Contract Catering Market - Global Outlook and Forecast 2018-2023
The global contract catering market is anticipated to reach revenues of around $264 billion by 2023, growing at a CAGR of approximately 5% during 2017-2023.
The top vendors are offering flexibility through new service models that leverage an on-demand online system and ad-hoc workplace food offer minus the requirement for on-site facilities and services to gain a larger market share. The caterers are implementing predictive analytics to improve the operational efficiency of catering services, reduce wastage, and speed up the procurement cycle in the market. The global contract catering market is driven by introducing the signature brand, limited time menu offerings, and promotional items. The leading vendors are offering value additions such as employee support, training, and guaranteed service-level agreements to gain a larger market share. The market research report provides in-depth market analysis and segmental analysis of the global contract catering market by industry, contract type, and geography.
The report considers the present scenario of the global contract catering market and its market dynamics for the period 2018−2023. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and several other prominent companies operating in the market.
Contract Catering Market – Dynamics
The increasing focus on wellbeing and health by several businesses, hospitals, educational institutions, and aged care centers is driving the growth of the global catering market. The growing awareness of better health and wellbeing is encouraging employers and institutions to change their eating habits for the better behavioral cues, educating about nutrient quality, and building healthier choices. The growing popularity of home meal replacements and fresh food subscription services is encouraging companies to launch new healthy meal plans and products in the global market. The health food trend is encouraging manufacturers such as Guckenheimer, Aramark, and Sodexo to offer home meal replacement programs which have evolved to fresh food subscription services in the market. The increasing public scrutiny of sustainability is encouraging contract caterers to align their values with their customers and help their clients achieve their sustainability objectives. These efforts to ensure ethical supply chain and resource management will boost the development and growth in the catering market size.
Contract Catering Market – Segmentation
The market research report includes a detailed segmentation of the market by industry, contract type, and geography. B&I industry dominated 1/3rd of the total market share in 2017, growing at a CAGR of more than 4% during the forecast period. Healthcare dominated the third largest market share in 2017, growing at a CAGR of more than 5% during the forecast period. The growing demand for meals that categorized into high calories, low fat/low sugar, or meals with certain excluded ingredients, easily digestible, and chewable properties is driving the growth of the healthcare segment in the global market.
Fixed priced contracts occupied the largest market share in 2017, growing at a CAGR of approximately 5% during the forecast period. The others contract type includes nil subsidy contracts where the caterer recovers its overhead costs and earnings from the gross profit that it earns from sales, at no risk or cost to the client. The increasing trend of implementing lesser risk-free contracts is propelling the growth of this segment in the global market.
Market Segmentation by Industry
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