Published on : May 23, 2016
ALBANY, New York, May 23, 2016: The research states that the global market is expected to expand at a 4.02% CAGR during the period between 2016 and 2021 owing to the rise in the outsourcing services and the rising demand for custom-made food for the working class.
Catering services are businesses providing food at remote locations such as a public house, a hotel, organizations, or other such locations. Since their introduction, catering services have evolved to become a traditional affair. Nowadays, caterers are vying to create an experience that involves the senses. Thanks to the advanced technology, mobile catering has become a trend for workplaces and outdoor events such as concerts. With the growing demand for outsourcing, contract catering has become a common service. In contract catering, the hiring party and the catering party agree upon the food that will be served on a particular occasion at a particular place. With busy lifestyles and the growing need to eat healthy food, contract catering services are growing in demand.
The global contract catering market is primarily driven by the increasing awareness among working people regarding consuming balanced nutritional diet during office hours. Further, the increasing number of companies dealing with contract catering services is expected to propel the global contract catering market in the near future. Moreover, the improvement in the spending capacity of employees and the accelerated demand for tailored food for patients are two of the other important factors expected to propel the global contract catering market in the near future.
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The global contract catering market is segmented on the basis of region and end-use. By end-use, the global contract catering market is classified into hospitals, education, defense and offshore, sports and leisure, business and industry, and senior care. The demand for contract catering services in the business and industry sector is expected to increase, making it the leading segment in the global contract catering market. The business and industry end-use segment is expected to maintain its dominance in the near future.
By region, the global contract catering market is divided into Asia Pacific, North America, and Europe. Over the past few years, North America has been dominating the global contract catering market and is expected to maintain its dominance throughout the forecast period. North America has been a very saturated market with the majority of market share in the United States. Asia Pacific is expected to register potential growth opportunities in the next few years owing to the rising demand for contract catering services in India and Japan.
Compass Group, Sodexo, Baxterstorey, MITIE Catering Services, Elior, Aramark, and Ch & Co Catering are some of the key companies operating in the global contract catering market.
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