Global Catering Services Market to Reach US$ 220.0 Billion by 2032, Stimulated by Increasing Need for Convenience

August 28, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Catering Services Market by Service Type (Contractual Catering Service, Non-contractual Catering Service), End User (Industrial, Hospitality, Educational, Healthcare, In-flight, and Others), and Region 2024-2032,” the global catering services market size reached US$ 148.1 Billion in 2023. Catering services refer to professional food and beverage (F&B) provision for various events and occasions, ensuring a seamless and delightful dining experience for clients and guests. These services offer a wide range of culinary options, from small gatherings to large-scale events like weddings, corporate meetings, parties, and conferences. Catering services encompass menu planning, food preparation, presentation, and delivery and often include the setup and arrangement of dining spaces. They offer access to skilled chefs and specialized cuisines, enhancing the overall quality of the dining experience. Catering services also provide professional assistance in event planning, ensuring that dietary preferences and restrictions are met, and contribute to a polished and sophisticated atmosphere, leaving a lasting impression on attendees.

Global Catering Services Market Trends:

The increasing incidences of corporate events and international business conferences are major factors driving the market growth. Additionally, the rising focus on environmental sustainability, prompting clients to favor caterers who prioritize locally sourced, organic ingredients and sustainable practices, is providing a considerable boost to the market growth. Moreover, the increasing demand for catering services for hosting international conferences, diplomatic summits, and cross-border weddings, catering to diverse palates is creating a positive outlook for the market growth. In addition to this, rapid technological advancement in the catering industry and innovative delivery methods, such as app-based ordering and virtual menus, catering to the convenience-focused demands of the consumers is providing an impetus to the market growth. In line with this, the rising shift towards leveraging technology for streamlined operations and enhanced customer experience is favoring the market growth. Furthermore, the growing adoption of catering services that offer a diverse range of ready-to-eat (RTE) options, from quick office lunches to lavish celebratory feasts due to the rising urbanization and changing lifestyles, is strengthening the market growth. Besides this, the increasing demand for specialized catering services owing to cultural diversity and globalization, necessitating menus catering to distinct tastes and dietary preferences, is providing remunerative opportunities for the market growth. Looking forward, the market value is projected to reach US$ 220.0 Billion by 2032, expanding at a CAGR of 4.5% during 2024-2032.

Market Summary:

Based on the service type, the market has been bifurcated as contractual and non-contractual catering services. According to the report, contractual catering services represent the largest segment.
On the basis of the end-user, the market has been divided into industrial, hospitality, educational, healthcare, in-flight and others.
Region-wise, the market has been segmented into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America is the leading market, accounting for the majority of the global share.
The competitive landscape of the market has also been examined, with some of the key players being Aramark, AVI Foodsystems Inc., Barlett Mitchell Ltd., Compass Group Plc, Dine Contract Catering, DO & CO Aktiengesellschaft, Elior Group, Emirates Flight Catering, Entier Limited, ISS A/S, Newrest Group Services SAS, Sodexo S.A., etc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Scope of the Report	Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Service Type End User Region
Service Types Covered	Contractual Catering Service, Non-contractual Catering Service
End Users Covered	Industrial, Hospitality, Educational, Healthcare, In-flight, Others
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Aramark, AVI Foodsystems Inc., Barlett Mitchell Ltd., Compass Group Plc, Dine Contract Catering, DO & CO Aktiengesellschaft, Elior Group, Emirates Flight Catering, Entier Limited, ISS A/S, Newrest Group Services SAS, Sodexo S.A., etc.
Customization Scope	10% Free Customization
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Global Catering Services Market to Reach US$ 220.0 Billion by 2032, Stimulated by Increasing Need for Convenience

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