LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global catering industry and the industry is poised to experience spend growth of nearly USD 40 billion between 2019-2024 at a CAGR of over 4% during the forecast period. Request Free Sample Pages.
Read the 121-page research report with TOC and LOE on "The Global Catering Industry – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Buyers from the corporate sector are assigning importance to catering service which is now being perceived as a talent attraction/retention strategy. The shortage of organized catering services across some of the regions is creating ample demand for catering service providers from buyers from end-user sectors such as the hospitality and the healthcare industries. These factors are impacting the prospects of spend growth on a positive note in the global catering industry.
APAC is among those regions where some of the leading catering service providers from the developed nations are investing by promoting localized cuisines, customized services, and fusion food items without diluting the value of their core offerings. This is propelling spend momentum in the catering industry in this region. On the other hand, in the US, the catering industry is witnessing an eventual slowdown in growth owing to the rapid shift of the B&I sector to low-cost Asian countries such as India and China.
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Insights into the industry price trends
- Catering service providers are increasingly investing in technologies not only to improve their offerings but also to ensure absolute adherence to the stringent food-safety regulations. This is significantly adding to their OPEX which is impacting procurement expenses borne by buyers.
- An increase in labor costs is impacting the costs of services in the catering industry.
What are the strategies to adopt to optimize procurement spend in this industry?
Benchmarking service providers’ quotes against the industry’s price
It is necessary that buyers ensure that the pricing of catering services is aligned to the industry standards. They should ideally have a balanced procurement approach wherein equal importance should be given to service quality and cost-saving opportunities.
Engaging with IFM service providers
Strategic engagement with such service providers will allow buyers the opportunity for supply base consolidation and also to collaborate with the service providers in cost reduction initiatives as service areas are integrated. For instance, IFM service providers usually outsource their ad-hoc requirements efficiently to regional vendors at a lower rate. Buyers can leverage this to bargain for reduced billing rates.
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Some of the key topics covered in this report are:
- Catering industry spend segmentation by region
- Total cost of ownership analysis in the catering industry
- Regional spend opportunity for catering service providers
- Catering service providers cost structure
- Catering pricing models analysis
- Catering procurement best practices
- Category management objectives
- Cost saving opportunities in the catering industry
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