24 September, 2019
RALEIGH, North Carolina, September 24, 2019 - The global catering services market is projected to grow at a steady CAGR of 4.5 percent, according to Beroe Inc., a procurement intelligence firm. Based on recent valuations, the value of the catering services market is highest in Europe, worth $218.1 billion, growing at a rate of 3-4 percent, while the LATAM market has had the lowest value of $23.74 billion, growing at a rate of 2-3 percent.
The catering services market is expected to have the highest growth in the APAC projected to grow at an annual rate of 7-8 percent until 2021. While Singapore and Hong Kong have high market maturity and Japan and Australia have medium maturity the remainder of APAC has low market maturity.
The overall value of the global food service industry is expected to reach approximately $616.24 billion in 2023, growing at a CAGR of 4.5 percent. At a global level, the high maturity regions are the U.S., the U.K., France, Italy, and the U.A.E. and medium maturity markets are Saudi Arabia, Turkey, and Canada. Other than Western Europe and a few other countries, markets for catering services as a standalone, specialized function remain underdeveloped.
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: https://live.beroeinc.com/
In the fastest growing regions of the catering services market, such as APAC developing countries, there is a highly fragmented market, with very high demand from buyers for organized catering. Meanwhile, political and economic unrest in Europe due to Brexit and other factors are expected to slow down the growth of the catering services market in Europe. Growing demand among corporate buyers for fresh and healthy food is driving the demand for the catering services market to reduce dependency on frozen and pre-prepared food.
Top trends in the global catering services market include employee fine dining, technology adoption, local foods, sustainability initiatives, cashless payments, and subsidies. Automation and other catering unmanned solutions are gaining popularity. Food delivery apps, food ordering, and staff restaurants are also influencing the best practices in the catering industry.
The research methodology adopted for the report included:
The global food service equipment market was valued at $36,380 million in 2018 and is expected to be worth $47686.7 million by the year 2022 growing at a CAGR of 7 percent. The development of advanced automated kitchen equipment capable of saving valuable space and money by improving efficiency is expected to keep driving the market especially in the mature markets.
The report includes:
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