Gurugram, India, May 10, 2023 (GLOBE NEWSWIRE) -- Global Catering Market is at growing stage and has highly fragmented market. There more than 50k players in market. Top players such as Compass Group Plc, Aramark Corporation and AVI Food Systems in Global Catering Market hold major market share. The market is largely driven by rising demand for healthier fresh food and international cuisine and rising culture of on-site catering.
1. The urban population's desire for international cuisine drives the global catering market's expansion
Consumers worldwide are experimenting with new cuisines as a result of their exposure to many cultures and lifestyles, creating a growth opportunity for the global catering industry. Many industrialized and developing countries are seeing an increase in the popularity of mobile food service providers, owing to the growing popularity of on-the-go foods among their working populations. Furthermore, the global catering services industry is being bolstered by changing nutritional preferences, changing lifestyles, increased urbanization, and the rise of nuclear families and mobile food segment has more share in global catering market.
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2. The growing popularity of online catering is significantly impeding the growth of the global catering market
With all of the changes in the food catering industry, businesses must stay on top of what is going on in the market. This is also an excellent time to identify new market opportunities and invest in the appropriate industry sector. The numbers don't lie, as online ordering and food delivery has increased dramatically. In terms of percentage, approximately 42% of the total food ordering market is now placed online. The food industry as a whole grows at a rate of about 3.7% per year, with online ordering and food delivery growing at a rate of about 15-20% per year.
Market Taxonomy
Global Catering Market Segmentation
By Services Type
- Contractual
- Non-Contractual
By End-Users
- Healthcare
- Corporates
- Education
- Hospitality
- Industrial
- In-flight
- Others
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By Region
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- South America
By Basis of Applications
- Wedding Catering
- Corporate Catering
- Social Events Catering
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Global Catering Market
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According to Ken Research estimates, the Australia Catering Services Market grew from approximately AUD ~ Bn in 2017 to approximately AUD ~ Bn in 2022 – is forecasted to grow further into AUD ~ Bn opportunity by 2027F, owing to the unique food preferences of people, tourism, and the working population in the region. Major operators of catering businesses are investing in mobile apps, digital kiosks, tableside ordering systems, and dedicated pick-up areas or drive-thru lanes for mobile orders. Due to the nation's rising veganism trend, eateries in Australia are reorienting their menus to include healthier choices including plant-based, locally produced and fresh cuisine.
China Catering Market Outlook 2027F- driven by increasing demand & innovative business Model
According to Ken Research estimates, the China Catering Market which grew at a CAGR of ~% from 2017-2022 & is forecasted to grow at a CAGR of ~% from 2023-2027F owing to an increasing demand & innovative business models. With the growing demand for business entertainment, many people are going to restaurants, pubs, tea houses and other eateries for everyday meals and gatherings with friends. This has urged the development of catering services. Digitization of food services is in full force with people showing their preference for online takeaways.
According to Ken Research estimates, the Kuwait Catering Services Market grew from approximately AUD ~ Bn in 2017 to approximately AUD ~ Bn in 2022 – is forecasted to grow further into AUD ~ Bn opportunity by 2027F, owing to the unique food preferences of people, tourism, and the working population in the region. Major operators of catering businesses are investing in mobile apps, digital kiosks, tableside ordering systems, and dedicated pick-up areas or drive-thru lanes for mobile orders. Due to the nation's rising veganism trend, eateries in Kuwait are reorienting their menus to include healthier choices including plant-based, locally produced and fresh cuisine.
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