17 January, 2019
The global market for catering services is expected to grow at a CAGR of 4.5 percent until 2023, according to Beroe Inc., a procurement intelligence firm. The accelerated growth of global multinationals has triggered an increase in demand for specialized catering services.
Western European countries such as the UK, France, and Italy, along with countries such as the U.S., Singapore, the UAE, and Hong Kong are the regions that have a high market maturity. Regions such as India, China, Canada, Mexico, Japan, Australia and some parts of the Middle East are anticipated to be the potential growth markets for catering services by 2023.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
Due to the recent food safety-related occurrences, the FDA has emerged with substantial rules and regulations for regulating the standards and quality of food being served. Moreover, the global potential for food safety is driving the demand for outsourcing catering services. The constraint in the catering services market is the low level of awareness among buyers in developing markets, which affects the possibilities presented by outsourcing catering services with regard to cost savings, regulatory compliance, and operational efficiency.
Developed markets, such as the UK, France, and Germany show the potential for a price rise in the near future owing to lower unemployment levels, which results in a higher demand for catering services. Also, the rising inflation rates are also a cause of concern, as they are expected to contribute to the increase in food prices in the immediate future.
The research methodology adopted for the report included:
P&L models enable buyers to realize considerable cost savings. Buyers are at a higher risk of facing quality issues, as they have limited control over service levels and pricing as operations are partially transferred to contractors. Furthermore, subsidized contracts will enable buyers to have control over the contractors’ operation on their premises; thereby, the quality of the service can be maintained at an optimum level.
The report also includes:
Cost & Pricing Analysis:
Procurement Best Practices:
About Beroe Inc.:
Beroe's unique business model involves providing market intelligence and analytics to the procurement teams of businesses across the globe. Beroe leverages its deep domain expertise in 300 + categories across 14 industries. It boasts of more than 80 of the Fortune 500 companies as its clients.
To learn more about Beroe Inc, please visit http://www.beroeinc.com
Join us on Feb 1; Rethinking Procurement Operating Model to Drive Stakeholder Success