The potential growth difference for the catering services market between 2020 and 2025 is USD 104.92 billion. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics:
- Market Driver – The increasing popularity of online catering is one of the major factors driving the growth of the catering services market size. Online catering enables consumers to select food items from the prescribed menu on the website and subsequently place an order. Also, these online channels allow customers to create personal accounts to make future ordering convenient as these accounts record customers’ preferences. This helps vendors to market new products for generating repeated sales. As a result, online ordering platforms are used as an effective marketing tool to promote products and drive sales by enabling customers to place orders quickly and easily. Furthermore, online catering channels are adding delivery services to bring food to consumers’ doors along with catering services. Moreover, vendors are partnering with logistics companies to promote the timely delivery of a chosen food item, thereby increasing their operational efficiency.
- Market Challenges – The fluctuation in food commodity prices is a major challenge for the catering services market growth. The global catering services market is highly dependent on the prices of food commodities such as sugar, grains, meat, salt, vegetables, and dairy products. These comprise raw materials required for cooking food, and hence their existing prices are very important for the catering services market. As the global catering services market is driven by price competition and product differentiation, maintaining a balance between food prices and quality is very important for catering companies. In a highly competitive market, caterers must maintain low prices irrespective of production costs to attract and retain consumers. Thus, fluctuating food commodity prices are major challenges faced by food service operators.
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The catering services market report is segmented by Service (Contract catering services and Concession catering services) and Geography (APAC, North America, Europe, MEA, and South America).
The catering services market share growth by the contract catering services segment will be significant for revenue generation. The advantage of contract catering services is increased accountability from the caterer, convenience for customers, and regulatory compliance with food hygiene and safety requirements. Hence, contract catering services have become one of the most popular types of catering services.
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Some Companies Mentioned
- Aramark Corp.
- bartlett mitchell Ltd.
- CH and Co Catering Group Ltd.
- Delaware North Companies Inc.
- Deutsche Lufthansa AG
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Foodservice Market –The …….