Sep 26, 2020 11:00 AM ET
iCrowd Newswire – Sep 26, 2020
As per the researchers at Zion Market Research, the global catering services market is anticipated to expand at a CAGR of over 5.6% during the forecast period to surpass around $200 Billion by 2025, a few of the prominent players in the global catering services market include Compass Group PLC, Aramark, Elior Group, DO & CO, GateGroup, Cushman & Wakefield, Sodexo, Newrest, ABM Catering Solution, WSH, and SV Group, among others.
Advanced Technology’s Implementation To Enhance Consumer Experience To Boost Catering Services Market Growth
The catering services market is anticipated to witness a substantial growth owing to the rising emphasis on the implementation of technology to enhance consumer experience and decrease in the time spent just waiting for the food. In addition, the increasing demand from businesses and high-income households would assist the global catering services market to make noteworthy growth in the coming period. Furthermore, customers shell out more cash on parties as well as other catered functions together with loosening corporate finances corresponding to stronger corporate profit are also expected to help the market grow.
To cite, a recently amended edition of the in-flight catering deal was been inked by a publicly listed company, Saudi Airlines Catering Company (SACC), with Saudi Arabian Airlines Est. (Saudia). The deal was supposed to terminate on December 31, 2019, whereas the renewed agreement to be effectual for a 10 years’ period signifying the longest contractual duration between both firms with regard to in-flight catering services. The changed pact shall be implemented for the period from January 1, 2020, to December 31, 2029, and shall direct performance of SACC in-flight catering services for international and domestic flights of Saudia along with numerous other support services.
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Contractual Catering Services Segment Expected To Govern The Catering Services Market
The global catering services market based on type has been classified into non-contractual catering services and contractual catering services. In 2018, the contractual catering services segment recorded the biggest market share and is anticipated to retain its market supremacy during the forecast period. This growth of the contractual catering services segment of the global catering services market can be attributed to the continually altering dynamics of the modern staff and ravenous appetite for diverse sorts of cuisines. Furthermore, the contractual catering services segment is also anticipated to be propelled by the launch of several offers like promotional offers and limited-time menu offerings.
Based on end-user, the global catering service market is bifurcated into hospitality, industrial, healthcare, educational, in-flight, and others. Based on the region, the market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Asia Pacific is anticipated to govern the market, followed by Europe and North America. In the forecast period, Asia Pacific is projected to maintain its dominance in the global catering service market.
Browse the full “Global Catering Services Market – By Type (Contractual and Non-Contractual), By End-User (Industrial, Hospitality, Educational, Healthcare, and In-Flight & Others), and By Region – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2025.” Report at https://www.zionmarketresearch.com/report/catering-services-market
The global catering service market is segmented as follows:
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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Keywords: Catering Services Market