Portland, OR, June 26, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global in-flight catering service market was estimated at $18.08 billion in 2018, and is expected to hit $24.11 billion by 2026, registering a CAGR of 3.6% from 2019–2026. The report provides a detailed analysis of the market, including top investment pockets, industry drivers and restraints, market size & forecast, market segmentation, and competitive landscape.
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Rise in number of international & domestic air passengers, and development in the aviation industry fuel the growth of the global in-flight catering service market. On the other hand, retail on board & personal in-flight chefs and growth in low cost airline market restrain the growth to some extent. However, innovation in food technologies and government initiatives for sustainable air connectivity growth are expected to create multiple opportunities in the market.
The economy aircraft class to dominate through 2019–2026-
Based on aircraft class, the economy aircraft class segment generated the largest share in 2018, accounting for nearly half of the total market revenue. The business aircraft class segment, on the other hand, is expected to grow at the fastest CAGR of 3.8% during the study period.
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The full-service segment to lead the trail till 2026-
Based on flight type, the full-service segment contributed to more than two-thirds of the total market share and is anticipated to dominate during the estimated period. Simultaneously, the low-cost segment is anticipated to showcase the fastest CAGR of 3.8% through 2019–2026.
North America to maintain its dominance during the study period-
Based on geography, North America accounted for one-third of the total market share and is expected to rule the roost till 2026. At the same time, the Asia-Pacific region is predicted to depict the fastest CAGR of 4.6% during the period.
Leading market players-
The key market players analyzed in the global In-flight catering service market report include Do & Co, Gategroup, Royal In-Flight Catering, Saudi Airlines Catering Company, Flying Food Group LLC, Emirates Flight Catering, SATS Limited, Cathay Pacific Airways Limited, Newrest Group International S.A.S, and LSG Sky Chefs. These market players have adopted several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.