The Increase In Tourism Industry To Boost The Growth Of Catering And Food Service Contractor Market

 

Catering and Food Service Contractor Market

Catering and Food Service Contractor Market, by Application (Corporate, Industrial, Hospitality Services, Healthcare, Educational Institutions, Sports & Leisure and Others) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026

The Global Catering and Food Service Contractor Market is estimated to be valued at US$ 28.58 billion in 2023 and is expected to exhibit a CAGR of 6.2 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Catering contractor refers to the preparation of meals by a company for various other organizations or companies however, not for the common people. Several hospitals and their organizations are hiring the contract caterers. Catering is a very important part of the business, particularly for network carriers serving distant places. Meal design and meal planning are essential procedures of catering facilities.

Competitive Landscape:

Major players involved in the global Catering and Food Service Contractor Market are, Aramark Corporation, Westbury Street Holdings, Ovations Food Services, Delaware North, Compass Group Plc., Olive Catering Services,  Thompson Hospitality, Sodexo, Elior Group, Dine Contract Catering, and others.

Market Key Drivers:

The increase in tourism industry is expected to augment the growth of global catering and food service contractor market. For instance, as per UN Org., there were around 250 million international tourist arrivals globally in the first half of 2022

Constant economic growth is projected to rise the necessity of services in this industry. This factor is anticipated to propel the growth of global catering and food service contractor market. For instance, as per Reserve Bank of India, India’s GDP is projected to grow at 9.5% throughout the year 2022.

Covid-19 Impact Analysis:

The COVID-19 outbreak has mimicked as an immense limitation on the catering services and food contractors’ market in 2020 as regulatory officials imposed obstructions on domestic and international travel restricting the requirement for services provided by these companies.COVID-19 is a disorder with flu-like symptoms comprising fever, cough, and respiratory problems.

Key Takeaways:

The global Catering and Food Service Contractor Market is anticipated to exhibit a CAGR of 6.2 % during the forecast period owing to frequent approvals, quick launches by the key players and the partnerships and collaborations. For instance, in March 2021, Sodexo, has declared a collaboration with HelloFresh, to distribute HelloFresh and EveryPlate meal kits to children at above 300 colleges and universities in the U.S.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in the global catering and food service contractor market due to mergers and acquisitions, product expansions and growing tourism industry. For instance, in June 2018, Neo Group Limited declared the introduction of its completely-owned subsidiary, Chilli Manis Catering Pte. Ltd., in Singapore.