The catering management market is projected to record a CAGR of 4.3% during the forecast period (2022 – 2032).
The catering management market is expected to be valued at US$ 104.3 billion in 2022 and is likely to reach US$ 159.3 billion by 2032.
Due to changing lifestyles and urbanization around the world, there has been a shift in demand for catering services in recent years.
The catering management market provides services on a contractual or one-time basis, and it includes a wide variety of services, including canteen catering, airline catering, banquet hall catering, and so on. Furthermore, factors such as a hectic lifestyle and the difficulties associated with cooking at home are propelling the catering management market growth forward.
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In addition, the catering management market adoption trends are propelled by the innovative foodservice catering developed by hotels and restaurants, and the same is also expected to drive the catering management market.
Individuals between the ages of 18 and 35 prefer to eat out due to their hectic lifestyles, thereby boosting the catering management market trends and forecast. The higher adoption of catering services can also be contributed to the cost per person decreasing as a result of bulk transportation of food items, which is also a major driving factor for catering management at events.
Catering services also contribute to the provision of sanitary and nutritious food to a variety, including colleges, offices, institutions, schools, and airplanes.
During the forecast period, all of these factors contribute to the growth of the catering management market. The catering management market is segmented by service type, application, and region. During the forecast period, the North American market is expected to have the highest catering management market share.
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Key Takeaways:
- Based on application, corporate segment is likely to lead the catering management market with a CAGR of 2.9% through 2032.
- By service type, the contractual catering services segment is expected to hold the largest catering management market share owing to the constantly changing dynamics of the modern workforce and an insatiable appetite for different types of cuisines.
- During the forecast period, the North American market is expected to lead with the highest market growth in the global catering management market.
- The Asia Pacific catering management market is also likely to advance significantly due to the region’s high demand for catering and food service in airports and commercial organisations.
- The catering management market in Latin America and the Middle East and Africa region is expected to move forward slowly during the forecast period.
Competitive Landscape:
Some of the leading catering management companies include Compass Group Plc., Dine Contract Catering, Sodexo, Elior Group, Delaware North, Aramark Corporation, Westbury Street Holdings, Thompson Hospitality, Olive Catering Services, Ovations Food Services, Dine Contract Catering Ltd.
The market players are coming up with various strategies in order to consolidate their market position and also play a major role in bringing about emerging trends in catering management market.
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Key players:
- Compass Group Plc.
- Aramark Corporation
- Westbury Street Holdings
- Thompson Hospitality
- Olive Catering Services
- Ovations Food Services
- Dine Contract Catering Ltd.
Key Segments
By Service Type:
- Wedding Catering
- Social Event Catering
- Concession Catering
- Restaurants Catering
- Others
By Application:
- Corporate
- Educational Institutions
- Healthcare
- Industrial
- Hospitality Services
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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