Global Catering Services Market: Analysis and Forecast 2022-2027
Regional Category Spend, Primary Demand, Price Analysis and Indicators, and Best Buying Practices of the Catering Services Market
The global Catering Services industry was valued to be worth USD 540.06 Billion in 2021. In the projection period of 2022-2027, the industry is expected to grow at a CAGR of around 4.5 percent, achieving a value of around USD 703.29 Billion by 2027.
The Catering Services Market broadly studies the industry, together with important segments, movements, drivers, constraints, the competitive landscape, and other critical market features.
The FDA’s strict regulations and procedures for examining and monitoring the quality and standards of the food being served, together with the growing popularity of internet catering, are boosting the sector. Europe and North America are the biggest category spender by region which is impelling the demand for the Catering Services industry.
Catering Services: Market Definition and Segmentation
Catering is the business of supplying meals or large-scale events like meetings, conferences, parties, and other get-togethers at a remote location or a location like a hotel, hospital, bar, plane, cruise ship, park, filming set or studio, entertainment location, or event venue. They either have an in-house culinary crew or have contracted with a third party to provide the food.
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The catering services Market comprises segments:
- By Application: Primary Cooking, Refrigeration & Ice machines, Storage & Handling, Serving Equipment, Food Preparation, Ware washing & Sanitation
- By Region: North America, Europe, Asia Pacific, the Middle East, Africa, and South America
Snapshot of the Report
The regional markets for the industry can be divided into North America, Europe, Asia Pacific, the Middle East, and South America.
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The need for specialised catering services has increased due to the rapid expansion of global multinational enterprises in emerging economies. Suppliers are improving their supply capabilities while using performance-based assessment and performance monitoring criteria, resulting in increased industry growth. Suppliers are also improving their supply capabilities and utilising performance-based standards to evaluate and monitor their performance.
Technology is becoming increasingly vital to improve the customer experience and reduce the number of times customers spend waiting for food. Customers can buy meals from a menu on a website and have them delivered to their location. Customers can also create personal profiles on these websites, remembering their preferences and simplifying the purchasing process. This aids retailers in promoting new items to increase repeat sales.
Category Insight by Region
Because of the existence of major essential companies, the North American and European regions account for the largest proportion of the market. The market is being spurred by growing food-related health and safety concerns. Due to recent food safety concerns, the FDA has tightened its guidelines and regulations for managing the quality and standards of food served, accelerating market growth.
In response to a growing demand for new and healthy food among corporate purchasers, foodservice operators have been focused on supplying healthier meals produced from fresh ingredients in the location’s kitchen and reducing their reliance on frozen, pre-prepared foods, enhancing the sector’s revenues. In the foodservice industry, significant corporate expenditure is the key driver of order.
By introducing creative menu and dining options from professional caterers, major customers want to go beyond simply providing catering services to their employees and create a dining experience that enhances employee happiness and morale. The expensive cost of guaranteeing consistency and sanitation of food products by employing a large workforce, on the other hand, is impeding the industry’s growth.
Best Procurement Practices
The global catering services Market by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major customers of catering services products across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Category Management Studies
A catering company may hire its cooks or buy food from a contractor or third party and deliver it to the customer. During sit-down dining occasions, waiters, waitresses, and busboys are regularly assigned to prepare tables and serve meals. During buffets and casual events, the caterer may send people to set up chafing dishes, bowls, and platters full of food, replace them and serve food to visitors.
A banquet hall events and wedding receptions, a manager will frequently direct the wait staff and support workers, such as coat check people. Before the event, a salesman aids the customer in choosing food, location, and decorations that are within his budget, as well as setting up the billing mechanism.
Key Supplier Profiles included in the Catering Services Market
The key market players are Compass Group plc, Sodexo, ISS A/S, and Aramark Corporation.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments in the market.
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