Catering & Food Service Contract Market to Reach $497.7 Billion, Globally, by 2032 at 5.3% CAGR: Allied Market Research

The increase in popularity of online contract catering and food service is one of the major factors driving the growth of the contract catering and food service market. Rise in business-related travel and increase in the number of food joints such as hotels & restaurants fuel the growth of the catering and food service contract market.

WILMINGTON, Del., April 29, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Catering and Food Service Contract Market by Ownership (Standalone and Chain), and Application (Corporate, Educational Institutions, Healthcare, Industrial, Hospitality Services, Sports and Leisure, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032. According to the report, the global catering & food service contract industry generated $288.8 billion in 2022 and is anticipated to generate $497.7 billion by 2032, witnessing a CAGR of 5.3% from 2023 to 2032.

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Prime determinants of growth

The catering and food service contract market faces a notable restraint in the form of fluctuating food prices and supply chain disruptions, which can pose challenges for businesses in maintaining cost-effectiveness and stable pricing structures. Moreover, the rise in demand for unique culinary experiences coupled with the increase in trend of outsourcing events create a lucrative market opportunity for catering and food service contracts.

Report coverage & details:

The standalone segment to maintain its leadership status throughout the forecast period.

Based on ownership, the standalone segment held the highest market share in 2022, accounting for more than three-fifths of the global catering & food service contract market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the freedom to charge, complete control over appearance, including advertising through social media platforms, newspaper, and articles. These factors contribute to the catering and food service contract market growth. The chain segment is projected to attain the highest CAGR of 5.7% from 2023 to 2032. This is attributed to the widespread trend of socializing among urban Millennials and, in general, the youngest part of the population, is further fueling the growth of the chained catering and food service contract market.

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The corporate segment to maintain its lead position throughout the forecast period

Based on application, the corporate segment held the highest market share in 2022, accounting for more than one-fifth of the global catering & food service contract market revenue, and is expected to maintain its lead position throughout the forecast period. In corporate catering and food service contract market "Corporate Town Hall Concept" can be taken to a broader level. Corporate caterers opt to serve guests with individually packed meals during the event. Guests can also have the option to customize their boxed meals by indicating their food preference. Moreover, the sports and leisure segment is projected to attain the highest CAGR of 5.7% from 2023 to 2032. The rise in focus on health-conscious consumption and the integration of diverse cuisines to enhance fan experiences in sports and leisure venues are driving the growth of catering and food service contracts.

Europe to maintain its dominance by 2032

The Europe region held the highest market share in 2022, accounting for nearly one-third of the global catering & food service contract market revenue, and is expected to maintain its dominance throughout the forecast period. The sustained high rate of GDP growth in Europe over a long period of time has resulted in growth in the per capita income. The growth in disposable income has also facilitated a rise in the spending pattern of the households in this region. People have started spending more on dining out and on securing high-quality catering services for their social gatherings. However, the Asia-Pacific region is projected to attain the fastest CAGR of 6.2% from 2023 to 2032. The Asia-Pacific catering and food service contract market is poised for substantial growth due to the rise in disposable income and evolving consumer preferences in the region.

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Leading Market Players:

• ALGOSAIBI SERVICES COMPANY, LTD.
• ARAMARK
• AUSTRALIAN CAMP SERVICES
• CATER CARE HOLDINGS PTY., LTD.
• CATERING HQ PTY LTD.
• CATERING SOLUTIONS PTE. LTD.
• COMPASS GROUP PLC
• COMPREHENSIVE SUPPORT SERVICES PTE., LTD.
• CONNTRAK CATERING SERVICES.
• DELAWARE NORTH COMPANIES, INC.
• ELIOR GROUP SA
• FUSION FOODS AND CATERING PVT. LTD.
• GNOCCI HOLDINGS PTY. LTD.
• GULF CATERING COMPANY
• ISS A/S
• NATIONAL CATERING SERVICES AND FOODSTUFF
• NEO GROUP LIMITED
• NTUC FOODFARE CO-OPERATIVE LIMITED
• OF FOOD CATERING
• SATS LTD.
• SODEXO
• THE RK GROUP
• THOMPSON HOSPITALITY CORPORATION
• WSH INVESTMENTS LIMITED.
• NATIONAL CATERING COMPANY LIMITED WLL

The report provides a detailed analysis of these key players in the global catering & food service contract market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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