The catering and food service contractors market is anticipated to garner $336,192 million in 2025, growing at a CAGR of 5.6% during the forecast period (2017-2025)
Portland, OR -- (SBWIRE) -- 05/17/2018 -- Catering and food service contractors are service providers supplying food and refreshments as a service in special events such as weddings, anniversaries, receptions, and parties, or at the workplace such as medical institutions, educational institutions, and commercial organization on a contractual basis.
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The growth of the catering and food service contractors market is attributed to the rise in disposable income, rapid industrialization, and different initiatives from the government such as mid-day meal scheme, along with growth in number of educational institutes and medical facilities. However, growth in popularity of online food delivery service, increase in investment from giant players such as Uber and Grubhub is anticipated to hinder the market growth. Nevertheless, surge in travel and tourism industry is expected to boost the number of air travelers, which in turn creates demand for catering and food service contractors in airports and in-flight.
The industry is highly fragmented owing to the presence of numerous small vendors (structured and unstructured), regional players, and global organizations, and therefore experiences high intensity of competitive rivalry. In addition, the market also experiences high competition from other inhouse food service vendors, such as restaurants, online & offline food delivery services, take away, and street vendors.
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In 2014, the Europe catering and food service contractors market held a dominant position and is growing at a CAGR of 4.7%. However, Asia-Pacific is anticipated to witness the highest growth during the forecast period.
At present, the commercial organization by end-user leads the global catering and food service contractors market. However, in-flight catering gains high popularity. Several players including SATS Ltd. and Elior Group are venturing into this segment to achieve organic growth.
Some of the key players operating in this market are Thompson Hospitality Corporation, ISS A/S, Gategroup Holding AG, CH&Co Group, Compass Group Plc, Sodexo S.A., Aramark Corporation, Elior Group S.A., Delaware North Companies, Inc., and Spectra Food Services & Hospitality.