Enjoy complimentary customisation on priority with our Enterprise License!
The catering services market size is estimated to grow by USD 103.28 billion accelerating at a CAGR of 5.46% between 2022 and 2027.
Our report offers an in-depth analysis of market drivers, trends, opportunities, challenges, and restraints, with segmentation by Service (contract catering services and concession catering services), Application (corporate catering, wedding catering, social event catering, and others), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). Additionally, Technavio provides valuable insights through value chain analysis, parent market analysis, Porter’s Five analysis, vendor analysis, and COVID-19 impact data. The report also includes a thorough analysis of historical market data from 2017 to 2022.
Get Additional Information on this Report, Request Free Sample in PDF
The increasing popularity of online catering is a key factor driving the catering services market growth. The urban population's expansion fosters new habits, elevating the preference for international foods. Factors like evolving lifestyles, changing food preferences, rapid urbanization, and increased nuclear families are propelling the global fast-food industry. Global consumers, influenced by international cultures, are exploring diverse cuisines, creating growth opportunities for the fast-food sector. Mobile food service providers are gaining popularity, especially in developed and developing nations, catering to the on-the-go preferences of the working population.
The rise in purchasing power in APAC and South America contributes to the growth of the mobile food services market. The increasing demand for convenience foods prompts vendors to expand their mobile food service offerings in the Quick Service Restaurant (QSR) segment, driving the global mobile food services market's growth.
The marketing initiatives are one of the major catering services market trends shaping the growth of the market. In the global catering services market, vendors are strategically utilizing integrated marketing communication through various channels, including newspapers, magazines, and social media platforms such as YouTube and Facebook. These platforms play a pivotal role in the marketing strategies of catering service providers. Noteworthy social media platforms and their advantages include:
Twitter: Enables vendors to share upcoming locations and events, providing real-time interaction with customers.
Facebook/Instagram: With a diverse audience, these platforms leverage specific hashtags to enhance social media marketing reach.
Foursquare: A premier location-based social media platform beneficial for food truck owners aiming to increase footfall.
YouTube: Acts as an effective tool for vendors to create informative and entertaining videos about their food trucks and menu items, attracting and retaining customers.
LinkedIn: Facilitates business-to-business conversations, expertise demonstration, and collaboration with partners and suppliers for mobile food service providers.
These strategies contribute to an anticipated rise in demand for catering services during the forecast period.
Fluctuations in food commodity prices are a key challenge hindering the catering services market growth. The global catering services market is heavily influenced by fluctuating prices of essential food commodities, including sugar, grains, meat, salt, vegetables, and dairy products. Adverse weather conditions and natural disasters often lead to shortages in raw material supplies, impacting market growth.
Natural calamities, such as floods and droughts, contribute to disruptions in agricultural production, affecting global crop yields. Erratic weather conditions, exemplified by phenomena like El Nino, further reduce crop and vegetable output worldwide. Balancing food prices and quality is crucial for catering companies, navigating challenges in a market driven by price competition and product differentiation. Coping with fluctuating food commodity prices is a significant hurdle in the highly competitive landscape during the forecast period.
The contract catering services segment experienced steady growth in the catering management market, reaching a market share of USD 247.38 billion in 2017 and continuing to expand until 2021. These caterers are engaged by educational institutions, industries, hospitals, and event organizers to provide food services, ensuring increased accountability, customer convenience, and adherence to food hygiene regulations. Contract catering has gained popularity due to its convenience, accountability, and compliance with safety standards.
Catering Services Market
By Service
Get a glance at the market contribution of various segments Request Free Sample
The market is projected to grow consistently, driven by global prevalence, demand for high-quality on-site-prepared meals, and consumer preferences for fresh and healthy food. Vendors are actively innovating menus to meet evolving consumer tastes, contributing to an anticipated surge in demand during the forecast period.
APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Catering Services Market
By APAC
For more insights on the market share of various regions Request Free Samples
In 2022, the catering services market in APAC held a significant share. Businesses contract catering services for office dining, contributing to increased revenues in the region. The preference for on-the-go foods due to busy lifestyles is boosting the concession catering services market. Rapid urbanization in India and China, along with a growing working population, is modernizing food consumption patterns, driven by higher income levels and a positive perception of Western foods. Mobile food service providers offering affordable options are preferred over traditional full-service restaurants (FSRs). The rising demand for fast food is prompting international vendors to expand in China and South Korea, foreseeing continued growth in the APAC catering services market.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The catering services market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Catering Services Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2018 - 2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.46% |
Market growth 2023-2027 |
USD 103.28 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.41 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, Japan, France, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aramark, bartlett mitchell Ltd., Caterlink Ltd., CH and Co Catering Group Ltd, Delaware North Companies Inc., Deutsche Lufthansa AG, Dine Contract Catering Ltd., DO and CO Aktiengesellschaft, DoorDash Inc., Elior Group SA, Entier Ltd., Fairfax Meadow Europe Ltd., Fooditude Ltd., gategroup Holding AG, ISS AS, Newrest Group International SAS, Pret A Manger, rhubarb Food Design Ltd., SAVORY Inc, and The Emirates Group |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.