Dublin, March 20, 2024 (GLOBE NEWSWIRE) -- The "Global Contract Catering Market: Analysis By Ownership, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global contract catering market value stood at US$260.68 billion in 2023, and is expected to reach US$353.75 billion by 2029. The market is expected to grow at a CAGR of 5.22% over the projected period of 2024-2029.
The global contract catering market is moderately consolidated. Major companies in the market have been implementing various strategies to expand their product portfolio and gain competitive edge, including offering diverse and customizable menus to cater to diverse consumer preferences, leveraging technological advancements to streamline service delivery & enhance customer experience, and demonstrating a commitment to sustainability and responsible sourcing to resonate with environmentally conscious clients.
Global contract catering market demonstrated a consistent growth, primarily driven by increasing demand for nutritional and hygienic food among geriatric care centers and educational institutions, rise in number of food joints like restaurants and hotels, increasing popularity of weekend parties in corporate sector, growing number of tourism activities, increasing consumer focus on health & wellbeing, escalating demand for top-notch food solutions, rising trend of fine dining to establish a good relationship with clients as a part of business development, and rapidly growing hospitality industry, etc.
North America dominated the global contract catering market owing to rapidly expanding gig economy, well-established culture of dining out, rising consumer disposable income, increased presence of in-house and off-premise caterers, continuous demand for diverse and innovative culinary experiences, rapidly maturing business-to-business event industry, and presence of large number of corporations, educational institutions, and healthcare facilities in the region. The US is the largest region of North America contract catering market as a result of increased demand for round-the-clock access to high-quality food on a work day, rise in fresh food subscription model, presence of a large number of business institutions and corporate offices in cities like New York and Silicon Valley, and shifting emphasis on sustainability and responsible sourcing.
Asia Pacific is the fastest growing region within global contract catering market owing to booming corporate sector, presence of large population base, increasing millennial workforce, growing demand for healthy and sustainable catering options, growing focus on Chinese Government on elderly care, rising number of companies recognizing the importance of employee well-being and offering on-site catering, and increasing number of international companies setting up operations in the region.
Furthermore, emergence of advanced business models offering ad-hoc workplace food services, shifting emphasis on sustainability and responsible sourcing, increasing focus of contract catering companies on digital marketing and branding, ongoing technological advancements with increasing use of digital menu displays and block chain technology, and rising emphasis of caterers on providing premium table services, exotic ingredients, live food counters and aesthetic delicacies in a profound manner, etc., will continue to boost the growth of global contract catering market in the upcoming years.
Key vendors in the contract catering market are offering value additions such as employee support, training, and guaranteed service-level agreements to gain a larger market share. The leading vendors are also investing in expanding their international presence and creating strong brand images for their services.
The increasing number of M&A activities, geographic expansions, and service diversifications will intensify the level of competition in the global market. For instance, in 2023, workplace caterer, Blue Apple, has announced that it is to join forces with independent caterer and Royal Warrant holder, CH&CO, where the merger is expected to expand CH&CO's workplace portfolio, strengthening its positioning in the marketplace.
Market Segmentation Analysis:
Standalone contract catering is the largest segment of global contract catering market as a result of rapid urbanization, growing demand for tailored menus and food services, rising consumer emphasis on health and well-being, increasing focus of standalone contract caterers on personalized service and strong client relationships, increasing adoption of online booking platforms, food delivery apps, and social media marketing to attract large consumer base, and added advantage for standalone caterers in the form of lower overhead costs and deep understanding of local tastes, preferences, and cultural nuances compared to managed service providers.
Chain contract catering is the fastest growing segment of global contract catering market as a result of well-established brand recognition, broader geographic reach, increasing demand for consistent and reliable contract catering services by educational institutions and healthcare facilities, and added benefit for clients in terms of economies of scale, lower costs per unit, and provision of consistent quality meals.
Business and industrial is the largest segment of the global contract catering market as a result of growing workforce, rapid industrialization, consistent and stable corporate demand, rapid globalization of corporate operations, and contract catering being a cost-effective solution in comparison to maintaining in-house cafeteria operations. Healthcare is the fastest growing segment of global contract catering market owing to rapidly aging population, rising focus of government on public health, and growing emphasis of medical institutions on critical role of nutrition in patient recovery and overall well-being.
Competitive Landscape:
- Compass Group PLC
- Sodexo
- Elior Group
- NEC Corporation (Amadeus Food)
- Newrest Group
- CH&Co Catering Group Ltd.
- Caterleisure Group
- Connect Catering Services DMCC
- ABM Catering Solutions
- BM Contract Caterers
Market Dynamics
Growth Drivers
- Rapidly Growing Hospitality Industry
- Increasing Working Population
- Ongoing Trend of Outsourcing Food Services
- Rapid Digitalization and Increasing Penetration of Smart Devices
- Rising Consumer Emphasis on Health and Well-being
Challenges
- Rising Labor Costs
- Fluctuating Food Prices
Market Trends
- Emergence Of Advanced Business Models Offering Ad-hoc Workplace Food Services
- Shifting Emphasis On Sustainability And Responsible Sourcing
- Increasing Focus on Digital Marketing and Branding
- Ongoing Technological Advancements
- Rising Demand For Global Flavors And Authentic Experiences
- Hyper-local Offerings
For more information about this report visit https://www.researchandmarkets.com/r/mzdkv1
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