Customized Meals Based on Consumers' Choice is accelerating the Catering Services Market is projected to reach US$ 951.5 Million & 4.4% CAGR: 2023 to 2033 | Estimated Report by Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
6 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The United States accounts for nearly 25% revenue share of the global catering services market. China is predicted to witness a CAGR of 7.1% in the catering services market. The demand for catering services in the country of Canada is projected to grow at a rate of 3.5% through 2033
DUBAI, United Arab Emirates, March 07, 2023 (GLOBE NEWSWIRE) -- As per the market survey report, the catering services business worldwide generated a revenue of around US$ 565 million in the year 2018. Though the market followed a steeply rising curve in the following years, the average CAGR until 2022 has been brought down to 1.2%. This tragic downfall in demand for catering services was a consequence of the pandemic rendering the market value at US$ 592.5 million by end of 2022.
Currently, the net worth of total catering services adopted around the world together is estimated to be around US$ 618.5 million for the year 2023. The catering services sector is projected to expand at an annual rate of 4.4% during the years 2023 to 2033. The FMI global catering services market analysis report further predicts it reaching a value of almost US$ 951.5 million by 2033.
There is a growing concern for safe food handling practices worldwide and a need for outsourcing food preparation services to a reputed supplier. Moreover, the FDA's strict guidelines for monitoring and controlling the standards of the food being served are perfecting catering services globally.
Recently, the United States FDA established more and stricter rules and guidelines for regulating the quality and standards of food served by catering service providers. As a result, many existing market players in the country have reoriented their business strategies to remain competitive in the market.
The United States is the leading region for the adoption of all catering services and the regional market is expected to be worth around US$ 152 million in 2023.
China is anticipated to record an impressive 7.1% CAGR over the forecast years owing to its huge population and evolving culture.
Germany is the leading region in Europe for higher adoption of catering services throughout the Europe region. As per the market report, this regional market is anticipated to exhibit a growth rate of 3.2% during the years 2023 to 2033
The demand for catering services in Canada is projected to grow at a rate of 3.5% over the forecast years making it a lucrative market for players in the region as well as the United States.
Standalone food catering services control a dominant share of the market in comparison to chain catering services companies.
The corporate contract food catering service segment contributes the lion's share of the total revenue generated by the global market.
Aramark Corp., Compass Group PLC, Bartlett Mitchell Ltd., CH and Co Catering Group Ltd., Delaware North Companies Inc., Newrest Group Services SAS, Deutsche Lufthansa AG, Dine Contract Catering Ltd., Gategroup, DO & CO Aktiengesellschaft, DoorDash Inc., Elior Group SA, The Emirates Group, Sodexo Group PVT Ltd, Cushman & Wakefield, WSH Group Ltd., Newrest Group Services SAS, and ABM Catering Solution, ISS A/S, Jones Lang LaSalle IP, Inc., AVI Foodsystems, Inc, Thompson Hospitality, Albron B.V., Hutten Catering BV among others are prominent players operating in the global catering services market.
To boost profits and strengthen their market positions, many companies in the catering services market have selected new product launches and takeover of regional service providers as their primary development methods.
Some leading global market participants have recognized substantial growth potential in Asia Pacific countries and are extending service points in this region. Due to large investments for attracting foreign corporates and tourism, nations like India, Qatar, and Saudi Arabia present attractive development potential for the catering service sector.
Explore FMI’s related ongoing Coverage on the Food and Beverage Domain
Online Catering Marketplace Value: The online catering marketplace is projected to witness steady growth in the global market at a CAGR of 4.6% during 2022 and 2032. The online catering marketplace share is projected to be valued at US$ 76.3 Bn in 2022 and is forecasted to reach US$ 119.9 Bn by 2032.
Catering Management Market Size: The catering management market is projected to record a CAGR of 4.3% during the forecast period (2022 - 2032).The catering management market is expected to be valued at US$ 104.3 billion in 2022 and is likely to reach US$ 159.3 billion by 2032.
Advanced Distribution Management Systems Market Trends: Global demand for the advanced distribution management systems market is slated to increase at a CAGR of 20.0% to reach a valuation of US$ 12,102.0 Million by 2029
Online Food Delivery & Takeaway Market Share: The global online food delivery & takeaway market is expected to reach a valuation of US$ 27,695.9 Million in 2022. The market is further projected to grow at a CAGR of 7.3% from 2022 to 2032, totaling around US$ 55,828.1 Million by the end of 2032.
Hyperlocal Food Delivery Market Outlook: The hyperlocal food delivery market share is predicted to witness a fair CAGR of 8.3% over the forecasted period of 2022 to 2032. The global market is estimated to reach a value of nearly US$ 493.9 Billion by 2032, increasing from US$ 222.5 Billion in 2022.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
