Catering is the business that offers food service at numerous locations such as hotel, park, entertainment site, event venue, pub, aircraft, hospital, cruise ship, and filming site. Catering services largely operated by their own cooks preparing food, or by getting food prepared by outsourced by third party delivery to the client. The catering also refers to services providing the quality food services over various parties, corporate events, and the personal get-togethers. Based on the requirement client’s designs and finalizes upon need of the event, menu to be served during the event. Catering services act as backbone to all events. The catering services are not limited to providing food, ensuring guest welcome, and also ensure guests are catered well and registering their feedbacks.
Majorly there are four types of catering services designed as per key occasions such as wedding catering, corporate catering, concession catering and social event catering. The catering services are also customized for personal catering as well which includes birthday party arrangements, catering for some small yet significant events like house warming and so on. The large scale demand for activities involved in businesses and high-income groups is expected to support and enlarging scope of the catering services industry over upcoming years. Moreover, rise in customer spending in parties and altered operations will further generate profit margin in the forecast period.
Some of the key players operating in the catering services market are Sodexo, Cushman & Wakefield, WSH, Gate Group, Compass Group PLC, Newrest, ABM Catering Solution, Aramark, Elior Group, DO & CO, and SV Group.
Based on type, catering market can be segmented as contractual catering and non-contractual and based on end-user, market can be segmented into industrial, healthcare, hospitality, in-flight, educational and many others. The online catering is also gaining huge popularity across the globe allowing the consumers to order food from the website. The online platforms have allowed vendors for analyzing customer preferences by using analytics, offering products as per the customer demands. The catering vendors are also partnering with logistics companies to achieve timely delivery of the selected food item, this have led to increase in their operational efficiency.
Increase in health awareness among consumers amid to rise in obesity rise in heart concerns have led to preference for the healthier and wholesome foods served by expert caterers. The poke bowls and superfood are further expected to witness substantial demand for both corporate and celebratory events. Many caterers have started bringing together healthy food items in their menus,
Some of the other key factors driving factors such as innovative marketing activities by vendors, coupled with introduction of new food menus expected to have a significant impact on growth of the catering services market over the forecast period. The Asia Pacific region is the largest catering services market share offering large scale several growth opportunities to all catering services companies over the forecast period. The rise in preference for dining in-office, and followed by hectic lifestyles have led to decline in time spent on cooking is further expected to raise demand may significantly influence the catering services market globally.
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Catering Services Market
Ankur Gupta, Head Marketing & Communications