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Catering Services Procurement Market Skyrockets to $533B, Projected 5-7% CAGR by 2025| ELINT Market Research

07-10-2024 04:03 PM CET | Leisure, Entertainment, Miscellaneous

Press release from: ELINT Market Research

Catering Services Procurement Market

Catering Services Procurement Market

Worldwide demand for and usage of catering services has increased noticeably, according to the most recent catering services procurement market research report from ELINT Market Research. The comprehensive procurement market analysis shows that the industry is anticipated to expand quickly, culminating in a remarkable $533 billion global valuation for its worth in 2022-2023. With a projected CAGR of 5-7% by 2025, the procurement market intelligence analysis indicates a stable expansion for the catering services market. In addition to demand growth, as observed in specialty and variety food items, it vouches for a bright future. This report will discuss how innovation, technology, and sustainability are central targets to focus more on improving sustainability, productivity, and customer satisfaction in the catering industry.

It adds that the need for such services and the emphasis on the factor has led the catering services industry to grow by leaps and bounds. In this regard, many social events, weddings, business meetings, and similar events happening in the market have increased awareness about catering services. Additionally, the inception of the food industry to offer food on a massive scale and bring significant changes in the taste of consumers, with the rise of the need for diverse cuisines, also highly supports the catering services market. Given that demand from multiple industries is predicted to grow, the catering services sector has a bright future. Technology will likely improve and optimize the catering experience, enabling the industry's continued expansion. It includes cutting-edge delivery techniques and online catering platforms. ELINT, a leading procurement intelligence company, offers comprehensive industry coverage in its latest catering services procurement market research report.

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Dynamic Forces Shaping the Catering Services Procurement Market: Consumer Preferences and Regulatory Compliance Drive Industry Evolution

The future of the catering procurement services market is rather dynamic and versatile, as many factors drive it in the overall direction. It will be mainly driven by customers' changing tastes and preferences, which have been constantly touching on the type and level of catering services demanded. With consumers changing their focus to such issues as environmental and health consciousness, catering firms are currently offering many menu options that are sustainable and health conscious. Besides the shift in people's lifestyles, the business has introduced various wellness and social responsibility initiatives to help steer the change. Thus, there is a need for procurement that is in operation in the catering business to be concerned about this to ensure such suppliers provide ethically produced meals.

The significant mandates that strongly influence the catering services procurement market are strict labor laws, food safety, government cleanliness, and strict governing. Stiff competition outputs also ensure robust procurements to ensure law compliance and, indeed, supplies are of quality. Besides, the recent eruption within the supply chain on the global front stresses the importance of risk management in catering service delivery. The risks from geopolitical concerns, unforeseen events, and supplier reliability are to be gauged low and mitigated to ensure that the catering supply chain is systematic and keeps going well for business.

Key Highlights for the Catering Services Procurement Market

 The wedding catering segment experienced a notable surge in 2022-2023, reinforcing its standing as the frontrunner in the dynamic procurement of catering services. This category's persistent adherence to menu innovation, flawless service, and flexibility to meet the constantly shifting needs of its clientele is expected to keep it at the top of the catering services market in 2023-2025.

 With growth between 2022 and 2025, the full-service catering industry will lead the dynamic catering services procurement market. We predict that this segment will continue to grow in importance at various events, including social gatherings, business meetings, and weddings, as we move forward from 2023 to 2025.

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Catering Services Procurement Market Regional Scope

The catering services market is dynamic, with intriguing regional differences in market share. According to the data, the European Union leads the market with 44% of the total, while North America holds a substantial market share of up to 25% or more. This regional dominance implies a high demand for catering services in these areas, perhaps due to social gatherings, weddings, and business events. Asia is interestingly behind the rest of the world, with 16% of the global market, indicating unrealized potential and room for expansion for caterers. Nevertheless, the combined market share of the Middle East, Africa, and Latin America is 15%; their respective shares are 5%percent, 5%, and 10%.

The fairly balanced buyer-supplier dynamics in the European Union and North America suggest a modest supplier strength. Regional market dynamics can differ significantly across Asia, and the competitive environment impacts this equilibrium. This example illustrates a more varied landscape with different levels of influence, as the provider power varies from low to medium. To purchase catering services, suppliers may need to modify their strategies to fit the particulars of each location. This careful analysis emphasizes how crucial it is to consider local variations when negotiating the catering services market.

Major Developments in the Catering Services Procurement Market

 Combining forces with the Indian Railway Catering and Tourism Corporation (IRCTC), a well-known food delivery company, Swiggy, to provide food delivery services on Indian Railways is a conscious effort to improve the traveler experience. This partnership will revolutionize onboard dining by leveraging Swiggy's vast restaurant network and effective delivery system.

 The establishment of Newrest Catering Services allowed Alhokair Group to diversify its business. That way, it would fit the customers' requirements within other industries. On the other hand, it offers Alhokair Group the ability to tap into its long practice in the hospitality industry to deliver high-quality solutions to its customers.

Key Players in the Catering Services Procurement Market

Some of the well-acclaimed companies that have made a difference in the catering services procurement industry include Elior, Mitie, GSH Group, Dussmann, BaxterStorey, CIS, Remote Site Services, Al Shirawi, Marcia's Catering, Eulen, Dalkia, UDS, Tenon, The Catering Company Kitchen, Savills, and Spotless. Together, they all have left a mark of excellence in the sector and still set the benchmarks for catering procurements.

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Pivotal Aspects Addressed in the Catering Services Procurement Market Research Report

How much is the catering services market worth, and how much more is expected to grow by 2025?

According to a new analysis by ELINT Market Research, the global catering services market is expected to reach around $533 billion by 2025 at a CAGR of 5-7%.

What aspects of the catering services market are contributing to the positive outlook?

All these positively predicted trends turn out optimistic because of the general pattern of outsourcing catering services and the progress in demand for diversified choices in specialty catering. Most of the innovations and technological applications in the many facets of catering will prove, to a great degree, the future of catering.

Which crucial topics are covered in the catering services procurement market research report?

The catering services procurement market research report covers several aspects, including the current market value to the industry dynamics, growth forecasts, key market segments, the geographic break-up, supplier power dynamics, leading innovations, and the top competitors.

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ELINT Market Research is the Procurement Market Intelligence and advisory unit of BE Compliant LLC. Providing accurate and easy-to-consume procurement market intelligence. Accurate category insights and data can be hard to find however with ELINT, pricing data, supplier intelligence and contract strategies are available at a click.

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