In-flight Catering Services Demand to Register 6.5% CAGR, Creating an Incremental US$ 13.71 Billion Market Opportunity in 2031
In-flight Catering Services Market Players Introduce Advanced Technologies and Multi-cuisines to Entice Passengers
The In-flight catering services market analysis offered by Fact.MR scrutinizes key growth factors that are impacting sales in the market. The report provides in-depth insights covering key factors such as drivers, opportunities, key players' strategies, and demand outlook. In addition to this, the study analyzes latest trends across various segments such as offering type, service type, airline category, and provider type.
NEW YORK, Aug. 9, 2022 /PRNewswire/ -- The global in-flight catering services market is likely to reach US$ 13.71 billion in 2031, growing at a CAGR of 6.5% during the forecast period (2021-2031). With the resumption of travel industry and as domestic and international flights resume, demand for quality and hygienic in-flight catering services are likely to witness an increase.
Rapid technological advancements in consumer product and travel industries, airline companies are focusing on offering innovative services through digitization. In-app ordering and contactless payments are some of the latest trends in the in-flight catering services market, opines Fact.MR.
Further, in-flight catering services market players are also focusing on developing environmental-friendly and sustainable products. Growing awareness to reduce carbon footprint have also created conducive environment for the market players. Hence, to capitalize on this existing trend, several airliners are now offering meals in packaging made from sustainable materials.
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According to Fact.MR's research report, airline companies are also focusing on reducing food waste. Therefore, they are looking at predictive analytics and past historical patterns to estimate the amount of food they need to load on the plane. To accurately predict this, airliners are tying up with data analytics companies which can provide them this necessary information.
The progress of in-flight catering services market is directly dependent upon the state of the global airline industry. While the airline industry is on path of recovery, 2022 will still be a year of decline. According to IATA.org, global net losses in 2022 will be to the tune of US$ 8.9 billion. However, the airline industry is expected to make a recovery in the next couple of years, which will provide an impetus to in-flight catering services industry during the forecast period.
Key Takeaways:
- Demand for main course foods segment is expected to rise as many international flights are long-haul flights.
- In terms of offering type, the main course in-flight catering segment is likely to grow at a CAGR of 5% during the assessment period.
- Demand for in-flight catering services market in low-cost carriers is anticipated to remain lucrative
- The U.K. is expected to be a key market in Europe owing to presence of leading players such as British Airways and EasyJet.
- India in-flight catering services market is expected to grow at a steady pace owing to popularity of air travel among Indian passengers.
Growth Drivers:
- Growing preference for air travel as compared to other modes of travel, especially in developing countries will create opportunities for in-flight catering service providers during the forecast period.
- Resumption of business travel and long-haul international flights will provide momentum to market.
- Use of simple yet innovative technology that allows passengers to browse menu and order food & beverages from their smartphones.
- Availability of customized food such as organic, Halal, vegan as per customer sensibilities is likely to provide a boost to the market.
Restraints:
- In-flight catering companies will continue to witness low demand for their services in 2022 and 2023 as the airline industry is yet to recover from the restrictions imposed in countries such as UAE, Russia, and Ukraine.
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Competitive Landscape
Sustainability, hygiene and simple, innovative technology are the key factors on which in-flight catering service providers are focusing upon. Further, to boost their demand and supply, leading airliners are investing in developing farms and other agriculture avenues.
For instance,
- In July 2022, Emirates Flight Catering tied up with Crop One to develop the world's largest hydroponic farm. The vertical farm will grow thousands of kilos of salads for Emirates flights.
Key Companies Profiled by Fact.MR
- Emirates Group
- HNA Group Co. Ltd.
- Newrest First Catering Ltd.
- Flying Food Group
- Journey Group Plc.
- Do & Co AG
- Deutsche Lufthansa AG
- Saudia Arabian Airlines Corporation
- SATS Ltd.
- Universal Weather & Aviation Inc.
More Valuable Insights on In-flight Catering Services Market
In the latest study, Fact.MR offers a detailed study on global in-flight catering services market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of In-flight Catering Services with analysis across below segments:
By Offering Type
- Main Course In-Flight Catering
- Beverages In-Flight Catering
- Breakfast In-Flight Catering
- Starters & Platters In-Flight Catering
- Desserts In-Flight Catering
By Service Type
- In-Flight Catering for Full Service Carriers
- In-Flight Catering for Low-Cost Carriers
Airline Category
- Economy Class In-Flight Catering
- Business Class In-Flight Catering
- First Class In-Flight Catering
Provider Type
- In-Flight Culinary Only Provider
- In-Flight Culinary & On-Board Supplies Provider
- In-Flight Complete Solution Provider
Key Questions Covered in the In-flight Catering Services Market:
- What is the projected value of the in-flight catering services market in 2021?
- At what rate will the global in-flight catering services market grow until 2031?
- Which are the factors hampering the growth in the in-flight catering services market?
- Which region is expected to lead in the global in-flight catering services market during 2021-2031?
- Which are the factors driving the in-flight catering services market during the forecast period?
- What is the expected market value of the in-flight catering services market during the forecast period?
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