"Global Contract Catering Service Market is valued at USD 155.94 Billion in 2020 and is expected to reach USD 216.95 Billion by 2027 with the CAGR of 4.85 % over the forecast period"
SCOPE OF THE REPORT
A contract caterer is a company that provides catering services to a business or organization for a specific period of time. Contract Catering Service is considerably different from other forms of restaurant services and is a unique sector. The catering service is outsourced by a third-party organization to a specialized company on a contractual base.
Companies, public authorities, schools, universities, retirement homes, hospitals and prisons are all increasingly relying on contract catering. Even though exceptional headway over the past decade in online developments and telecommunications, work commuting distances remain to grow for many people. In addition, the trend of both parents working outside of the home continues to grow. Steadily ageing population in major economies, the need for catered meals in work and other locations continues to rise.
The outsourcing of services has enlarged across all sectors due to businesses and other organizations - both in the private and public sector - progressively recognizing that outsourcing catering operations allows for a greater focus of attention, time and resources on their core business, as well as delivers better value for the operator and the final consumer.
As the inclination towards eating outside of the home continues to increase; contract catering also extents far more venues and events than in the past, including: sporting events and facilities, museums, train stations, airports and others. These organizations often rely on their contracted caterer to establish a style, atmosphere and image to the final customers.
In addition, contract caterers are progressively carrying out a broader range of services that go beyond the provision of meals and related food services, with some companies providing overall facility management. Additional services that are being provided by contract caterer companies are notably cleaning, building maintenance, secretarial, security and laundry.
This report analyses the global market for Contract Catering Service. The report will enable the user to understand and gain insights into the current and forecast market situation. The market is comprehensively analyzed by geography to give complete information on the global scenario. The qualitative and quantitative data provided in this study can help user understand which market segments, regions are expected to grow at higher rates, factors affecting the market and key opportunity areas. The report also includes competitive landscape of key players in the industry along with emerging trends in the market.
4.Treat America Food Services
5.Quest Food Management Services
6.Prince Food Systems
7.Food Management Group
11.Ovations Food Services
14.Lessing’s Food Service Management
15.Pomptonian Food Service
17.Southwest Foodservice Excellence
20.Food For Thought
Above mentioned companies were scrutinized to assess competitive landscape of global Contract Catering Service market. Report provides company profiles of each player. Each profile include company product portfolio, business overview, company governance, company financials, business strategies, manufacturing locations and production facilities, company sale, recent developments and strategic collaborations & partnerships, new product launch, company segments, application diversification and company strength and weakness analysis.
COVID-19 IMPACT ON GLOBAL CONTRACT CATERING SERVICE MARKET
The contract catering market has been hit hard by the coronavirus pandemic. The ubiquitous closure of catering sites has subdued activity and where operation is possible, has entailed extra costs and lower capacity due to social distancing regulations.
Leading operators are moving quickly to develop and implement technology-based solutions to minimize personal contact on-site. These solutions will also increase their addressable market by enabling food delivery, while also offering the long-term opportunity for the deep integration of analytics across caterers’ activities to enable cost-savings and waste reduction.
Online catering is gaining immense popularity across the world as it allows consumers to conveniently order food through the menu on the website. Online platforms also allow vendors to examine customer preferences through analytics and thus, offer products based on customer demands and needs.
Vendors are partnering with logistics companies to promote the timely delivery of a chosen food item, thereby increasing their operational efficiency. Thus, the growing eminence of online catering services will drive the catering services market growth during the forecast period.
REVIEW PERIOD: (2015-2027)
•Historic Period: 2015 to 2020
•Forecast Period: 2021 to 2027
•Base Year: 2020
•Unit: USD Billion
This Contract Catering Service market report provides insights on new trade regulations, market size, regional and segment market share, product/service launches, product pipeline analysis, impact of Covid-19 on, key regions, untapped markets, patent analysis, approvals, continuous innovations and developments in the market.
