LONDON--(BUSINESS WIRE)--The global catering services market size is expected to grow by USD 187.56 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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 analyze 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 prominence of online catering services will drive the catering services market growth during the forecast period.
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As per Technavio, the rising demand for healthy food will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Catering Services Market: Rising Demand For Healthy Food
Increasing health consciousness among consumers amid the rising incidence of obesity and heart problems is driving the consumer preference for healthier and wholesome foods. Items such as poke bowls and superfood slaw are expected to witness high demand in both corporate and celebratory events. Many caterers have started introducing healthy food items in their menus, including poke and smoothie bowls, edible flowers, fermented foods, and plant-based soups, and salads that contain fresh fruits and vegetables. These factors are expected to boost market growth during the forecast period.
“Factors such as the innovative marketing initiatives by vendors, and the introduction of new food menus will have a significant impact on the growth of the catering services market value during the forecast period,” says a senior analyst at Technavio.
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Catering Services Market: Segmentation Analysis
This market research report segments the catering services market by service (contract catering services and concession catering services), and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the catering services market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing preference to dine in office, hectic lifestyles, and the rising demand for on-the-go foods.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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