Global Catering and Food Service Contract Market Is Expected to Reach $477.3 Billion by 2031: Allied Market Research
Concern regarding food safety, increase in popularity of online contract catering and food service, rise in business-related travel, an increase in the number of food joints such as hotels & restaurants, and increasing demand for hygienic and nutritional food across educational institutions and geriatric care centers drive the growth of the global catering and food service contract market. By ownership, the standalone segment would maintain a progressive revenue growth through 2031.
Portland, OR, Jan. 25, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the globalcatering and food service contract market generated $251.1 billion in 2021, and is estimated to reach $477.3 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
|Market Size in 2021||$251.1 Billion|
|Market Size in 2031||$477.3 Billion|
|No. of Pages in Report||269|
|Segments Covered||Application, Ownership, and Region|
|Drivers||Concern regarding food safety|
|Increase in popularity of online contract catering and food service|
|Rise in business-related travel|
|An increase in the number of food joints such as hotels & restaurants|
|Increasing demand for hygienic and nutritional food across educational institutions and geriatric care centers|
|Opportunities||The emergence of advanced business models for offering ad-hoc workplace food services|
|Restraints||The closure of a significant proportion of the food service industry due to the COVID-19 outbreak|
- The outbreak of the COVID-19 pandemic impacted the catering and food service contract market negatively. This is because the catering and food service contract industry is majorly dependent on the hospitality sector for its revenue generation. The pandemic led to the closure of a significant proportion of the food service industry, including hotels & restaurants, pubs & bars, which resulted in the decline of the market growth.
- However, restaurants adopted the trend of home delivery and pick up models due to the pandemic, which, in turn, prompted restaurants to spend on the catering services. The hospitality and corporate industry, including full-service restaurants, catering, and quick service restaurants resumed its business by adhering to stringent hygiene guidelines with capacity cut by 50%. These factors contribute to the growth of the market.
The report offers a detailed segmentation of the global catering and food service contract market based on application, ownership, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on application, the corporate segment held the largest share of nearly one-fourth of the global catering and food service contract market in 2021, and would maintain its leadership in terms of revenue through 2031. The sports and leisure segment, however, is estimated to witness the fastest CAGR of 6.3% during the forecast period. The report also analyzes the educational institutions, healthcare, industrial, hospitality services, and others segments.
Based on ownership, the standalone segment was the largest in 2021, capturing two-thirds of the global catering and food service contract market share, and would lead the trail through 2031. However, the chain segment is estimated to witness the fastest CAGR of 6.1% during the forecast period. The report also mentions the pediatric and geriatric segments.
Based on distribution channel, the retail pharmacies segment was the largest in 2021, grabbing more than two-fifths of the global catering and food service contract market share, and would maintain its dominance through 2031. The hospital pharmacies segment, on the other hand, is estimated to witness thefastest CAGR of 11.1% during the forecast period. The report also mentions the online pharmacies segment.
Based on region, the market in Europe was the largest in 2021, accounting for more than one-third of the global catering and food service contract market share and is likely to maintain its leadership status during the forecast period. However, the market in Asia-Pacific is expected to manifest the highest CAGR of 6.6% from 2022 to 2031. The other regions analyzed in the study include North America and LAMEA.
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Leading players of the global catering and food service contract market analyzed in the research include Delaware North Companies, Inc., Comprehensive Support Services PTE., Ltd., Australian Camp Services, The RK Group, Gulf Catering Company, Of Food Catering, Conntrak Catering Services, National Catering Services & Foodstuff, NCC Group, Compass Group PLC., Sodexo, Elior Group, Aramark, ISS A/S, Thompson Hospitality Corporation, NTUC Foodfare Co-operative Limited, SATS Ltd., Catering Solutions Pte. Ltd., Neo Group Limited, Algosaibi Services Company, Ltd., Cater Care Holdings Pty., Ltd., Catering HQ, Gnocci Holdings Pty. Ltd., WSH Investments Limited., and Fusion Foods & Catering Pvt. Ltd.
The report analyzes these key players of the global catering and food service contract market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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