Catering and Food Service Contract Market Is Projected to Value $477.3 Billion, Globally, by 2031: States Allied Market Research
The global Catering and Food Service Contract Market The hospitality and corporate industry, including full-service restaurants, catering, and quick service restaurants, has resumed its business by adhering to stringent hygiene guidelines. increase in demand for catering and food service contract market.
Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The global *catering and food service contract market* is expanding rapidly due to factors such as surge in popularity of online contract catering and food services, a rise in the number of food joints like restaurants and hotels, concern related to food safety, growing demand for nutritional and hygienic food among geriatric care centers and educational institutions, and surge in business related travel. On the basis of ownership, the standalone segment is expected to continue its supremacy during the forecast period.
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The report published by the Allied Market Research on the global catering and food service contract market states that the industry is expected to value at $477.3 billion by 2031, having garnered the revenue of $251.1 billion in 2021, with 5.7% CAGR during the forecast period of 2022 to 2031. The report offers in-depth study of dynamic market trends, key investment pockets, regional landscape, competitive scenario, top segments, and value chains. The report is a useful source of data for newcomers, frontrunners in the industry, investors and stakeholders in implementing strategies for the future and taking decisions to sustain their position in the industry.
*Report coverage & details:*
*Report Coverage* *Details*
Forecast Period 2022–2031
Base Year 2021
Market Size in 2021 $251.1 Billion
Market Size in 2031 $477.3 Billion
CAGR 5.7%
No. of Pages in Report 269
Segments Covered Application, Ownership, and Region
Drivers · Concern regarding food safety
· Increase in popularity of online contract catering and food service
· Rise in business-related travel
· An increase in the number of food joints such as hotels & restaurants
· Increasing demand for hygienic and nutritional food across educational institutions and geriatric care centers
Opportunities · The emergence of advanced business models for offering ad-hoc workplace food services
Restraints · The closure of a significant proportion of the food service industry due to the COVID-19 outbreak
The report provides an in-depth segmentation of the global market for catering and food service contract on the basis of application, ownership, and region. The report discusses an analysis of every segment and subsegment with tabular data and figures. This analysis assists market participants, investors, and newcomers in identifying the subcategories to focus on for achieving growth in the future. *Buy This Report (269 Pages PDF with Insights, Charts, Tables, and Figures) @ **https://bit.ly/3snwTxT*
On the basis of application, the corporate segment generated the largest share of nearly one-fourth of the overall market revenue in 2021 and is estimated to continue its supremacy during the forecast period. On the other hand, the sports and leisure segment would cite the fastest growth with 6.3% CAGR from 2022 to 2031. The healthcare, hospitality services, educational institutions, industrial, and others segments are also discussed under this category.
In terms of ownership, the standalone segment grabbed the lion’s share of two-thirds of the overall market revenue in 2021 and is expected to retain its dominance throughout the forecast timeframe. However, the chain segment would showcase the highest CAGR of 6.1% from 2022 to 2031. The report also analyzes the geriatric and pediatric segments.
By distribution channel, the retail pharmacies segment dominated the market in 2021, accounting for more than two-fifths of the global catering and food service contract market and is likely to maintain its dominance in terms of revenue from 2022 to 2031. Moreover, the hospital pharmacies segment is anticipated to showcase the fastest growth with 11.1% CAGR throughout the forecast timeframe. The report also studies the online pharmacies segment.
The regional analysis in the report indicates that the Europe region generated the major share of more than one-third of the total market revenue in 2021 and is estimated to rule the roost during the forecast period. On the other hand, the APAC region would cite the highest growth with 6.6% CAGR by 2031. The report also discusses the North America and LAMEA regions.
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Top market players profiled in the global catering and food service contract market report involve Fusion Foods & Catering Pvt. Ltd., WSH Investments Limited., Gnocci Holdings Pty. Ltd., Catering HQ, Cater Care Holdings Pty., Ltd., Algosaibi Services Company, Ltd., Neo Group Limited, Catering Solutions Pte. Ltd., SATS Ltd., NTUC Foodfare Co-operative Limited, Thompson Hospitality Corporation, ISS A/S, Sodexo, Elior Group, Aramark, Compass Group PLC., National Catering Services & Foodstuff, NCC Group, Conntrak Catering Services, Gulf Catering Company, Of Food Catering, The RK Group, Australian Camp Services, Comprehensive Support Services PTE., Ltd., and Delaware North Companies, Inc.
The report examines the major participants in the global catering and food service contract market. These entities have implemented a range of strategies, including introducing new products, expansion, forming partnerships, and more, to enhance their market reach and strengthen their standing within the industry. The report is valuable for assessing the business performance, operational segments, product offerings, and progress made by each market participant.
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