According to the latest report by IMARC Group, titled “Contract Catering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global contract catering market witnessed moderate growth in 2020. Contract catering is the service provided by an independent catering company to an organization on a contractual basis. These companies prepare the menus according to the requirement of the client and are responsible for providing quality food and managing costs. Contract catering services are cost-effective as they help manage various social and corporate events in a less stressful manner. On account of this, contract catering is widely adopted across the defense, education, aerospace, corporate, and healthcare sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Contract Catering Market Trends:
The market is majorly being driven by the expansion in the hospitality industry and the emerging trend of fine dining for business development to maintain client relationships. Additionally, the rising demand for fresh food services and increasing replacement of home-cooked meals by the working population is supporting the market growth. Moreover, caterers have started offering premium table experience with exotic ingredients, aesthetic delicacies, and live food counters for formal events, which is creating a positive outlook for the market. Besides this, increasing consciousness about the health and wellbeing of students, patients, and staff is propelling the demand for contract catering in establishments such as schools and healthcare and corporate spaces. Other factors, such as rapid digitization that has enabled catering companies to offer pre-booking options, online menus, and customized orders, are further catalyzing the market growth. Looking forward, IMARC Group expects the contract catering market to grow at a CAGR of around 6% during 2021-2026.
- Based on the contract type, the market has been bifurcated into fixed price and cost plus contracts. Currently, fixed price contracts dominate the market.
- On the basis of the mode of contract, the market has been segmented into outsourced and self-operated.
- Based on the end user, the market has been classified into business and industry, education, healthcare and senior care, defense and offshore, sports and leisure, airports, and others. At present, business and industry hold the largest market share.
- Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa. Among these, Asia Pacific dominates the market with the largest share.
- The competitive landscape of the industry has also been examined, with some of the key players being ABM Catering Solutions, Amadeus, Aramark, Atalian Servest, Barlett Mitchell, Blue Apple Catering, Camst Group, Caterleisure Ltd., CH&CO Catering, Compass PLC, Dine Contract Catering, Elior Group, Fazer Food Services, Interserve, OCS Group Ltd., Sodexo, etc.
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