Rockville, Jan. 26, 2023 (GLOBE NEWSWIRE) -- The global catering services market is predicted to expand at a CAGR of 4.5% and reach a valuation of US$ 908.8 billion by the end of 2033, up from US$ 585.2 billion in 2023, as per the Fact.MR, market research, and competitive intelligence provider.
The catering service market is driven by increasing demand for healthy food meals in corporate, increasing demand for food away from home, and rising demand from social & wedding events. In the corporate sector, a prominent catering service is highly important to attract new employees and offer a high-end experience to the employees. Also, the corporate catering service providers and experts help in establishing the company’s image among clients during a corporate event.
The market is projected to rise in the forthcoming period due to the globalization of businesses as people from different countries with different traditions and different taste buds are working under same roof and to meet their expectation enterprises are entering into a contract with catering service providers. The catering service provides a wide variety of options to the consumers and meals as per their tastes & preferences.
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| Report Attributes | Details |
| Catering Services Market Size in 2022 | US$ 560.0 Billion |
| Estimated Market Value (2023E) | US$ 585.2 Billion |
| Forecasted Market Value (2033F) | US$ 908.8 Billion |
| Global Market Growth Rate (2023-2033) | ~4.5% CAGR |
| No. of Pages | 170 Pages |
| No. of Tables | 54 Tables |
| No. of Figures | 95 Figures |
Key Takeaways from Market Study
- During 2023-2033, the market will expand with CAGR of 4.5%
- Among regions, East Asia exhibits fastest growth with CAGR of 5.3%
- Contract catering services capitalized about 71.0% of share in service segment.
- The global catering services market growth was 3.7% during 2018-20232
“The burgeoning popularity of mobile catering services will drive the market growth,” says a Fact.MR analyst.
Segmentation of the Catering Services Market
- By Service :
- Contract Catering Services
- Non-Contractual Catering Services
- By Type :
- Wedding Catering
- Social Event Catering
- Corporate Catering
- Others (Not Mentioned Elsewhere)
- By End-user :
- Corporate
- Industrial
- Hospitality
- Healthcare
- Educational
- Sports & Leisure
- Others (Not Mentioned Elsewhere)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Market Development
The catering service market is highly competitive with the presence of various large and small market players in the industry. In order to enhance their footprint and market share, these market players are taking various initiatives like merger & acquisition and service launches. The market is witnessed with numerous small market participants who have a significant share in the market, projected to contribute enormously towards the market development during the assessment year.
- In March 2021, Compass Group, a leading contract and support service company, completed the acquisition of SmartQ, a food-tech start-up.
Key Companies Profiled
- ANN SATHER
- Aramark Corporation
- ARIA CATERING
- AVI Foodsystems, Inc.
- Bartlett mitchell Ltd.
- BLACK OLIVE CATERING
- BLUE PLATE
- CH and Co Catering Group Ltd.
- Compass Group plc
- Delaware North Companies Inc.
- Dine Contract Catering Ltd.
- DO & CO Aktiengesellschaft
- DoorDash Inc.
- Elior Group SA
- ISS Facility Services Inc.
- Mitie Group plc
- Sodexo S.A
- The Emirates Group
- Other Key Players
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global catering services market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of services (contract catering services and non-contractual catering services), Type (wedding catering, social event catering, corporate catering and others (not mentioned elsewhere)), end-user (corporate, industrial, hospitality, healthcare, educational, sports & leisure, and others (not mentioned elsewhere)) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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