The catering and food service contract industry is sizzling with an unprecedented surge of activity set to $477.3 billion by 2031. And the best part? This is not a flash in the pan, as it promises to sustain its growth for the long haul. Currently, Europe is leading the charge.
But what’s cooking up this storm? This industry’s rapid ascent is driven by a delectable blend of evolving consumer preferences, cutting-edge technological advancements, and tantalizing food trends. In this blog, we’ll dive into the simmering pot of the catering and food service contract market and dish out a compelling forecast of the future for the compelling industry.
The Catering and Food Service Contract Market is Projected to Achieve $477.3 Billion By 2031
Allied Market Research has released a new report titled “Catering And Food Service Contract Market,” which estimates the market’s value at $251.1 billion in 2021 and expects it to reach $477.3 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031. In addition, the report identifies optimistic trends for the industry based on lifestyle and demographic changes, including a resurgence in traditional family celebrations and an increase in high-income families with busy lifestyles.
The hospitality sector drives revenue generation for the catering and food service contract market, making it dependent on the hospitality industry’s growth. However, the outbreak of COVID-19 has severely impacted the development of the catering and food service contract market, as the industry depends heavily on the hospitality sector. The report also highlights factors driving market growth, including increased business-related travel, urban population growth, and the rise of food joints like hotels and restaurants.
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Consumer demand for ready-to-eat meals and the increasing demand for hygienic and nutritional food in educational institutions and senior care centers are also driving factors. The report also notes that contract catering and food service companies are leveraging technology to offer pre-booking options, online menus, customized orders, and shorter waiting durations, which are in high demand due to rapid digitization and increased penetration of smart devices.
The expansion of leading contract catering companies, along with their integrated services and advanced business models for offering ad-hoc workplace food services, is expected to boost the growth of the catering and food service contract market in the coming years. The report identifies the major players in the market, including The RK Group, Gulf Catering Company, Sodexo, Elior Group, Aramark, and ISS A/S.
Europe Leads the Way in 2021’s Growing Catering and Food Service Contract Market
The driving force behind this growth is the need for convenience, particularly in busy urban areas. As a result, people opt for catering services and food delivery to simplify their lives and save time. Another significant factor is the growing trend towards healthy eating, with consumers demanding nutritious and tasty food options. Catering companies are responding to this demand by offering a range of delicious meals.
The rise of the gig economy has also contributed to the growth of the catering and food service contract market. With more people working from home or choosing flexible hours, there is a greater need for convenient food options that can be delivered directly to them.
Europe currently holds the largest market share of around 37% due to its high population of busy urbanites seeking easy and quick food options. The market is projected to continue overgrowing, driven by increasing demand for convenience, healthy eating, and the gig economy.
Overall, the catering and food service contract market presents an exciting opportunity for businesses operating in this sector as it continues to expand rapidly, with no sign of slowing down anytime soon.
Get Ready to Grow Your Food Service Business With SupplyCaddy
The catering and food service contract market is projected to reach $477.3 billion by 2031, and Europe is leading the way in 2021. With such a massive potential for growth in this industry, it’s essential to have a reliable supplier that you can trust. That’s where SupplyCaddy comes in.
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