The constantly changing dynamics of the modern workforce and the insatiable appetite for different types of cuisines are some of the major factors attributing to the growth of the global contract catering market. The growth of safety regimes, the creation of added value, and adoption of technologies will help vendors overcome operational challenges in the global market. The increasing focus on overhauling menus, harmonizing the ambiance, digitalizing the experience, and paying extra attention to the little details will help companies with addressing dissatisfaction and other challenges in the service industry. The leading companies are focusing on the increasing interrelation of nutrition and productivity and adopting these services in the global market. The rapid proliferation of internet services that have resulted in 15-minute deliveries, access to unimaginable choices, and diverse plates is augmenting a drastic shift in the food and beverage industry. The increasing requirement for a more streamlined and transparent food service will help vendors tap into the new business avenues in the global market. The rising requirement for hospitality and fine dining as a client relationship and business development tool for entertaining guests will help boost revenues in the global contract catering market.
The top vendors are offering flexibility through new service models that leverage an on-demand online system and ad-hoc workplace food offer minus the requirement for on-site facilities and services to gain a larger market share. The caterers are implementing predictive analytics to improve the operational efficiency of catering services, reduce wastage, and speed up the procurement cycle in the market.
Contract Catering Market - Dynamics
The vendors are leveraging digital technologies to enhance the consumers’ food journeys and boost their revenues in the global contract catering market. The exponential proliferation of 4G, RFID, mobile apps, and smartphones is changing the way food is delivered at the customer’s table in the market. Various catering companies are using technologies to provide customers with more information, customized orders, and shorter waiting times. The vendors are focusing on creating rewarding and memorable experiences, and offering greater convenience, choice, and accessibility to the customer thereby, boosting customer loyalty and engagement in the global market. Self-service kiosks, round-the-clock access to good, quality food, and superior retail experience by using innovative vending machines will transform the market over the next few years. Companies are integrating securely connecting technologies, implementing automation, offering consumers control over the buying process, and reducing the snags and obstacles in services to attract new consumers. Digital technologies will transform the global contract catering market over the next few years.
Contract Catering Market - Segmentation
This market research report includes a detailed segmentation of the market by industry, contract type, and geography.
CONTRACT CATERING MARKET – BY INDUSTRY
Demand for health-food and fresh produce in B&I sector to drive the growth in the global contract caring market
The global contract catering market by industry is segmented into B&I, education, healthcare, senior care, and others. B&I industry dominated 1/3rd of the total market share in 2017, growing at a CAGR of more than 4% during the forecast period. The diverse social and work lifestyles, the perception of the fast-casual dining, engagement of customers, and workplace trends are some of the factors influencing the use of these services in this market segment. The introduction of varied menu concepts which includes healthy meals, fresh produce, and quality ingredients will boost the adoption of corporate catering services. The concept of live food prep counters and bars serving spirits, cocktails, nitro beer, mocktails, and other drinks are gaining immense popularity in this market segment. Education and healthcare segments are also focusing on the quality of the food and food safety measures in the market. These segments are looking forward to offering attractive, high nutrient food menus, restaurant-style menus, grab and go concepts, room service, on-demand dining, vending options, and hybrid models in the global contract catering market.
CONTRACT CATERING MARKET – BY CONTRACT TYPE
Customer satisfaction will be the main priority of fixed-price contracts in the global contract caring market during the forecast period
The contract type in the global contract catering market is classified into fixed-price, cost-plus, and others. Fixed priced contracts occupied the largest market share in 2017, growing at a CAGR of approximately 5% during the forecast period. The contractors are focusing on customer satisfaction and standards. The growing demand for next-level services is increasing the complexity of these agreements in the global market. Vendors are getting innovative by using uncommon cuts of meat and other foods and simplifying menus wherever possible. Boxing more items on the menu will enable companies to boost their sales and revenues. Fixed cost per head version is gaining immense popularity in the education and healthcare sector in the global contract catering market. The launch of smart refrigerators, personalized meals, and collaborative foodservice companies are associated with cost-plus service agreements in the market. The focus on consistency of quality and service is expected to revolutionize the cost-plus contracts in the global market.
CONTRACT CATERING MARKET – BY GEOGRAPHY
Modernization of traditional dishes in APAC to drive the growth of foodservice in the global contract caring market
The global contract catering market by geography is divided into North America, Europe, APAC, and ROW. APAC dominated the majority of the market share in 2017, growing at a CAGR of approximately 6% during the forecast period. The new trend towards quick and healthy eating is one of the key drivers of the APAC market. The growing demand for modern versions of traditional dishes and western options constituting the likes of salads and brews is propelling the growth for foodservice in the APAC region. Japan, India, and China are the largest end-users of these revenues in the APAC market. The implementation of government initiatives driving the growth of small and micro businesses will have a positive impact on the overall industry in the APAC region. The bundling of facilities management services and the integration of digital media will drive the growth of the APAC contract catering market. Personalization, fast service, and convenience are some of the main factors attributing to the growth of the market in North America. The US contract catering market is the highest revenue generator in the region. In-house services and in-house chefs are gaining popularity in the European market and driving the demand for foodservice in the region.
The contract catering market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Senior Care
- Fixed Price
- North America