The US contract catering market is estimated to reach values of approximately $63 billion by 2023
LONDON, Feb. 25, 2019 /PRNewswire/ -- The US contract catering market is estimated to reach values of approximately $63 billion by 2023, growing at a CAGR of more than 4% during 2017-2023.
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The focus on innovation and new approaches will help contract caterers attract a large number of consumers in the US market. Companies are offering a complete dining experience with fresh, customized meals in the morning and afternoon to meet dynamic consumer requirements in the market. The US contract catering market is driven by the demand for round-the-clock access to high-quality food on a work day. The emergence of sophisticated palates and desire for variety is fueling the need to offer multiple dining options in the US market. The market research report provides in-depth market analysis and segmental analysis of the US contract catering market by industry, contract type, delivery, and facility.
The report considers the present scenario of the US contract catering market and its market dynamics for the period 2018?2023. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and several other prominent companies operating in the market.
Contract Catering Market in US – Dynamics
The recent trend to bring down costs, reduce headcount, and improve efficiency is driving the need for outsourcing in the contract catering market in US. The emergence of a new age outsourcing facilities that help to enhance the quality of catering to the needs and demands of their staff via expert knowledge is expected to transform the market. From outdoor grills to destination dining spaces to special food-related events, a host of renditions of foodservice deliveries that provide "eatertainment" as opposed to just a snack bar or food kiosk are becoming part of the appeal of the services offered by these companies. The vendors are creating a unique gastronomical experience to enhance the customer satisfaction levels in the contract catering market in US. The leading companies are implementing 4G, RFID, mobile apps, and smartphones through digital technology and changing the way food are presented and delivered in the contract catering market in US. The leading companies are leveraging technology to provide more information, customized orders, and shorter waiting times in the US market.
Contract Catering Market in US – Segmentation
This market research report includes a detailed segmentation of the market by industry, contract type, delivery, and facility. The sports and leisure segment dominated less than 1/3rd of the market share in 2017, growing at a CAGR of more than 4% during the forecast period.Sports stadiums and venues are the largest revenue generators in this segment in the US market. The incorporation of seasonal and local food, sourcing more fair trade, organic, and sustainable vegetarian meals in the healthcare sector will transform the market.
On and off-premise segment dominated close to half of the market share in 2017, growing at a CAGR of around 4% during the forecast period. The growing need to reduce overhead costs and increase flexibility is driving the popularity of on and off-premise facilities in the US market. The fixed-price segment occupied majority of the market share in 2017, growing at a CAGR of around 4% during the forecast period. Single service segment occupied the second largest market share in 2017, growing at a CAGR of more than 3% during the forecast period. The growing demand for personalized flexibility and expertise services contributes to the growing revenues in this segment in the US market.
• Market Segmentation by Industry
• B&I
• Education
• Healthcare
• Sports & Leisure
• Senior Care
• Others
• Market Segmentation by Contract Type
• Fixed Price
• Cost-Plus
• Other
• Market Segmentation by Delivery
• IFM
• Single Service
• Market Segmentation by Facility
• On-Premise
• On and Off-Premise
Key Vendor Analysis
The US contract catering market is moderately consolidated, and the top five players control the majority of the competition level. The top vendors are expanding into international regions to create strong brand images for their services in the market. Foodservice operators claim 95% renewal in practice, indicating that the three-fourths of contracts that are due for renewal either get renewed or are not tendered. The companies are offering value-added services and a wide range of options to sustain the intense competition in the US market. The players are offering self-delivery capabilities to gain a competitive edge in the US market.
The major vendors in the US market are:
• Compass Group
• Sodexo
• Aramark Services
• Delaware North
• Elior Group
Other prominent vendors include American Dining Creations, Atalian Servest, CIR Food, Continental, Gourmet Services, Guest Services, ISS World Services, Nexdine, Parkhurst Dining Solutions, Quest Food Management Services, Taher, Thompson Hospitality, The Nutrition Group, and Whitsons Culinary Group.
Key market insights include
1. The analysis of US contract catering market provides market size and growth rate for the forecast period 2018-2023.
2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the US contract catering market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of the US contract catering market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
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