The global catering and food service contractor market was valued at US$ 360.6 Billion in 2017, according to Catering and Food Service Contractor Report, by Application (Corporate, Industrial, Hospitality Services, Healthcare, Educational Institutions, Sports & Leisure and Others) and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).The catering and food service contractor market is projected to reach US$ 601.9 Billion by 2026, exhibiting a CAGR of 6.35% during the forecast period.
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Key Trends and Analysis of the Catering and Food Services Contractor Market:
- Increasing health awareness among people worldwide is boosting the catering and food service contractor market growth. According to the Global Wellness Institute, in 2015, the global wellness industry was valued at US$ 3.7 trillion, which inclined to US$ 4.2 trillion in 2017. According to the same source, the workplace wellness segment was valued at US$ 47.5 billion in 2017.
- Increasing demand for healthy food has promoted food service providers to introduce healthy meals. Healthier menus are considered to be one of the most significant strategies adopted by key players in the global catering and food service contractor market in order to enhance their market share. For instance, Grain, an online restaurant and catering service provider, offers healthy buffet in its menu.
Key Takeaways of the Market:
- The global catering and food service contractor market was valued at US$ 360.6 Billion in 2017, and is projected to increase to US$ 601.9 Billion by 2026, witnessing a CAGR of 6.35% during the forecast period.
- Key players in the Asia Pacific catering and food service market are focused on adopting partnership & collaboration strategies in order to enhance their market share. This in turn is expected to contribute to the market growth over the forecast period. For instance, In January 2015, the University of Gastronomic Sciences of Pollenzo and Compass Group PLC, signed a new strategic partnership to share and develop best practice in the food industry
- Furthermore, growing foodservice sector in the U.K. is expected to boost the market growth in the region. According to The Food Ethics Council, in 2014, the U.K. foodservice market was valued at US$ 61.93 billion and is expected to reach to US$ 64.34 billion by 2019, witnessing a CAGR of 2.2%.
- Europe is anticipated to have significant market share during the forecast period, owing to increasing M&A activities in the region. Major players in the market are adopting M&A strategies to expand their businesses, generate revenue and to gain strong foothold in the market. For instance, in December 2018, Sodexo announced plans regarding the acquisition of Alliance in Partnership (AiP) group of companies, a specialist education caterer in the U.K., which includes the contract dining company and class catering services.
- Key players in the market are focused on launching campaigns regarding health and nutrition, which is expected to boost the market growth. For instance, in 2013, Elior launched You & Life campaign, which aims to offer information to customers, staff and, its clients about the policy of the company to deliver healthy and safe food in a sustainable way.
- Key players operating in the global catering and food service contractor market include, Compass Group Plc., Sodexo, Aramark Corporation, Elior Group, Delaware North, Westbury Street Holdings, Ovations Food Services, Thompson Hospitality, Dine Contract Catering, Olive Catering Services, and others