Seattle, WA -- (SBWIRE) -- 11/14/2019 -- Worldwide Market Reports presents Catering and Food Service Contractor Market report for the forecast period 2019 - 2027. The report offers drivers, restraints, opportunities, and current trends prevalent in the Catering and Food Service Contractor Industry.
Catering and food service contractors offer food supply and refreshments services at various public and corporate events. These contractors offer services to medical and educational institutions, commercial organizations, and public gatherings such as parties, weddings, and anniversaries.
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Increasing preference for mini buffets is expected to boost growth of the global catering and food service contractor market over the forecast period. Mini meals are served in disposable trays and are convenient for small functions or parties with low available space. Moreover, increasing disposable income is also expected to contribute to growth of the global catering and food service contractor market. For instance, according to the Bureau of Economic Analysis of the U.S. Department of Commerce, personal income increased 0.4% in June 2019, the same increase as in May 2019 and wages and salaries increased 0.5% in June after increasing 0.2% in May 2019 in the U.S. Increasing disposable income encourages people to eat out, especially meals prepared by caterers in airports, railway stations, hospitals, and sporting events.
Rapidly growing tourism sector is expected to boost growth of the global catering and food service contractor market over the forecast period. For instance, according to Travel & Tourism Economic Impact 2019 published by World Travel and Tourism Council, worldwide leisure travel spending is expected to grow by 3.8% in 2019 to US$ 4,646.6 bn, and rise by 3.9% pa to US$ 6,780.7 bn in 2029.
Increasing number of corporate and public events is also expected to propel growth of the market. For instance, according to International Congress and Convention Association's 2017 ICCA Statistics Report Country & City Rankings Public Abstract, 12,563 meetings were held worldwide in 2017, with the U.S. alone accounting for 424,010 participants.
However, increasing preference towards online food delivery services is a major factor hindering growth of the global catering and food service contractor market over the forecast period. For instance, according to Mintel, 2016, 51% of the people in the U.S. use delivery services to purchase meals from casual dining restaurant. Moreover, according to TechCrunch, 2015, over US$ 0.5 billion was invested in the food delivery sector in 2014 – almost 13 times the amount in 2013 – with over US$ 1 billion invested in 2015.
- Increasing tourism sector is expected to propel demand for catering and food service contractors
- Growing online food delivery sector is expected to restrict the market growth
- Major players operating in the global catering and food service contractor market include, Delaware North, Elior Group, Compass Group Plc., Aramark Corporation, and Sodexo
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