The global Contract Catering Market is estimated to be valued at US$ 257.28 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Contract catering involves the provision of outsourced food services for schools, offices, events, and other venues and organizations. It provides convenience and variety of food options to busy professionals and students. The market offers pre-prepared meals, snacks, and beverages for daily consumption.
Market key trends:
One of the major trends in the contract catering market is the growing demand for online food delivery services. With evolving consumer preferences and busy lifestyles, there is increasing demand for conveniently delivered meals at offices or other locations. Many contract catering companies are partnering with food delivery platforms to provide customized menus and dietary options for customers on-the-go. This allows customers to order meals via mobile apps for delivery at scheduled times, offering greater flexibility and accessibility.
Segment Analysis
The global contract catering market is segmented by type into corporate, industrial, healthcare, educational, and sports & leisure. The corporate segment dominates the market and is expected to remain the largest segment over the forecast period. This is attributed to the growing number of businesses opting for contract catering services as it helps them focus more on their core operations. Additionally, contract catering services for corporate clients help businesses reduce operating costs and ensure consistent food quality.
Key Takeaways
The Global Contract Catering Market Size is expected to witness high growth, exhibiting a CAGR of 4.9% over the forecast period, due to increasing demand for outsourcing non-core business services from various end-use industries.
Regional analysis:
North America currently dominates the global contract catering market. The region is expected to continue its dominance over the forecast period attributed to strong economic growth and rapid expansion of businesses in countries like US and Canada. Asia Pacific is projected to be the fastest growing region owing to growing middle-class population, rapid urbanization, and expansion of manufacturing sector in emerging countries such as China and India.
Key players:
Key players operating in the contract catering market are Compass Group PLC, Sodexo S.A., Aramark Corporation, and Elior Group. Compass Group and Sodexo dominate the global market on account of their international presence, diverse service portfolio, and long-standing experience in the industry.
For More Insights, Read: https://www.newsstatix.com/contract-catering-market-size-share-and-growth-forecast-2023-2030/
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