Global catering services market stood at $ 130 billion in 2018 and is projected to grow at a CAGR of more than 6% during the forecast period to cross $ 205 billion by 2024
NEW YORK, June 4, 2019 /PRNewswire/ --
Global Catering Services Market By Type (Contractual & Non-Contractual), By End User (Industrial, Hospitality, Educational, Healthcare, In-Flight & Others), By Region, Competition, Forecast & Opportunities, 2024
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Global catering services market stood at $ 130 billion in 2018 and is projected to grow at a CAGR of more than 6% during the forecast period to cross $ 205 billion by 2024, on account of increasing emphasis on the adoption of technology to improve customer experience and reduction in the time spent waiting for food.Catering is the business of providing food service at a remote site or a site such as a hotel, hospital, pub, aircraft, cruise ship, park, filming site or studio, entertainment site, or event venue.
Rising demand from high-income households and businesses would aid global catering services market, with consumers spending more money on parties and other catered functions along with loosening corporate budgets in line with stronger corporate profit.
In terms of type, global catering services market has been categorized into contractual catering services and non-contractual catering services.Of these two categories, contractual catering services segment accounted for the largest market share in 2018 and is expected to continue its market dominance during forecast period.
Constantly changing dynamics of the modern workforce and insatiable appetite for different types of cuisines are some of the major factors anticipated to aid the leading position of contractual catering services segment. Moreover, contractual catering services segment is likely to be driven by the introduction of various offers such as limited time menu offerings and promotional offers.
Asia-Pacific dominated global catering services market in 2018, followed by North America and Europe.The Asia-Pacific region is expected to maintain its dominating position in the global catering services market during the forecast period.
China, India, Japan, Mexico, Australia and Canada are likely to emerge as the potential growth market for catering in coming years.
Global catering services market is consolidated with five major players accounting for the majority share.The leading vendors are investing in the expansion of their international presence and creating strong brand images for their services.
Increasing number of mergers and acquisitions is one of the major trends being witnessed in global catering services market. Market players are engaging in merger and acquisition activities to diversify their service portfolio, penetrate new markets, increase their market share, reduce financial costs, and achieve economies of scale.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the Study:
• To analyze and forecast global catering services market size.
• To classify and forecast global catering services market based on type, end user and regional distribution.
• To identify drivers and challenges for global catering services market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., In global catering services market.
• To conduct the pricing analysis for global catering services market.
• To identify and analyze the profile of leading players operating in global catering services market.
Some of the major players in global catering services market are Aramark, Compass Group PLC, DO & CO, Elior Group, Cushman & Wakefield, GateGroup, Newrest, Sodexo, WSH, ABM Catering Solution, SV Group, etc.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of service & solution providers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the service & solution providers which could not be identified due to the limitations of secondary research. The analyst examined the service offerings, distribution channels and presence of all major service & solution providers across the globe.
The analyst calculated global catering services market size using a top down approach, where data for various application across various end-user segments was recorded and forecast for the future years was made. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Catering service & solution providers
• Catering service vendors
• Organizations, forums and alliances related to catering services maket
• Government bodies such as regulating authorities and policy makers
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service & solution providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, global catering services market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Market, by Type
o Contractual
o Non-Contractual
• Market, by End User
o Industrial
o Hospitality
o Educational
o Healthcare
o In-Flight
o Others
• Market, by Region
o Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Thailand
o North America
- United States
- Canada
- Mexico
o Europe
- Germany
- United Kingdom
- Russia
- France
- Italy
- Spain
o Middle East & Africa
- UAE
- Saudi Arabia
- Iran
- South Africa
o South America
- Brazil
- Argentina
- Colombia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global catering services market.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
• Profit margin analysis in case of direct and indirect sales channel.
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