The global catering services market is expected to secure a valuation of US$ 585.2 billion in 2023. During the forecast period of 2023-2033, the market for catering services is expected to exhibit a CAGR of 4.5% and reach US$ 908.8 billion by the end of 2033.
There are over 50K catering service providers in the world, of which the top 5 catering service providers hold 18% of the total industry wealth.
The catering service market is driven by increasing demand for healthy food meals in corporate, increasing demand for food away from home, and rising demand from social & wedding events. In the corporate sector, a prominent catering service is highly important to attract new employees and offer a high-end experience to the employees. Also, the corporate catering service providers and experts help in establishing the company’s image among clients during a corporate event.
The market is projected to rise in the forthcoming period due to the globalization of businesses as people from different countries with different traditions and different taste buds are working under same roof and to meet their expectation enterprises are entering into a contract with catering service providers. The catering service provides a wide variety of options to the consumers and meals as per their tastes & preferences.
Key Takeaways from Market Study
- During 2023-2033, the market will expand with CAGR of 4.5%
- Among regions, East Asia exhibits fastest growth with CAGR of 5.3%
- Contract catering services capitalized about 71.0% of share in service segment.
- The global catering services market growth was 3.7% during 2018-20232
“The burgeoning popularity of mobile catering services will drive the market growth,” says a Fact.MR analyst.
The catering service market is highly competitive with the presence of various large and small market players in the industry. In order to enhance their footprint and market share, these market players are taking various initiatives like merger & acquisition and service launches. The market is witnessed with numerous small market participants who have a significant share in the market, projected to contribute enormously towards the market development during the assessment year.
- In March 2021, Compass Group, a leading contract and support service company, completed the acquisition of SmartQ, a food-tech start-up.
Key Companies Profiled
- ANN SATHER
- Aramark Corporation
- ARIA CATERING
- AVI Foodsystems, Inc.
- Bartlett mitchell Ltd.
- BLACK OLIVE CATERING
- BLUE PLATE
- CH and Co Catering Group Ltd.
- Compass Group plc
- Delaware North Companies Inc.
- Dine Contract Catering Ltd.
- DO & CO Aktiengesellschaft
- DoorDash Inc.
- Elior Group SA
- ISS Facility Services Inc.
- Mitie Group plc
- Sodexo S.A
- The Emirates Group
- Other Key Players