Dublin, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The "Contract Catering Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Contract Catering Market was valued at USD 215.48 billion in 2023, and is expected to reach USD 285.19 billion by 2029, rising at a CAGR of 4.78%
The global contract catering market report consists of exclusive data on 70 vendors. Companies in this market are continuously focusing on acquisitions, partnerships, and mergers to expand their market reach. The year-on-year acquisitions in this market are rising significantly.
Some of the vendors, such as Aramark Services, Avolta, Compass Group, Delaware North, Elior Group, ISS A/S, OCS Group Holdings Ltd., Ojaco S.a R.L., Sodexo, and Westbury Street Holdings, are the dominant players in the global contract catering market. They hold a significant market share. They are offering wider services across the globe. The market is witnessing increasing competition, driven by several factors, including growing consumer awareness of wellness & health, technological advancements, and outsourcing food services.
In 2023, APAC accounted for the largest share of the global contract catering market. Rapid economic growth in many APAC countries and rising urbanization are driving the number of education institutions, businesses, healthcare facilities, and other catering services requirements. Evolving dietary preferences and busy lifestyles are fueling demand for healthy and convenient food options. Many governments are promoting and taking initiatives to promote hygiene and food safety. The thriving hospitality and tourism industry in this region is driving the demand for contract catering services in resorts, restaurants, hotels, and other tourist destinations.
MARKET TRENDS & DRIVERS
Rise of Fresh Food Subscriptions
Fresh food subscription is one of the major trends in the global contract catering market. Various factors, including an increased focus on health & wellness, sustainability concerns, demand for flexibility & convenience, logistic improvements, and increased customization trends, drive this. As the businesses rise, there is a huge demand for nutritious & healthy meals.
The demand for fresh food from K-12 schools is growing significantly, as there is increasing awareness about maintaining infants' and children's health with high-quality nutritional diets and its long-term impact on their physical and mental health. The B&I industries are making contracts with contract caterers to offer high-quality fresh food at breakfast and lunchtime to their employees. Contract catering companies offer subscriptions through their apps or special cards. Thus, there is a huge opportunity to offer fresh food subscriptions during office hours for lunch and after office hours for takeaway.
Technology Integration
Technology integration is a significant trend in the global contract catering market due to several factors, including enhanced customer experience, data-driven insights, improved operational efficiency, the rise of contactless ordering, and improved operational efficiency. Some of the examples in this trend include mobile ordering & payment apps, AI-powered menu planning, self-service kiosks, automation in kitchens, food waste tracking, and inventory management systems.
Due to internet penetration, digitization across various sectors has boomed in the last few years. Contract catering companies are adopting various possible ways of digitization to grow their business by gaining customer bases and expanding activities across Europe. For taking online contract catering orders and maintaining the data and scheduling of orders, the contract catering companies have started adopting a catering management system (CMS) in their system. Several contract catering companies are offering online menu selection and pre-booking options. Due to digitalization, by just tapping the subscription card on the machine, the customer can easily pay and take their meals.
Emergence of Cloud Kitchens
The emergence of cloud kitchens is a significant driver in the global contract catering market and is driven by several factors, including scalability & flexibility, efficiency & cost-effectiveness, innovative menu options, and expanding reach. Cloud kitchens have the advantage of the ability to quickly adapt to changing demand and lower overhead costs. They can offer increased scalability and flexibility in contract catering services. Cloud kitchens have specialized and niche food concepts. Thus, they can offer a wider range of unique and exciting menu options, enhancing their value proposition.
Cloud kitchens can easily expand their reach with the help of delivery services to new clients and locations. After the pandemic, the offices and industries started at full capacity. Thus, cloud kitchens have increased across the globe. The business owners understood the future opportunity of cloud kitchens in the contract catering services. Cloud kitchens are known for safety & hygienic services, and there is no need for a waiter or any staff. Thus, they offer food at low prices and can take bulk orders. Food services & restaurants are collaborating with such cloud kitchens, which offer high-quality food to the customer without disturbing their existing kitchen system.
INDUSTRY RESTRAINTS
Rising Preference for Street Food and Grab 'N' Go Outlets
Rising preference for street food and Grab 'N' Go outlets is a major challenge in the global contract catering market. This is due to several factors, including competition for consumer spending, shifting dining habits, perception of value, and changing consumer expectations. Street food and grab-and-go outlets offer affordable, diverse, and convenient food options.
This directly competes with traditional contract catering services in various sectors like events or corporate catering, where attendees have more choices. The street food vendors and grab-and-go outlets often offer customized options, flexibility, and unique culinary experience. This may put pressure on contract caterers to adapt and innovate menus. Due to the hybrid work models, people's habits have changed, and many people prefer convenient and quick options. It may hinder the market growth during the forecast period.
KEY QUESTIONS ANSWERED
- How big is the global contract catering market?
- Who are the major players in the global contract catering market?
- What is the growth rate of the global contract catering market?
- What are the key trends of the global contract catering market?
- Which region dominates the global contract catering market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 134 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $215.48 Billion |
| Forecasted Market Value (USD) by 2029 | $285.19 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
COMPETITIVE LANDSCAPE
Key Vendors
- Aramark Services
- Avolta
- Compass Group
- Delaware North
- Elior Group
- ISS A/S
- OCS Group Holdings Ltd.
- Ojaco S.a R.L.
- Sodexo
- Westbury Street Holdings
Other Prominent Vendors
- ABM Catering Solutions
- Air Catering
- Aliant Food Services
- Allied Universal
- Allied Catering Services Ltd.
- Amadeus
- Amara Holdings Ltd.
- American Dining Creations
- Atalian Servest
- AVI Foodsystems
- Barlett Mitchell
- BITE
- CAMST
- Caterleisure Ltd.
- Carlos Aviation Catering Network GmbH
- Chartwells Higher Ed
- CIRFOOD
- Connect Catering
- Crystal Jade Culinary Concepts Holding
- Bon Appetit Management Company
- Dine Contract Catering
- Do & Co
- Dussmann Group
- Emirates Flight Catering
- Fleury Michon Airline Catering
- Fratelli Cosulich
- Gategroup
- Genuine Dining
- Global Catering Services
- Gourmet Caterers
- Groupe Bertrand
- Guest Services
- Jezersek gostinstvo d.o.o.,
- Jones Lang LaSalle IP, Inc.
- Kluh Multiservices
- KLM Catering Services
- Legends
- Metz Culinary Management
- Meridian Catering
- Motto Catering
- Morrison Healthcare
- Nexdine
- Olive Catering Services Ltd.
- Parkhurst Dining Solutions
- Red Bean Hospitality
- Quest Food Management Services LLC,
- Rhubarb Hospitality Collection
- SATS Ltd.
- Serco Group
- SSP Group Plc.
- SV Group
- Taher Incorporated
- Thompson Hospitality Corporation
- The Nutrition Group
- US Food
- Vacherin Ltd
- Whitsons Culinary Group
- Wrapstars
- Vivo catering
- ZENSHO HOLDINGS CO., LTD.
SEGMENTATION INSIGHTS
By Industry
- Business & Industry
- Education
- Healthcare & Senior Care
- Others
By Contract
- Fixed Price
- Cost-Plus
- Others
By Delivery
- IFM
- Single Service
By Facility
- On-Premise
- On & Off-Premise
For more information about this report visit https://www.researchandmarkets.com/r/tp12q8
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