Contract catering services provide quality food choices and improved convenience for employees and customers across various sectors including businesses, educational institutions, healthcare facilities and remote locations. The rising demand for standardised processed and pre-cooked foods that are easy to order and distribute has been driving the contract catering market. The global Contract Catering Market is estimated to be valued at US$ 296.39 Billion in 2024 and is expected to exhibit a CAGR of 14.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand from growing healthcare and education sectors has been boosting the contract catering market significantly. Factors such as ageing population fueling the demand for quality patient nutrition in hospitals as well as rising enrollments in educational institutions requiring food services have accelerated the market growth. The contract caterers are well equipped to cater to the specific nutritional needs for diverse clienteles in these sectors through customized menus and specialized diet plans while ensuring consistent quality, portion control and food safety. This has enhanced their demand especially from healthcare providers and educational facilities globally.
Segment Analysis
The global contract catering market is dominated by institutional catering segment which accounts for more than 60% of the total market share. Institutional catering includes provision of catering services across various non-commercial settings like hospitals, educational institutions, corporates, industries, sports & recreational centers, and old-age homes. The segment is dominating owing to the growing demand for hygienic and nutritional food services from places having large customer footfall like hospitals, schools & universities.
Key Takeaways
The global contract catering market analysis is expected to witness high growth over the forecast period of 2024 to 2031 on account of rising demand for outsourced food services across corporate offices, industries, educational institutions.
Regional analysis:
The North American region currently dominates the global contract catering market with over 35% share owing to robust presence of corporate sectors. However, Asia Pacific region is projected to witness the fastest growth during the forecast period on back of rapid industrialization and economic development in major countries like China and India. Countries like India, China, Japan and South Korea are expected to be the major revenue generators for the APAC region.
Key players
operating in the contract catering market are Bio-Rad Laboratories, 10x Genomics, Novogene, Fluidigm, BGI, Illumina, Inc., Oxford Nanopore Technologies, Pacific Biosciences, Thermo Fisher Scientific, Inc., and QIAGEN.
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