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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 2020. The food service industry is further expected to grow at a CAGR of 4.5% between 2021 and 2026 to reach a value of almost USD 672.9 billion by 2026.
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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.
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:
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.
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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.
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:
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.
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
1.1 Objectives of the Study
1.1.1 Research Objective
1.1.2 Key Findings of the Report
2 Research Methodology
2.1 Data Extraction
2.2 Data Corroboration
2.3 Market Structure
2.5 Market Models
3.1 Market Outlook
3.2 Market Scope and Segmentation
3.3 Additional Insights
4 Executive Summary
4.1 Key Market Developments
4.2 Market Analysis
4.3 Key Players
4.4 Cost Structure
4.5 Market Revenue and Growth
5 Market Dynamics
5.1 Market Driver Analysis
5.2 Market Restraint Analysis
5.3 Industry Challenges
5.4 Industry Opportunities
6 Global Catering Services Market Analysis
6.1 Figure: Global Catering Services Historical Market (2016-2020) & Forecast (2021-2026)
6.2 Chart: Global Catering Services Market Breakup by Region
6.2.1 North America
126.96.36.199 United States of America
188.8.131.52 United Kingdom
6.2.3 Asia Pacific
6.2.4 Latin America
6.2.5 Middle East & Africa
184.108.40.206 Saudi Arabia
220.127.116.11 United Arab Emirates
18.104.22.168 South Africa
6.3 Figure: Global Catering Services Market Breakup by Region: Historical Market (2016-2020) & Forecast (2021-2026)
6.3.1 North America
22.214.171.124 United States of America
126.96.36.199 United Kingdom
6.3.3 Asia Pacific
6.3.4 Latin America
6.3.5 Middle East & Africa
188.8.131.52 Saudi Arabia
184.108.40.206 United Arab Emirates
220.127.116.11 South Africa
6.4 Figure: Global Food Service Industry Historical Market (2016-2020) & Forecast (2021-2026)
6.5 Chart: Global Food Service Industry Market Breakup by Region
6.5.1 North America
6.5.3 Asia Pacific
6.5.4 Latin America
6.5.5 Middle East and Africa
6.6 Figure: Global Catering Services Equipment Historical Market (2016-2020) & Forecast (2021-2026)
6.7 Chart: Global Catering Services Equipment Market Breakup by Product
6.7.1 Primary Cooking
6.7.2 Refrigeration and Ice Machines
6.7.3 Storage and Handling
6.7.4 Serving Equipment
6.7.5 Food Preparation
6.7.6 Warewashing and Sanitation
6.8 Figure: Chart: Global Catering Services Equipment Market Breakup by Product: Historical Market (2016-2020) & Forecast (2021-2026)
6.8.1 Primary Cooking
6.8.2 Refrigeration and Ice Machines
6.8.3 Storage and Handling
6.8.4 Serving Equipment
6.8.5 Food Preparation
6.8.6 Warewashing and Sanitation
7 SWOT Analysis
8 Porter’s Five Forces Analysis
8.2 Buyer’s Power
8.3 Supplier’s Power
8.4 New Entrants
8.5 Degree of Rivalry
9 EMR’s Key Indicators for Price
10 EMR’s Key Indicators for Demand
11 Value Chain Analysis
12 Procurement Strategy
12.1 Sourcing Models
12.2 Pros and Cons
12.3 Perfomance Assessment
12.4 Success Factors
13 Cost Analysis
13.1 Labour Cost
13.2 Material and Technology
14 Competitive Landscape & Supplier Analysis
14.1 Compass Group plc
14.1.1 Company Overview
14.1.2 Financial Analysis
14.2.1 Company Overview
14.2.2 Financial Analysis
14.3 Aramark Corporation
14.3.1 Company Overview
14.3.2 Financial Analysis
14.4 ISS Facility Services Pvt Ltd.
14.4.1 Company Overview
14.4.2 Financial Analysis
14.5 AVI Foodsystems, Inc
14.5.1 Company Overview
14.5.2 Financial Analysis
14.6 Mitie Group plc
14.6.1 Company Overview
14.6.2 Financial Analysis
15 Industry Events and Developments
The global catering services market attained a value of USD 516.8 billion in 2020. It is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 4.5%. The industry is projected to reach USD 672.9 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of types of equipment product, the industry is segmented into primary cooking, refrigeration and ice machines, storage and handling, serving equipment, food preparation, and warewashing and sanitation. The major regional markets for the product are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with Europe accounting for the largest share of the industry. The key players in the industry include Compass Group plc, Sodexo, Aramark Corporation, ISS Facility Services Pvt Ltd., AVI Foodsystems, Inc, and Mitie Group plc, among others.
The major drivers of the industry such as rising disposable incomes, increasing population, growing awareness of health, rising demand for fresh food in corporate offices, and the rising penetration into the organised sector of emerging countries are expected to aid the market growth. EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with industry insights that are accurate, actionable, and help them remain ahead of their competition.
EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected market conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the market study are:
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