Catering and Food Service Contractor Market Size
According to recent market research report, the catering and food service contractor market was valued at USD 355.2 Billion in 2017, and is projected to increase to USD 599.9 Billion by 2026, witnessing a CAGR of 6.25% during the forecast period. Restoration is an essential part of the sector, especially for network operators that provide services over long distances. The design and planning of meals are important processes in food services.
Growth Opportunities, Challenges and Restraints of Catering and Food Service Contractor Market
According to the International Air Transport Association (IATA), restoration planning and restoration activities are important areas of activity for food services. The growth of the tourism industry is one of the main drivers of growth in the catering and food service contractor market. According to Our World in Data, the number of international tourist arrivals in regions such as Europe, America, the Asia-Pacific region, Africa and the Middle East reached 1.24 billion in 2016.
In addition, the growing preference for mini buffets is also expected to drive growth in the catering and food service contractor market. Mini meals are convenient and packaged in disposable trays, which are then deposited in the desired places. These meals are clearly preferred for smaller meetings or where space limitations exist. In addition, the hassle-free configuration of mini-buffets has led to their increasing adoption compared to their counterparts in normal buffets.
However, the growing number of online food delivery services is an important factor that slows growth in the market for catering and food service contractor market. Electronic catering services facilitate and facilitate the order process, maintain the transparency of costs, including prices and other taxes to bill, and monitor expenses in real time. These services allow customers to place orders through a mobile application and explore various energy options without the intervention of contractors. Among the main competitors of the suppliers of online food services are Food Matters, Zomato, Swiggy, UberEats, Foodpanda, Deliveroo, etc.
Geographical Insights of Catering and Food Service Contractor Market
It is expected that Europe will have a significant market share during the forecast period in the world market. The growth of the market in the region is attributed to the growing number of mergers and acquisitions in the region. For example, in 2017, CH & Co and Harbor & Jones merged, generating USD 299.46 million in revenue. The merger of the two companies was aimed at providing catering services in British and Irish territory. Previously, in 2015, Harbor & Jones acquired PCC Ltd and its two brands, Fare of London and Principals Catering. The transaction generated a turnover of more than 55.48 million dollars. As a result, the intensification of M & A activity in Europe should stimulate market growth in terms of turnover.
The Asia-Pacific region is expected to represent a significant market share during the projected period in the catering and food service contractor market. This is mainly attributed to strict regulations in the region that encourage people to eat healthy. For example, in April 2017, the government of Singapore adopted a healthier restoration policy for the entire government (WOG). The policy was introduced to encourage a healthier diet at home, at work and in the communities of Singapore. According to the policy, Singapore's government entities will receive healthy food and beverages at receptions, conferences, trainings and meetings organized by the government.
Some of the promising companies leading the Catering and Food Service Contractor Market:
- Compass Group Plc.
- Aramark Corporation
- Elior Group
- Delaware North
- Westbury Street Holdings
- Ovations Food Services
- Thompson Hospitality
- Dine Contract Catering
- Olive Catering Services
This research report includes following segmentation for the Catering and Food Service Contractor Market size and forecast 2026
Catering and Food Service Contractor Market - By Product Type
- Food Service Contractors
Catering and Food Service Contractor Market - By Application
- Commercial Organization
- Educational Institutions
- Medical Institutions and Other Applications
Catering and Food Service Contractor Market- By Region
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa