Global Catering and Food Service Contractor Market to Surpass US$ 601.9 Billion by 2026 – Coherent Market Insights
Seattle, Jan. 24, 2019 (GLOBE NEWSWIRE) -- The global catering and food service contractor market was valued at US$ 360.6 billion in 2017, and is projected to exhibit a CAGR of 6.35% over the forecast period (2018–2026).
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Key Trends and Analysis of the Catering and Food Service Contractor Market:
Increasing preference for mini buffets and growing awareness regarding health and wellness are major growth factors for the global catering and food services contractor market. Increasing demand for healthy food has promoted food service providers to introduce healthy meals. Healthier menus are considered to be one of the most significant strategies adopted by key players in the global catering and food service contractor market in order to enhance their market share. For instance, Grain, an online restaurant and catering service provider, offers healthy buffet in its menu. Furthermore, growing online food delivery services worldwide is a major restraining factor for the global catering and food service contractor market growth. Online food delivery companies such as UberEats, Foodpanda, Deliveroo, and others makes the process of ordering food easy and convenient.
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Key Market Takeaways:
- The market is expected to exhibit a CAGR of 6.35% during the forecast period (2018–2026). This is owing to growing tourism industry coupled with stringent regulations pertaining to catering services.
- Europe is anticipated to have significant market share during the forecast period, owing to increasing M&A activities in the region. Major players in the market are adopting M&A strategies to expand their businesses, generate revenue and to gain strong foothold in the market. For instance, in December 2018, Sodexo announced plans regarding the acquisition of Alliance in Partnership (AiP) group of companies, a specialist education caterer in the U.K., which includes the contract dining company and class catering services.
- Asia Pacific is expected to witness rapid growth in the market, owing to increasing preference for safe and healthy food at workplace. Key market players in the region are focused on offering healthy food at workplace. Companies such as Team Catering and Royal Catering Services Pte Ltd cater for corporate events and offer seminar packages by providing healthy food items in their menu.
- Key players operating in the global catering and food service contractor include, Compass Group Plc., Sodexo, Aramark Corporation, Elior Group, Delaware North, Westbury Street Holdings, Ovations Food Services, Thompson Hospitality, Dine Contract Catering, Olive Catering Services, and others
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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