Catering Services Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Catering Services market reached a value of about USD 540.06 billion in 2021. The industry is projected to grow at a CAGR of around 4.5% in the forecast period of 2022-2027 to reach a value of about USD 703.29 billion by 2027.

The global Catering Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is being propelled by the FDA's strict guidelines and regulations to monitor and manage the quality and standards of the food being served, paired with the rising popularity of online catering. The key demand indicator is the highest category spender in the industry report by region—Europe and North America.

Industry Definition and Segmentation

Catering is the business of serving meals for large-scale events such as meetings, conferences, parties, and other get-togethers at a remote location or a location such as a hotel, hospital, bar, aeroplane, cruise ship, park, filmmaking location or studio, entertainment location, or event venue. They either have their in-house culinary team or have hired a third party to supply the cuisine. The Catering Services industry report comprises segments by application (Primary Cooking, Refrigeration & Ice Machines, Storage & Handling, Serving Equipment, Food Preparation, Warewashing & Sanitation) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).

North America and European Regions are Driving the Growth of the Industry

The North American and European regions account for the largest share in the industry due to the presence of major key players.

The market is being propelled by the growing health and safety-related concerns regarding food. The FDA has tightened its guidelines and regulations for managing the quality and standards of food served due to recent food safety furthering the market growth. Foodservice operators have been focusing on offering healthier meals prepared from fresh ingredients in the location's kitchen and decreasing their reliance on frozen, pre-prepared foods in response to a growing demand for new and healthy food among corporate buyers, boosting the sector's sales. Significant corporate expenditure is the primary driver of order in the foodservice business. Major customers want to go beyond merely providing catering services to their employees and create a dining experience that boosts employee satisfaction and morale by implementing innovative menu and dining alternatives from specialist caterers.

However, the high expense of ensuring uniformity and sanitation of food products by employing a considerable labour force is hampering the industry's expansion.

Best Procurement Practices

The global Catering Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Catering Services regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.

Category Management Studies

A catering business may employ its cooks or purchase food from a contractor or third party and deliver it to the client. Waiters, waitresses, and busboys are frequently dispatched to prepare tables and serve meals during sit-down dining occasions. The caterer may send personnel to put up chafing dishes, bowls, and platters full of food, replace them, and serve food to guests during buffets and casual parties. A manager will often direct the wait staff and supporting personnel at banquet hall events and wedding receptions, such as coat check people. A salesperson assists the customer in selecting food, location, and decorations that are within his budget and setting up the billing mechanism before the event.

Various Measures by Service Providers, Further Driving the Catering Services Market

The fast expansion of global multinational corporations in emerging markets has increased the demand for specialised catering services. Suppliers are enhancing their supply capabilities while implementing performance-based criteria for assessment and performance monitoring, boosting industry growth. Suppliers are also strengthening their supply capabilities and evaluating and monitoring their performance using performance-based standards. Implementing technology is becoming increasingly important to improve the customer experience and minimise time spent waiting for food. Online catering allows customers to choose meal items from a menu on a website and then make an order. Customers may also create personal profiles on these internet channels, saving their preferences and making buying easier. This assists merchants in marketing new items to generate recurring sales.

The regional markets for the industry can be divided into Europe, North America, the Asia Pacific, South America, and the Middle East and Africa.

Key Industry Players Mentioned in the Catering Services Industry Report

• Compass Group plc
• Sodexo
• ISS A/S
• Aramark Corporation

Market Landscape

As more organisations target specialised consumer groups, the global catering services industry becomes increasingly competitive. Through mergers and acquisitions and collaborations with local vendors, international suppliers actively expand their footprint in these regions. Businesses in the Catering Services industry are becoming increasingly engaged with beginning tactics such as targeted marketing, CSR initiatives, and increasing their global significance. A striking tendency that can be seen across the board is that these businesses are now aiming to handle a specific business-related activity in a nation with favourable legislation. As a result, many organisations can save expenses while still employing industry experts at every critical juncture of their operations. Authorities in developing nations such as India, China, Taiwan, and Indonesia, among others, are pursuing policies to entice foreign investors into their manufacturing sectors by cutting trade taxes and levies to create more employment.

Key Initiatives by Companies

• In 2020, Sodexo launched Sodexo Future Food Collective. This programme will bring together food industry specialists to research and collaborate with the chefs on various themes, including health and wellness, plant-based innovation, innovative culinary techniques, and more. The Sodexo Future Meal Collective will use data and insights to guarantee that guest centricity remains a top priority.
• In 2021, Aramark, a global leader in food and facilities management, said today that it had formed a strategic partnership with the Starr Restaurant Organization of Philadelphia (Starr Restaurants). Starr Restaurants is one of the largest multi-concept and independent restaurant companies in the United States, led by entrepreneur and James Beard Award-winning restaurateur Stephen Starr. Aramark and Starr Restaurants will work together to create culinary innovation and excellence through a strategic partnership that will give Aramark clients best-in-class hospitality experiences while also allowing both companies to expand.