“Culinary Cash Flow”: Is the Global Catering Market Ready to Serve Up a $250 Billion Buffet in the Next Half Decade? - Ken Research
Ken Research
5 min read
Ken Research
The report covers Global Feeding Service Sector, Global Wedding Catering Industry, Global Catering Market Demand, Number of Catering Companies, Number of Cloud Kitchens Globally, Global Contractual Catering Market, Global Non-Contractual Catering Industry, Hospitality Catering Market, North America Catering Market, Europe Food Serving Market, Asia-Pacific Catering Market, Middle East Catering Market, Catering Industry Challenges, Opportunities Feeding Service Globally, Leading Players in Global Catering Market, Competitors in Catering Industry Worldwide, Emerging Players in Food Service Sector, Sodexo catering Market Revenue, Aramark Catering Market Share, ISS Facility Services Catering Revenue, AVI Food Systems Revenue, Hutten Catering Market Share, Delaware Catering Annual Revenue, Black Olive Catering Market Share.
Gurugram, India, May 10, 2023 (GLOBE NEWSWIRE) -- Global Catering Market is at growing stage and has highly fragmented market. There more than 50k players in market. Top players such as Compass Group Plc, Aramark Corporation and AVI Food Systems in Global Catering Market hold major market share. The market is largely driven by rising demand for healthier fresh food and international cuisine and rising culture of on-site catering.
1. The urban population's desire for international cuisine drives the global catering market's expansion Consumers worldwide are experimenting with new cuisines as a result of their exposure to many cultures and lifestyles, creating a growth opportunity for the global catering industry. Many industrialized and developing countries are seeing an increase in the popularity of mobile food service providers, owing to the growing popularity of on-the-go foods among their working populations. Furthermore, the global catering services industry is being bolstered by changing nutritional preferences, changing lifestyles, increased urbanization, and the rise of nuclear families and mobile food segment has more share in global catering market.
2. The growing popularity of online catering is significantly impeding the growth of the global catering market With all of the changes in the food catering industry, businesses must stay on top of what is going on in the market. This is also an excellent time to identify new market opportunities and invest in the appropriate industry sector. The numbers don't lie, as online ordering and food delivery has increased dramatically. In terms of percentage, approximately 42% of the total food ordering market is now placed online. The food industry as a whole grows at a rate of about 3.7% per year, with online ordering and food delivery growing at a rate of about 15-20% per year.
Market Taxonomy Global Catering Market Segmentation By Services Type
According to Ken Research estimates, the Bahrain Catering Market was valued at ~USD and a CAGR of ~% in the period of 2017-2022P and is forecasted to grow at a CAGR of ~% in the period of 2022P-2027F, owing to the rising adoption of automated kitchen in catering services, surging focus on healthier meals and rising tourism in the nation. Contactless payments and in-app ordering are two of the newest developments in the in-flight catering industry. By providing high-quality food and guaranteeing little wait time, catering service companies are attempting to improve the complete client experience.
According to Ken Research estimates, India’s Catering Services Market grew from approximately USD ~ Bn in 2017 to approximately USD ~ Bn in 2022 – is forecasted to grow further into USD ~ Bn opportunity by 2027F, owing to the establishment of a large number of malls, schools, tourism, and the increase of tourism in the country. Catering Service companies are beginning to offer products that capitalize on this interest in vegan and vegetarian products in India, which in turn is set to boost the growth of the catering service market in the country. To run a food catering business in India, it is mandatory to obtain the FSSAI license to continue activities related to any stage of manufacturing, storage, packaging, processing, catering services, import and includes catering services, food services, sale of food as well as the sale of food ingredients.
According to Ken Research estimates, the Australia Catering Services Market grew from approximately AUD ~ Bn in 2017 to approximately AUD ~ Bn in 2022 – is forecasted to grow further into AUD ~ Bn opportunity by 2027F, owing to the unique food preferences of people, tourism, and the working population in the region. Major operators of catering businesses are investing in mobile apps, digital kiosks, tableside ordering systems, and dedicated pick-up areas or drive-thru lanes for mobile orders. Due to the nation's rising veganism trend, eateries in Australia are reorienting their menus to include healthier choices including plant-based, locally produced and fresh cuisine.
According to Ken Research estimates, the China Catering Market which grew at a CAGR of ~% from 2017-2022 & is forecasted to grow at a CAGR of ~% from 2023-2027F owing to an increasing demand & innovative business models. With the growing demand for business entertainment, many people are going to restaurants, pubs, tea houses and other eateries for everyday meals and gatherings with friends. This has urged the development of catering services. Digitization of food services is in full force with people showing their preference for online takeaways.
According to Ken Research estimates, the Kuwait Catering Services Market grew from approximately AUD ~ Bn in 2017 to approximately AUD ~ Bn in 2022 – is forecasted to grow further into AUD ~ Bn opportunity by 2027F, owing to the unique food preferences of people, tourism, and the working population in the region. Major operators of catering businesses are investing in mobile apps, digital kiosks, tableside ordering systems, and dedicated pick-up areas or drive-thru lanes for mobile orders. Due to the nation's rising veganism trend, eateries in Kuwait are reorienting their menus to include healthier choices including plant-based, locally produced and fresh cuisine.
