LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global in-flight catering services market to grow at a CAGR of more than 6% during the period 2018-2022, according to their latest report.
This market research report segments the global in-flight catering services market into the following products (food and beverages) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the increasing passenger traffic and influence of tourism as a key factor contributing to the growth of the global in-flight catering services market:
Increasing passenger traffic and influence of tourism
In 2015, the global airline passenger traffic grew by approximately 9% as compared with the previous year. The increase in traffic was mainly in the Middle East and China regions, which witnessed a growth of 9% each. In Europe, the traffic grew by nearly 6%, and in North America, the traffic grew by more than 4% during FY2015. This has brought in substantial economic growth. Carriers in APAC (excluding China) and Latin America saw slower growth in 2014 when compared with the previous years because of a weaker economy.
Owing to the lower fuel prices and improving the economic environment in 2015, there was an increase in passenger traffic across the globe. It is estimated that over 70% of the people in the US go on vacations annually, either domestic or abroad. Furthermore, the steady and gradual rise in tourism and number of business travels across the world contributed to the growth in the global in-flight catering services market.
According to a senior analyst at Technavio for food, “International tourist arrivals went up by 3.5% in the first eight months of 2015 as compared with the previous year. About 500 million international tourists visited destinations worldwide between January and June 2015. This signified an increase of over 20 million tourists when compared with the corresponding period in the previous year. This rise in international tourist arrivals was fueled by Europe that recorded a 4.5% increase in tourist arrivals in 2015 as compared with 2014.”
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Global in-flight catering services market segmentation
Of the two products, the food segment held the largest market share in 2017, accounting for around 55% of the market. The food segment will continue to dominate the market throughout the forecast period whereas the beverages segment is expected to lose out its market share further.
EMEA was the leading region for the global in-flight catering services market in 2017, accounting for a market share of more than 41%. It was followed by the APAC region that held the second largest share and the Americas that contributed the least share to the market.
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