market position as well as increase the passenger count. Several low cost carriers fly overseas, which encounters catering demand for local as well as destination country foods. This fact has catalyzed the in-flight catering services among the low-cost carriers, which is triggering the growth of market for global in-flight catering services in the current scenario.
The overall In-flight Catering Service market size has been derived using both primary and secondary source.The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the In-flight Catering Service market.
It also provides the overview and forecast for the global In-flight Catering Service market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the In-flight Catering Service industry.
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