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Global Catering Services and Food Contractors, Market Trends, Growth Insights, Analysis 2024
Catering Services and Food Contractors, Industry Growth, Global Market Trends, Insights
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According to The Business Research Company's, The catering services and food contractors market size has grown strongly in recent years. It will grow from $286.33 billion in 2023 to $303.16 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased preference for healthy food in the workplace and rise in the tourism industry.
The catering services and food contractors market size is expected to see strong growth in the next few years. It will grow to $388.29 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to rising population and rising urbanization. Major trends in the forecast period include adopting intelligent methods such as artificial intelligence, consider offering food products made from natural ingredients, free of gmos (genetically modified organisms) and artificial flavors or colors, geographical expansion, and new service launches to improve product portfolio and revenues..
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Market Drivers and Trends:
The catering services and food contractors market growth is aided by stable economic growth forecasted in many developed and developing countries. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. For instance, according to the Reserve Bank of India, India's GDP is expected to grow at 9.5% during the year 2022, whereas China is forecasted to register GDP growth of 5.5% in 2022. Stable economic growth is expected to increase the demand for services offered by this industry, thereby driving the market during the forecast period.
Food catering companies are forming alliances to serve food to schools, colleges, and universities. They are also involved in the development of mobile apps that provide tailored food options to meet the needs of each individual. For instance, in March 2021, Sodexo, the food service and facilities management company, announced a partnership with HelloFresh, the meal kit leader, to deliver HelloFresh and EveryPlate meal kits to students at more than 300 colleges and universities in the United States. Students can pre-select, order, and schedule meal kits for delivery using Sodexo's BiteU app. Whether students are vegetarian, on a low-calorie diet, or looking for something quick and easy, HelloFresh allows them to choose from a varied and changing weekly menu. EveryPlate is a rotating menu of simple and affordable chef-curated recipes, including vegetarian and gourmet options.
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Major Key Players of the Market:
Compass Group PLC, Sodexo, Inc, Aramark Corporation, Elior Group S.A, Autogrill S.p.A, Samsung C&T Corporation, Deutsche Lufthansa AG, Subway, SSP Group plc, DO & CO Aktiengesellschaft, Shanghai Wagas Catering Co., Ltd, Yum China Holdings Inc, Chefs Culinar Nord GmbH & Co KG, BaxterStorey, Kofler & Kompanie GmbH, Searcys, Bun Apetit Catering, Gaspar's, Kyiv Catering, Premier Catering, Resto-Rātors, jezeršek catering, Wolfgang Puck Catering, CulinArt Group, Oliver & Bonacini Events and Catering, Encore Catering, Presidential Gourmet, Sapore, Nutriplus Alimentação, Banquetería Santa Brasa, Middle East, Emirates Flight Catering, Royal Catering, Qatar Aircraft Catering Company, Sawhney Foodstuff Tr.Co.LLC., Saudi Airlines Catering, Gulf Catering Company, Tsebo Solutions Group, Feedem Group, Food Concepts PLC, Meikles Limited, Ghada Nawara, Servest Catering
Catering Services And Food Contractors Market 2024 Key Insights:
• The catering services and food contractors market size is expected to see strong growth in the next few years. It will grow to $388.29 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Stable Economic Growth Driving The Catering Services And Food Contractors Market
• Food Catering Companies Partner To Offer More Tailored Options To Schools And Universities
• Western Europe was the largest region in the catering services and food contractors market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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