The catering management market is poised for substantial growth, with a projected (CAGR) of 4.3% expected during the forecast period spanning from 2022 to 2032. This robust expansion is anticipated to propel the market to reach a remarkable valuation of US$ 159.3 billion by the year 2032
This surge in demand and market value can be attributed to various factors, including a growing trend in outsourcing catering services by businesses and individuals, increasing consumer preference for customized and diverse menu options, and the rising popularity of catering management services for various events and occasions. As the industry continues to evolve and adapt to changing consumer needs and preferences, it is clear that the catering management market is on a trajectory of sustained growth and significant economic impact in the coming years.
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In addition, the catering management market adoption trends are propelled by the innovative food service 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 forecasts. The higher adoption of catering services can also be attributed 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 From The Catering Management Market Report:
- Based on application, the 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 services in airports and commercial organizations.
- 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:
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 the catering management market.
Leading Key Players:
- 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.
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Catering Management Market Segmentation:
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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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