Catering and Food Service Contractor Market Growth Accelerated by Expanding Commercial Operations

 

The catering and foodservice contractor market provides a range of food preparation and delivery services to various commercial clients including corporate offices, educational institutions, healthcare facilities, stadiums, and amusement parks. The market caters to outsourced food preparation needs of its clients by planning menus, procuring ingredients, cooking meals, and delivering food services. The global catering and food service contractor market is estimated to be valued at US$ 304.11 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Expanding Commercial Operations

One of the key trends within the catering and food service contractor market is the expanding commercial operations of major players. Growing demand for outsourced food services from various commercial sectors such as corporate offices, schools & colleges, hospitals, and event spaces is encouraging caterers to enhance their service capabilities and geographical presence. Leading companies are investing heavily in infrastructure development, workforce expansion, and mergers & acquisitions to capture more market share. For instance, Compass Group acquired corporate catering service provider Sodexo Casa in the UK in 2023 to strengthen its presence in the country. Similarly, Elior Group acquired PFM in the US to expand its commercial food service operations. This trend of expanding commercial presence is expected to drive the growth of the global catering and food service contractor market during the forecast period.

Segment Analysis

The global catering and food service contractor market is dominated by the corporate/event catering segment. Corporate catering provides food and beverage services for corporate functions, meetings, conferences, and private parties. It is the largest segment as there is huge demand from MNCs, public and private companies for catering various corporate events and functions throughout the year.

Key Takeaways

The global catering and food service contractor market is expected to witness high growth during the forecast period of 2023 to 2030.

Asia Pacific region is expected to experience the fastest growth in the catering and food service contractor market.Countries like India, China and other Southeast Asian countries are witnessing rapid economic growth and rising disposable incomes which is driving the demand catering services for various corporate functions, events and weddings.

Key players operating in the catering and food service contractor market are Catering HQ Pty Ltd., SATS Ltd., Fusion Foods & Catering Pvt. Ltd., WSH Investments Limited., Elior Group SA, National Catering Company Limited WLL, Australian Camp Services, Sodexo, Algosaibi Services Company, Ltd., National Catering Services & Foodstuff, Cater Care Holdings Pty., Ltd., Compass Group PLC, Delaware North Companies, Inc., Thompson Hospitality Corporation, The RK Group, Gulf Catering Company, Conntrak Catering Services., Aramark, ISS A/S, Catering Solutions Pte. Ltd., NTUC Foodfare Co-operative Limited, Gnocci Holdings Pty. Ltd., Neo Group Limited, Comprehensive Support Services PTE., Ltd., Of Food Catering.