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Global Catering Services – NEW YORK, March 15, 2021 // –The global hospitality services market is poised to grow by USD 187.56 billion during 2020-2024, advancing at a CAGR of around 6% during the forecast period. The report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment.
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While several industries will register a decline in demand, many others will continue to remain unscathed and show promising opportunities for growth. COVID-19 will have little impact on the hospitality market.
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The market is fragmented, and the degree of fragmentation will accelerate over the forecast period. Aramark, Bartlett Mitchel Ltd., Compass Group Plc, Delvare North Companies Inc., Deutsche Lufthansa AG, DO & CO Group, Elior Group, Emirates Flight Catering Co., gategroup and Nevrest Group Services SAS are some of the major players in the market. While the growing popularity of online catering will offer huge opportunities for growth, fluctuations in food prices are likely to pose a challenge for market vendors. In an attempt to help players strengthen their foothold in the market, this Hospitality Services Market Forecast report provides a detailed analysis of the leading vendors in the market. The report also provides industry professionals with information on the competitive landscape and insight into the various product offerings offered by various companies.
Technavio’s custom research reports offer detailed insights into the impact of COVID-19 at the industry level, regional level and downstream supply chain operations. This customized report will also help clients stay abreast of new product launches in markets directly and indirectly related to COVID-19, upcoming vaccines and pipeline analysis, as well as significant developments in supplier business and government regulations.
Technavio presents a detailed picture of the market by studying, synthesizing and summarizing data from multiple sources. The Hospitality Services Market Report covers the following areas:
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This study identifies the growing demand for healthy food on menus as one of the main reasons for the growth of the foodservice market over the next few years.
Technavio proposes three forecast scenarios (optimistic, likely and pessimistic) regarding the impact of COVID-19. Technavio’s in-depth research has directly and indirectly influenced the COVID-19 market research reports.
Technavio is the world’s leading technology research and consulting company. Their research and analysis focuses on emerging market trends and provides insights that will help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 counting reports, covering 800 technologies, spanning 50 countries. Their client base includes businesses of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research and actionable market insights to identify opportunities in existing and potential markets and assess their competitive position within changing market scenarios.
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Recent years have seen a shift in demand for catering services, supported by the fast-growing business events (B2B) sector and food and beverage services being offered at an increasing number of corporate events. Furthermore, the foodservice market is growing due to factors including busy lifestyles and difficulties associated with cooking at home.
Food service operators have shifted their emphasis to providing a healthier meal that is prepared at home using fresh ingredients. The market is expanding due to increased focus on implementing technology to improve customer experience and minimize time spent waiting for food.
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The global hospitality market is segmented by type of service into contractual and non-contractual. There is a preference towards the contract catering service segment as contract catering has emerged as a cost-effective way of managing food services in a much less stressful manner for various events. Due to this, contract catering is rapidly being adopted in various sectors including education, business, healthcare, defence, sports, elderly care, aerospace, etc.
The global hospitality market is segmented by end-user type into healthcare, enterprise, education, hospitality, industrial, aviation, and others. The event sector has the largest share as events and functions take place in all other sectors and require catering services.
The global hospitality market is segmented by region into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Asia Pacific has the largest share in the entire region due to its busy lifestyle, urbanization, tastes and preferences.
The global catering market is segmented by application type into wedding catering, corporate catering, social event catering, and others.
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The global hospitality market is in a growth phase and has a highly fragmented market. There are more than 50 thousand players on the market. Major players such as Compass Group Plc, Aramark Corporation and AVI Food Systems in the global hospitality market have a large market share. The market is largely driven by the growing demand for healthier fresh food and international cuisine and the growing culture of on-site catering.
The global hospitality market was valued at ~ billion USD in 2022 and is expected to reach ~ billion USD by the end of 2027, with a CAGR of ~% during the forecast period 2022-2027. A realistic growth scenario represents the most likely scenario according to current market conditions. This scenario assumes that there will be no overall market impact from any potential waves of COVID-19 in the future.
The global hospitality market is driven by growing customer preference for fresher, healthier food that is driving growth in the global hospitality market.
Catering service providers have shifted their focus to providing healthier meals prepared in-house with fresh ingredients. The market is expanding as a result of greater emphasis on implementing technology to improve customer experience and reduce wait times for food.
Catering Services Market Analysis, Size, Share, Research 2027
Specialty catering services are becoming increasingly popular as global multinational corporations rapidly expand into emerging markets. Hospitality businesses are now offering healthy dining options such as organic meals, balanced vegan diets and healthy snacks as a result of the global health-consciousness trend.
The growing demand for locally produced fresh agricultural products, such as fruits, vegetables and meat products, is driving the foodservice market.
In addition, hotels and restaurants are developing new catering services, which
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