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Global Catering Services Market to be Aided by the Food Service Industry, Expected to Grow at a CAGR of 4.5% between 2022 and 2027.

According to a new report by EMR titled, ‘Global Catering Services Market Report and Forecast 2022-2027’, the global catering services market is being driven by the growth of the food service industry, which attained a value of nearly USD 516.8 billion in 2020. By 2026, the foodservice market is projected to reach USD 672.9 billion, growing at an estimated CAGR of 4.5% between 2022 and 2027.

Europe and North America are the leading regions in the global catering services market. The market in these regions is being driven by the presence of the leading global players in these regions and the growing market for integrated facilities management. In such developed markets, almost 60-70% of the catering contracts that have been outsourced outside the companies and institutions have been done as a part of integrated facility management contracts. The presence of diversified product options and technological advancements in the industry in these regions is also aiding the market growth. While the market has reached high maturity in regions like the United Kingdom, France, Italy, the UAE, the US, Hong Kong, and Singapore, the market has a high growth potential in India, the Middle East, Canada, Japan, Mexico, and Australia. In emerging economies, the market is witnessing a healthy growth due to the rising penetration of global players into the organized sector and the increasing technological advancements.

As consumers are increasingly seeking healthier and fresh food in corporate offices and college campuses, leading players in the industry are introducing healthy and sustainably sourced food in their menu. In August 2018, Aramark Corporation (NYSE: ARMK), a leading player in the industry, announced that it is introducing innovative programs and healthier menu items across the 500 college and university campuses that it serves. These changes are in response to the rising demand from the Gen Z college students for locally sourced, fresh, and healthy meals on their campuses that are also readily available. To meet the increasing demand for sustainable food, the company has also launched Open Fields in partnership with FarmLogix to source sustainable ingredients as well as report its purchases easily. It also aims at significantly reducing single-use disposable plastics in its foodservice operations globally by 2022, with nearly 80% of its consumers attempting to limit their plastic usage.

Market Analysis by Products and Regions:

  • Based on product type, the global catering services equipment market can be divided into primary cooking, refrigeration and ice machines, storage and handling, serving equipment, food preparation, and warewashing and sanitation.
  • North America, Europe, Latin America, the Asia Pacific, and the Middle East and Africa are the major regional markets for catering services.

Key Findings of the Findings:

  • The global catering services market is being driven by the rising demand for healthy and fresh food by institutions such as corporate offices, schools, and colleges, among others.
  • The market is being aided by the implementation of stringent regulations regarding food safety and growing health consciousness among consumers.
  • The industry is witnessing a healthy growth in the corporate sector as companies are using regular, healthy, and heavily subsidized meals as talent retention and attraction strategies.
  • As people are becoming more averse to consuming packaged or frozen food on a regular basis, the fresh and organic food segment in the industry is projected to witness a healthy growth.
  • The higher penetration of online payment applications in emerging economies is further pushing the market forward as the payment process is becoming more accessible and streamlined.

Key Offerings of the Report:

  • The report by EMR gives a detailed overview of the global and regional markets for catering services, food service, and catering services equipment for the (2017-2021) and (2022-2027) periods.
  • The report also gives an assessment of the historical (2017-2021) and forecast (2022-2027) markets for the products in the global catering services equipment market.
  • An in-depth look into the procurement strategy, cost analysis, and negotiation level has been provided within the report, as well.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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