With a total value of around US$ 618.5 million in 2023, the global catering services market is observed to be growing lucratively. FMI predicts the market to follow an average annual growth rate of 4.4% over the next ten years from 2023 to 2033. Finally, by the conclusion of this forecast period, the overall valuation of the market is projected to reach US$ 951.5 million.
The Catering Services Market is rapidly expanding as consumers want convenience and distinctive dining experiences for their events. With an increase in corporate gatherings, weddings, and social events, the demand for professional catering services has risen. Caterers’ capacity to provide different menu options and personalised solutions has been a fundamental driver of market growth.
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There is a rising global concern about safe food handling methods, as well as a necessity to outsource food preparation services to a reputable supplier. Furthermore, the FDA’s tight criteria for monitoring and managing the quality of food provided are improving catering services around the world.
Recently, the United States FDA established more and stricter rules and guidelines for regulating the quality and standards of food served by catering service providers. As a result, many existing market players in the country have reoriented their business strategies to remain competitive in the market.
Key Takeaways
- The United States is the leading region for the adoption of all catering services and the regional market is expected to be worth around US$ 152 million in 2023.
- China is anticipated to record an impressive 7.1% CAGR over the forecast years owing to its huge population and evolving culture.
- Germany is the leading region in Europe for higher adoption of catering services throughout the Europe region. As per the market report, this regional market is anticipated to exhibit a growth rate of 3.2% during the years 2023 to 2033
- The demand for catering services in Canada is projected to grow at a rate of 3.5% over the forecast years making it a lucrative market for players in the region as well as the United States.
- Standalone food catering services control a dominant share of the market in comparison to chain catering services companies.
- The corporate contract food catering service segment contributes the lion’s share of the total revenue generated by the global market.
Competitive Landscape
Aramark Corp., Compass Group PLC, Bartlett Mitchell Ltd., CH and Co Catering Group Ltd., Delaware North Companies Inc., Newrest Group Services SAS, Deutsche Lufthansa AG, Dine Contract Catering Ltd., Gategroup, DO & CO Aktiengesellschaft, DoorDash Inc., Elior Group SA, The Emirates Group, Sodexo Group PVT Ltd, Cushman & Wakefield, WSH Group Ltd., Newrest Group Services SAS, and ABM Catering Solution, ISS A/S, Jones Lang LaSalle IP, Inc., AVI Foodsystems, Inc, Thompson Hospitality, Albron B.V., Hutten Catering BV among others are prominent players operating in the global catering services market.
To boost profits and strengthen their market positions, many companies in the catering services market have selected new product launches and takeover of regional service providers as their primary development methods.
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Some leading global market participants have recognized substantial growth potential in Asia Pacific countries and are extending service points in this region. Due to large investments for attracting foreign corporates and tourism, nations like India, Qatar, and Saudi Arabia present attractive development potential for the catering service sector.
Key segments
By Service Type:
- Contractual Catering Service
- Non-contractual Catering Service
- Other Catering Services
By Application:
- Wedding Catering Services
- Corporate Catering Services
- Social Events Catering Services
- Other Events Catering Services
By End User:
- Catering Services for Industrial Sector
- Catering Services for Hospitality Sector
- Catering Services for Educational Sector
- Catering Services for Healthcare Sector
- Catering Services for In-Flight Sector
- Catering Services for Other End Users
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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