Pune, India, Jan. 18, 2022 (GLOBE NEWSWIRE) — The size of the global catering market was $2,386.0 billion in 2020. The market is expected to grow from $2,525.4 billion in 2021 for $5,027.9 billion in 2028 at a CAGR of 10.34% during the period 2021-2028. This information is provided by Fortune Business Insights, in its report, entitled, “Catering Market, 2021-2028.”
According to our researchers, ways of buying food online help regional and small food service professions to make their food accessible online and increase their customer base. These programs are expected to strengthen the restaurant industry over the forecast period.
Impacts of COVID-19:
Global spread of COVID-19 virus has hampered market growth
North America, Europe and Asia-Pacific are some of the largest foodservice markets in the world. Nevertheless, HORECA, restaurants, accommodation, educational institutions and the entertainment industry were interrupted for most of the period in 2020 due to the COVID-19 pandemic. The United States and China, among the largest countries in the world in the restaurant sector, have faced significant difficulties related to the tourism, hotel and restaurant sectors.
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List of key players mentioned in the Catering Market Report:
- McDonald’s (Illinois, USA)
- Starbucks (Washington, USA)
- Marriott International (Maryland, USA)
- Subway (Connecticut, USA)
- Hyatt Hotels Corporation (Illinois, USA)
- Hilton Worldwide (Virginia, USA)
- KFC (Kentucky, USA)
- Burger King (Florida, USA)
- Pizza Hut (Texas, USA)
- Domino’s (Michigan, USA)
We provide our reports which are led with a comprehensive review approach which mainly focuses on providing detailed material. Our researchers have applied a data triangulation technique, which further helps us to offer reliable valuations and accurately test the general circumstances of the market. Additionally, our analysts have secured admission to various world and locally funded records to provide up-to-date material so that sponsors and business professionals only invest in the much-needed areas.
Rising Demand for Foodservice in Institutional Scenes to Drive Market Growth
With the evolution of socio-economic situations, catering and collective catering services have also progressed given the amplification of the demand for food ingested in hotels and restaurants. Moreover, advancements in science and technology have also helped caterers and edible suppliers in the production of bulk edibles to restructure their achievements, work efficiently and refine safety. In addition, the use of computers has also helped immensely. With increasing immigration, urbanization, globalization, and the introduction of multiple cuisines, the demand for multiple cuisines has increased. This, in turn, will augur the growth of the catering market over the mentioned period.
North America held the major restaurant market share and was valued at USD 934.9 billion in 2020. Growing number of double work houses, rise in flexible incomes, existence of fast food chains and the general economic growth of the region are the main aspects. which qualifies this region as one of the largest markets in the edible services market.
Rampant urbanization along with expanding middle-class population in the Asia-Pacific region is driving the sales of the industry.
Europe is expected to show strong growth relative to other major regions.
On the basis of type, the market is divided into full-service restaurants, quick-service restaurants, institutes and others. The full-service restaurant segment dominates the market due to the accessibility of a wide variety of edibles present on the menu.
On the basis of service type, the market is segregated into commercial and institutional.
In terms of geography, the global market is divided into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
Browse Detailed Abstract of Research Report with TOC:
Sweeping product launches by key players to drive market growth
Significant market players are employing several tactics to strengthen their position in the market as first movers. Among the plethora of strategies available, one such substantial plan is to buy businesses to increase brand value among consumers. Another crucial strategy is to launch innovative products with determination with a global market valuation and to identify its target audience.
Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- key ideas
- Overview of parent/related markets
- Industry SWOT Analysis
- Supply chain and regulatory analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
- Qualitative analysis related to COVID-19
- Impact of COVID-19 on the market
- Supply chain challenges during a pandemic
- Potential opportunities due to this global crisis
- Global Catering Services Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- Market size estimates and forecasts
- By type
- Full-service restaurants
- Quick service restaurants
- By type of service
- By region
- North America
- Asia Pacific
- South America
- Middle East and Africa
- By type
Key Industry Developments:
July 2021: Delivery Hero again showcased its processes in Germany, which is the largest catering market in Europe. He started his duties in Berlin through his food panda brand and intends to expand to all of Germany in the latter part of 2021.
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