Asia Pacific In Flight Catering Services Market - Analysis of Growth, Trends, Progress and Challenges (2018 - 2023)
The Asia Pacific in-flight catering services market is expected to record a CAGR of over 8% during 2018-2023 (the forecast period). Rapid urbanization, a resurgence in discretionary spending, increase in international travel and tourism, and rising standard of living to complement aspirational traveling are factors driving growth in this region. By 2023, China is expected to overtake Japan to become the world's second-largest source of business travel after the US.
In-flight catering market is largely dependent on developments in the aviation industry. The Asia-Pacific aviation sector is the fastest growing market in the world. Rising disposable incomes and connectivity in some of the developing countries like India, Vietnam, and China have given the necessary impetus to the market. These markets will lead the growth in the next few years. In-flight catering service providers can generate higher revenues when they cater to the passengers traveling business class and higher, as they are willing to pay a premium for better quality of food, and in-flight, meals is also one of the top considerations for passengers when choosing a flight.
Improving Aviation Industry in Asia-Pacific
The market in the Asia-Pacific region is poised to grow with rising disposable incomes and a booming travel and tourism industry. The Asia-Pacific business jet market contracted in the year 2017 due to a decline in the production of turboprop production. However, Asia-pacific still remains the second largest market share for turboprop shipments in 2016. Moreover, the poor connectivity between the metros and smaller cities is why more and more companies and individuals are realizing the benefits of using private jets and helicopters. China has put a special emphasis on GA in its 13th Five-Year Plan (2016-2020). The plan focused on six major points: safety, economic contribution, service level, an efficient airport network, the promotion of general aviation, and green development. HNA General Aviation Investment Group is targeting strategic investments across rural China in the building and management of airports, logistics infrastructure, and tourism activities. The helicopter market in China and India is equally promising, with growing requirements in tourism, mining, corporate travel, air ambulance, and homeland security.
Key Players: Jetfinity, Dnata, Gate Gourmet, Do & Co, Cathay Pacific, SATS Ltd., among others.
Key Developments in the Market
Jan 2018: Gate Group entered into a 30-year JV with Asiana Airlines of Korea.
Nov 2017: Gate Group and LATAM Airlines created a dining concept for economy class traveler, in long haul flights, allowing customers to choose from three choices of food for lunch, dinner, and breakfast.
Oct 2017: LSG has partnered with Air New Zealand and New Zealand Ministry, to tackle in-flight catering wastage.
Mar 2017: Cathay Pacific redesigned its in-flight catering service by introducing “dial on demand” catering alongside a pre-order option, on routes from Hong Kong to London and Hong Kong to Chicago.
Reasons to Purchase the Report
Analyze the increasing number of backlogs in aviation industry that will affect the in-flight catering market
Analyze various perspectives of the market, with the help of Porter’s five forces analysis
The flight service type that is expected to dominate the market
The regions that are expected to witness the fastest growth, during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the market estimate sheet (in excel)
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