The post Catering Services Market poised to surge at 4.4% CAGR over the period of 2033 appeared first on Newstrail.com authored by Future Market Insights

As per the market survey report, the catering services market worldwide generated a revenue of around US$ 565 million in the year 2018. Though the market followed a steeply rising curve in the following years, the average CAGR until 2022 has been brought down to 1.2%. This tragic downfall in demand for Catering services was a consequence of the pandemic rendering the market value at US$ 592.5 million by end of 2022.

Currently, the net worth of total catering services adopted around the world together is estimated to be around US$ 618.5 million for the year 2023. The catering services sector is projected to expand at an annual rate of 4.4% during the years 2023 to 2033. The FMI global catering services market analysis report further predicts it reaching a value of almost US$ 951.5 million by 2033.

There is a growing concern for safe food handling practices worldwide and a need for outsourcing food preparation services to a reputed supplier. Moreover, the FDA’s strict guidelines for monitoring and controlling the standards of the food being served are perfecting catering services globally.

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Recently, the United States FDA established more and stricter rules and guidelines for regulating the quality and standards of food served by catering service providers. As a result, many existing market players in the country have reoriented their business strategies to remain competitive in the market.

Key Takeaways

• The United States is the leading region for the adoption of all catering services and the regional market is expected to be worth around US$ 152 million in 2023.
• China is anticipated to record an impressive 7.1% CAGR over the forecast years owing to its huge population and evolving culture.
• Germany is the leading region in Europe for higher adoption of catering services throughout the Europe region. As per the market report, this regional market is anticipated to exhibit a growth rate of 3.2% during the years 2023 to 2033
• The demand for catering services in Canada is projected to grow at a rate of 3.5% over the forecast years making it a lucrative market for players in the region as well as the United States.
• Standalone food catering services control a dominant share of the market in comparison to chain catering services companies.
• The corporate contract food catering service segment contributes the lion’s share of the total revenue generated by the global market.

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Competitive Landscape

Aramark Corp., Compass Group PLC, Bartlett Mitchell Ltd., CH and Co Catering Group Ltd., Delaware North Companies Inc., Newrest Group Services SAS, Deutsche Lufthansa AG, Dine Contract Catering Ltd., Gategroup, DO & CO Aktiengesellschaft, DoorDash Inc., Elior Group SA, The Emirates Group, Sodexo Group PVT Ltd, Cushman & Wakefield, WSH Group Ltd., Newrest Group Services SAS, and ABM Catering Solution, ISS A/S, Jones Lang LaSalle IP, Inc., AVI Foodsystems, Inc, Thompson

Hospitality, Albron B.V., Hutten Catering BV among others are prominent players operating in the global catering services market.

To boost profits and strengthen their market positions, many companies in the catering services market have selected new product launches and takeover of regional service providers as their primary development methods.

Some leading global market participants have recognized substantial growth potential in Asia Pacific countries and are extending service points in this region. Due to large investments for attracting foreign corporates and tourism, nations like India, Qatar, and Saudi Arabia present attractive development potential for the catering service sector.

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Key Segments

By Service Type:

• Contractual Catering Service
• Non-contractual Catering Service
• Other Catering Services

By Application:

• Wedding Catering Services
• Corporate Catering Services
• Social Events Catering Services
• Other Events Catering Services

By End User:

• Catering Services for Industrial Sector
• Catering Services for Hospitality Sector
• Catering Services for Educational Sector
• Catering Services for Healthcare Sector
• Catering Services for In-Flight Sector
• Catering Services for Other End Users