SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "In-Flight Catering Services - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 15; Released: May 2021
Executive Pool: 443
Companies: 73 - Players covered include AAS Catering Co., Ltd.; Abby`s Catering; ANA Catering Service Co., Ltd.; Brahim`s SATS Food Services Sdn Bhd; Cathay Pacific Catering Services (H.K.) Ltd.; dnata; Emirates Flight Catering Co., LLC; Gate Gourmet; KLM Catering Services Schiphol BV; LSG Lufthansa Service Holding AG; LSG Sky Chefs; Newrest Group International S.A.S; Royal In-Flight Catering Co., Ltd.; SATS Limited; Saudi Airlines Catering Company and Others.
Coverage: All major geographies and key segments
Segments: Aircraft Class (Economy Class, Business Class, and First Class); Flight Type (Full Service, and Low Cost); and Food Type (Meals, Bakery & Confectionery, Beverages, and Other Food Types)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global In-Flight Catering Services Market to Reach $21.5 Billion by 2024
In-flight catering service relates to the provision of meals and other food to passengers that are present on the flight. The catering service is contracted by a catering group run by the airline or any other catering contractor or by a hotel's catering group. In-flight catering service is considered to be a critical service provided by airline companies to passengers, for enhancing their overall travel experience, and thereby gain greater share of the market. While a majority of airline carriers typically offer bread roll; vegetable or salad; fish, chicken, or beef; and a dessert, others provide more specific meals, including religious diets, medical diets, meals for babies and infants, and various types of cultural diets. Amid the COVID-19 crisis, the global market for In-Flight Catering Services is projected to reach a revised size of US$21.5 Billion by 2024, registering a compounded annual growth rate (CAGR) of 4.6% over the analysis period. Europe represents the largest regional market for In-Flight Catering Services, accounting for an estimated 27.1% share of the global total. The market is projected to reach US$5.7 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.6% over the analysis period.
The global market for in-flight catering services is driven by booming air travel and the corresponding increase in passenger traffic, and enhanced focus on choice, quality and consistency supported by innovation in bringing about the best quality meals on-board. The market is mainly being driven by the robust increase in the number of people travelling by air globally for tourism and business, increase in non-stop and long-haul flights, and improving global economy. While traditionally the aviation industry benefited from business travels, rise in number of air travelers on leisure/pleasure trips, international tourism, growth in student travel under student exchange programs, global sports meets and growing popularity of medical tourism are also contributing to the significant increase in air traffic and hence fueling demand for airline catering. Fast paced urbanization and resultant increase in migrant population is also driving increased passenger traffic between major business centers and towns, representing a major growth driver for the inflight catering services market. Asia-Pacific and China represent key markets, led by rising number of high net worth individuals (HNWIs) as well as expanding middle class income group with increased discretionary spending; rapid urbanization; increasing international travel and tourism, and rising standard of living to complement aspirational travelling are factors poised to drive growth in the region. North America is another key in-flight catering service market, supported by the increase in the number of flyers travelling for tourism and business. Given the higher disposable incomes of people, air travelers in the region spend significantly on on-board catering. More
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