New York, US, Aug. 10, 2021 (GLOBE NEWSWIRE) -- In-Flight Catering Service Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “In-Flight Catering Service Market Information by Aircraft Class, Catering Type, Flight Type and Geography - Forecast till 2027”, the market is projected to cross USD 22290.7 Million by 2027 at 9.33% CAGR
Market Scope:
The dynamics in the Global In-Flight Catering Services Market are very reliant on the progress of the overall aviation sector. Furthermore, the augmented emphasis on quality passenger preferences and food services to recompensate for premium food are some of the main drivers for the In-Flight Catering Services Market Growth. Furthermore, the factors such as increasing airline travelers, intensifying disposable incomes, the progress of technology in-flight food ordering system, mounting on-board catering add to the In-Flight Catering Services Market Growth. Moreover, the growing customer requirement for nutritious food selections led by a growing understanding of food's dietary value and intensifying health consciousness are some of the additional influences that support the in-flight catering services market growth.
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Competitive Landscape:
The Well-Known Companies in the In-Flight Catering Services Market are
- SATS
- Egypt Air In-Flight Services
- Goddard Catering
- Emirates Flight Catering
- dnata
- Air Culinaire
- Do & Co
- Servair
- Gate Gourmet
- Compass Group
Market Drivers
The In-Flight Catering Services Market is estimated to witness notable levels of growth in the forecast period, as carriers will advance the quality of food supplied on the planes. The upsurge in the quality of food and services offered would be directly determined by passenger requirements. With the need for better-quality food in their flights, the catering service suppliers are now getting involved in offering state-of-the-art snack options, which bear a resemblance to a mini-meal, as an alternative to only offering light snacks. The travelers are now keen on having organic food. This airline has started procuring its food and beverage items from resident farms, bake shops, and other neighboring businesses. The employment of professional chefs to create meals, especially in the premium and business class, is estimated to motivate the In-Flight Catering Services Market.
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Market Restraints
Due to commercial aviation being highly competitive, carriers have to unceasingly stay ahead of the game to hold the In-Flight Catering Service Market Share. The main revenue of the aircraft catering services comes from full-service carriers and the low-cost carriers that would limit the development in the In-Flight Catering Services Market.
COVID 19 Analysis
The imposition of travel restrictions had halted the operation of flights on several routes impacting the In-Flight Catering Service Market. After the relaxation of the lockdowns, the revision of the standard operating protocols led to the resurgence of the in-flight catering service market in the duration of the forecast period. With most carriers still functioning far beneath capacity owing to COVID-19, inflight caterers have commenced selling their foods to schools, restaurants, and hotels. Recently, Noi Bai Catering Services Joint Stock Company (NCS), Vietnam's leading air catering company, had supplied merely 4.6 million inflight meals in 2020. To endure, NCS has begun to progress new sales channels directing customers other than airlines. It is employing suppliers and agents to vend cakes, loaves of bread, and convenience foods to restaurants and stores. It is distributing milk tea to some stores in Hanoi, along with several other dishes on its website named "Bep tren may" (Kitchen on the cloud).
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Market Segmentation
The economy class is predicted to be about USD 12 billion markets in worth in the forecast period while mounting at a significant CAGR rate, trailed by business and premium class aircraft. The full-service carriers report almost 80% of the market stake. They will continue dominating the inflight catering service market in the coming period. The meals account 50- 55% of the market share shadowed by bakery & confectionary, and beverages segment in the catering types segment.
Regional Analysis
The Asia Pacific In-Flight Catering Service Market will control the global market in the forecast period while rising at a CAGR of about 6%, followed by the regional markets of EMEA and the Americas. The resurgence in optional spending, quick urbanization and upsurge in the global travel and vacation industry credited to growing GDP drive the in-flight catering service market. The expanding standard of lifestyle to match self-improving traveling and rise disposable revenue are influences poised to drive the Asia Pacific regional market development. China is anticipated to succeed Japan in the Asia Pacific regional market to become the world's next largest country for business travel after the United States. The Middle Eastern in-flight catering service market is also developing as a center of international airline movement. The region records the uppermost number of order reservations for novel aircraft.
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