Global Catering Services Market: Catering Services Market By Region: North America, Europe, Asia Pacific, Latin America, Middle East and Africa; By Product: Primary Cooking, Refrigeration and Ice Machines, Storage and Handling, Serving Equipment, Food Preparation, Warewashing and Sanitation; Historical Production and Consumption (2015-2019); Production and Consumption Forecast (2020-2025); SWOT Analysis; EMR’s Key indicators for Demand; Procurement Strategy; Cost Analysis; Competitive Landscape & Supplier Analysis; Events and Developments

Global Catering Services Market Key Insights:

Market Outlook

The global catering services market is aided by the overall food service industry, which reached a value of almost USD 516.8 billion in the year 2019. The food service industry is further expected to grow at a CAGR of 4.5% between 2020 and 2025 to reach a value of almost USD 672.9 billion by 2025.

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The global catering services market is driven by the recent food safety-related incidents, due to which the FDA has come up with strict and tighter norms and regulations for monitoring the quality and standards of food being served. Thus, along with the global concern for food safety, it is also driving the demand for outsourcing catering services, further enhancing the global catering services market.

The market is led by Europe and North America regions due to the high presence of global players and specialised service providers. The industry has met high market maturity in western European countries, like the United Kingdom, France, and Hong Kong. However, the industry is expected to have a high potential for growth in the Middle Eastern regions, China, India, Canada, Japan, Mexico, and Australia. The low maturity regions are the major parts of Asia, Africa, and Latin America, which are expected to witness a healthy growth in the coming years.

Properties and Applications

Catering services provide food for large scale meetings, conferences, parties, and other events. These services might also extend to providing meals for institutions like schools, colleges, and corporate offices. They either have their own in-house cooking staff or have contracted a third-party source for sourcing the food.

The products used in the catering services equipment industry are:

• Primary Cooking
• Refrigeration and Ice Machines
• Storage and Handling
• Serving Equipment
• Food Preparation
• Warewashing and Sanitation

The report also covers the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Market Analysis

The global catering services market is being driven by the stringent norms and regulations passed down by the FDA to monitor and control the quality and standards of the food being served, as a result increasing the global concern for food safety and the demand for outsourcing catering services to a trusted source. The Asia Pacific has a high demand for catering services due to the rising population in the region and the increasing need for industry players in the organised sector.

The catering services market is being propelled forward as catering is being used as a talent attraction and retention tool by several corporate offices. The increasing number of companies are showcasing their dining services as an attraction by providing an additional employee benefit, rather than just a meal to attract and retain talent. The companies are offering customized menus and dining experiences to the employees at a subsidized rate, which is becoming a norm to attract and retain the best talent by enhancing employee satisfaction and morale. Such a holistic dining experience also encourages employees to eat together and build a sense of belonging to the company. This, as a result, has given rise to a lot of themed restaurants and fine dining eateries on campus.

The global catering services market is being aided by the increase in demand for healthier fresh food among corporate buyers. The foodservice operators have been shifting their focus on offering healthier meals prepared from fresh ingredients at the location's kitchen and decreasing their dependence on frozen prepared foods. The growing emphasis on the adoption of technology to improve the customer experience and reduce time wasted waiting for food is augmenting the market growth. The rapid increase of global multinationals in the emerging regions has triggered a rise in the demand for specialized catering services. Suppliers are improving their supply capability while adopting performance-based metrics for evaluation and performance monitoring, thus, providing further impetus for industry growth.

Catering services have included healthy eating options, such as organic foods, a balanced vegan diet, and healthy snacks due to the trend of growing health consciousness around the globe. Locally sourced fresh farm produce is in high demand for fruits, vegetables, and meat products, further driving the catering services market. Frozen and processed food is being avoided due to rising quality concerns and issues related to food safety. Increase in the growing penetration of mobile-based payment solutions, such as Apple Pay, Samsung Pay, and Google Android Pay, gives the customers the convenience of making payments through online wallets without the need to carry cash while reducing the time taken for payments at the counter, further invigorating the catering services market growth.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global catering services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Compass Group plc
• Sodexo
• Aramark Corporation (NYSE: ARMK)
• ISS Facility Services Pvt Ltd.
• AVI Foodsystems, Inc
• Mitie Group plc
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on Porter's five forces model along with giving a SWOT analysis.