•North America: U.S., Canada and Rest of North America
•Europe: UK, France, Germany, Italy, Spain and Rest of Europe
•Asia Pacific: China, Japan, India, Australia, Southeast Asia and Rest of Asia Pacific
•Latin America: Brazil, Mexico, Argentina and Rest of Latin America
•Middle East and Africa: Gulf Countries, Israel, Africa and Rest of Middle East and Africa
Europe dominated the Global Contract Catering Services Market in terms of revenue generating USD 54.09 Billion in 2019 and is expected to reach USD 75.38 Billion in 2026 growing at CAGR of 5.14% in the forecast period 2021-2026. By country France is dominating the European market and it is worth of USD 10.76 Billion in 2019 and it is expected to reach by USD 15.06 Billion in 2026. Germany is second largest market and it is projected to grow at sizeable growth rate in forecast period.
oBusiness & Industry
oDefence & Offshore
oSports & Leisure
On the basis of type of Contract Catering Services the market is divided into Fixed Price, Cost-Plus and others. Fixed Price segment dominated the Type segment and was worth of USD 112.99 Billion in 2019 and it is expected to reach USD 156.76 Billion in 2026.
The application segment includes the major end users of Contract Catering Services such as Business & Industry, Education, Hospital, Senior Care, Defence & Offshore, Sports & Leisure and others. Business & Industry segment dominated the Application segment and was worth of USD 58.54 Billion in 2019 and it is expected to reach USD 80.42 Billion in 2026.
Increasing demand for customized food
Considering the mobile workforce, buyers are looking to customize the menu as per their audience and include items beyond the regular local cuisines to create a sense of value in the mind of the employees.
Growing awareness toward healthy eating
With increasing levels of stress and associated health issues amongst the general workforce, employers are looking at ways to ensure that the workforce remains healthy. This has amplified the demand for onsite dining services with healthy and fresh menu to ensure that the employees are at the best of their health and perform their best.
Catering as a talent attraction and retention tool
More and more companies, especially high-tech and financial services, are showcasing their fine dining services as an extra employee benefit, rather than just a meal or subsidized amenity to attract and retain talent. For example, Google's lavish free meals program has caused companies that compete for highly skilled employees to follow suit with their own special menus and dining experiences, although most companies still charge employees a subsidized rate for the meals.
Increasing demand for food-away-from-home across the globe due to rising millennial and working population is expected to drive growth of the contract catering market over the forecast period.
Since the market is controlled by the small local players in the unorganized sector, compliance to regulatory norms and required SOPs are major issues, which are suppressing further growth in the segment.
Corporate dining services are negatively affected by increasingly mobile workforces. More and more companies are allowing employees to work from home or other off-site locations, and fewer employees on-site reduces the amount of customers in employee cafes, making it difficult for employee dining services to be self-sustaining.
Human resource management
As employers of large numbers of relatively low-paid workers, a key challenge for contract caterers is the recruitment, training, motivation and retention of their workforce.
Specialized catering suppliers
Demand in the food service industry is mostly driven by large corporate spending. Major buyers are looking to go beyond just catering service offerings to employees and create a dining experience that enhances employee satisfaction and morale through adoption of unique menu and dining options from specialized catering suppliers
Suppliers are also improving their supply capability while adopting performance-based metrics for evaluation and performance monitoring. Increasing expansions of global multinationals in APAC and parts of MEA have triggered an increase in outsourcing of catering services growing emphasis on adoption of technology to improve the customer experience and reduce time wasted waiting for food.
Mergers and acquisition
Global suppliers continue to aggressively increase their footprints in these regions through mergers and acquisitions as well as partnerships with local vendors. For example, having set-up operation in India by acquisition of two of the largest local players, Elior continues to look at expanding its operations in India through acquisitions.
•An overview of the global Contract Catering Service market
•In depth analysis of market dynamics and major factors such as drivers, restraints, opportunities and trends influencing the global market
•Global Contract Catering Service market revenue data historic and forecast analysis (2015 to 2027)
•Characterization and quantification of the market segments for Contract Catering Service market
•Market share analysis of key market participants and their competitive landscape
IMPORTANT QUESTIONS ANSWERED BY GLOBAL CONTRACT CATERING SERVICE MARKET REPORT
•What is the impact of COVID 19 epidemic on the global Contract Catering Service market?
•Which is mostly affected region, country?
•Which is the current largest and fastest-growing region?
•What is the market size and growth rate of the global Contract Catering Service market?
•What are current factors affecting the growth of market?
•What are Key trends and opportunity areas?
•Within Contract Catering Service market, which segments are fastest growing & emerging strongly? What are the drivers and restraints for each segment? What are vendor competencies by segment?
•What are the major strategies adopted by leading market companies?
•What are company challenges and essential success factors by market segment?
•How company offerings and supply chain capabilities are shifting to meet emerging market needs?