Major companies in the catering services and food contractors market include Compass group plc, Sodexo, Aramark corporation, Elior Group, Autogrill SpA, SSP Group plc, Lufthansa Group, DO & CO AG, Samsung C&T Corporation and Thompson Hospitality.
New York, Dec. 30, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Catering Services And Food Contractors Global Market Report 2022” – https://www.reportlinker.com/p06193679/?utm_source=GNW
The global catering services and food contractors market is expected to grow from $187.64 billion in 2021 to $275.90 billion in 2022 at a compound annual growth rate (CAGR) of 47%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $378.39 billion in 2026 at a CAGR of 8.2%.
The catering services and food contractors market consists of sales of single event-based food services or food services at institutional, governmental, commercial, or industrial locations of others based on contractual arrangements with these types of organizations for a specified period of time by entities (organizations, sole traders and partnerships) that provide single event-based food services or food services at institutional, governmental, commercial, or industrial locations of others based on contractual arrangements with these types of organizations for a specified period of time.
The main types of catering services and food contractors are food service contractors and catering services.Catering services is the business of providing food service at a remote location or at a specific location, such as a hotel, hospital, pub, airline, cruise ship, park, filming location or studio, entertainment location, or event venue.
The services are owned by chained and standalone entities.
Western Europe was the largest region in the catering services and food contractors market in 2021.North America was the second largest region in the catering services and food contractors market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The catering services and food contractors market growth is aided by stable economic growth forecasted in many developed and developing countries.Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth.
Developed economies are also expected to register stable growth during the forecast period.Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period.
For instance, according to Reserve Bank of India, India’s GDP is expected to grow at 9.5% during the year 2022 , whereas China is forecasted to register GDP growth of 5.5% in 2022 . Stable economic growth is expected to increase the demand for services offered by this industry, thereby driving the market during forecast period.
The food catering service companies are forming alliances to serve food to schools, colleges, and universities.They are also involved in the development of mobile apps that provide tailored food options to meet the needs of each individual.
For instance, in March 2021, Sodexo, the foodservice and facilities management company, has announced a partnership with HelloFresh, the meal kit leader, to deliver HelloFresh and EveryPlate …….