Contract Catering Market 2021 | Assessing the Fallout from the COVID-19 Pandemic by Coherent Market Insights

Contract catering is a catering company that is hired by an organization to provide catering services on a regular basis.

Increasing demand for food-away-from-home across the globe due to rising millennial and working population is expected to drive growth of the contract catering market over the forecast period. For instance, according to the U.S. Bureau of Labor Statistics in October 2016, average spending on food of U.S. household was valued at US$ 7,023 in 2015 of which, spending on food-away-from-home accounted for share of 43% (around US$ 3,008) of all food spending.

Request for Sample Copy of this Report @ https://www.coherentmarketinsights.com/insight/request-sample/3342

The global contract catering market was valued at US$ 215.9 billion in 2018, and is expected to exhibit a CAGR of 5.8% over the forecast period (2019-2027), to reach US$ 355.6 billion by 2027.

North America is expected to be a lucrative region in the global contract catering market. For instance, according to Coherent Market Insights’ analysis, North America is expected to exhibit a CAGR of 6.0% in the contract catering market during the forecast period (2019-2027). The growth is mainly attributed to increasing demand for contract catering from corporate sector in North America. For instance, according to Compass Group’s annual report (2018), corporate and industrial sector accounted for the largest revenue share of 31.0% of the total revenue generated in North America with operating profit of 8.1% in 2018.

Europe is expected to witness a lucrative growth in global contract catering market by 2021. The growth is attributed to rising presence of contract caterers and their adoption of growth strategies such as providing new venue, events solution and merger & acquisition. For instance, in September 2019, CH&CO, one of the leading players in contract catering, headquartered in the U.K., launched a new venue and event solution called ‘eve’. The combination of the company’s resources & network, venue and events are expected to help the company in gaining competitive advantages.

Players operating in the global contract catering market are focused on adopting various growth strategies such as providing new catering services and expansion to enhance their customer base. For instance, in December 2018, Elior Group SA, that operates in contract catering and support services under two main brands namely Elior and Elior Services, created a new generation central kitchen model called ‘the Pépinière du gout’.

Major players operating in the global contract catering market include Compass Group PLC, United Enterprises Co. Ltd., Elior Group SA, Aramark Corporation, CH&Co Catering Group Limited, Mitie Group plc., Sodexo S.A., Westbury Street Holdings Limited, and Rhubarb Food Design Limited.

Buy this premium Report @ https://www.coherentmarketinsights.com/insight/buy-now/3342

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:
Name: Mr. Shah
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com
Visit Our Blogs: https://blog.coherentmarketinsights.com

This release was published on openPR.