The health food trend is encouraging manufacturers such as Guckenheimer, Aramark, and Sodexo to offer home meal replacement programs
Arizton’s recent market research report on the global catering market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by industry (B&I, education, healthcare, senior care, and others), by contract type (fixed price, cost-plus, and others), by geography (North America, Europe, APAC, and ROW), and offers detailed competitive analysis.
The global contract catering market size is estimated to generate revenues of more than $264 billion by 2023, growing at a CAGR of around 5% during 2017-2023.
The growing trend of 15-minute deliveries, and access to unimaginable choices and diverse plates is one of the key factors attributing to the growth of the global catering market. The vendors are investing in developing more streamlined and transparent services to gain a larger catering market size.
The top 3 drivers and trends attributing to the growth of the global catering market are discussed below:
The FoodXWellbeing Movement Gains Ground
The increasing focus on wellbeing and health by several businesses, hospitals, educational institutions, and aged care centers is driving the growth of the global catering market. The growing awareness of better health and wellbeing is encouraging employers and institutions to change their eating habits for the better behavioral cues, educating about nutrient quality, and building healthier choices. Various educational institutions are conducting practical nutrition workshops and revisiting their canteen menus to promote good nutrition. Several organizations are providing a healthy diet as it is linked to a broad approach to improve health, learning abilities, productivity, and cut down on the risk of stroke, heart disease, cancer, and more. The leading players are offering personalized menus and balanced diets to gain a larger catering market size and attract new consumers. For instance, the introduction of standards such as WELL in the US, which is the first building standard which emphasizes on healthy food choices and mindful eating being designed into buildings through collaborations with the catering team will transform the food and beverage industry. The top catering companies are offering more healthy and sustainable food options to consumers.
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The Rise of Fresh Food Subscriptions
The recent trend in home meal kits or fresh food subscriptions launched by companies such as HelloFresh and Blue Apron is revolutionizing the global catering market. The growing popularity of home meal replacements and fresh food subscription services is encouraging companies to launch new healthy meal plans and products in the global market. The health food trend is encouraging manufacturers such as Guckenheimer, Aramark, and Sodexo to offer home meal replacement programs which have evolved to fresh food subscription services in the market. The availability of cook-from-scratch fresh foods, customization, and options for special diet meals such as vegan, vegetarian, low carb, and caloric meals will help vendors occupy a larger catering market size. Also, many vendors are fine-tuning their offerings by providing ingredients that support local communities and make grab n’ go outlets a whole lot easier to access at the end of the day. Waste reduction is one of the major efforts undertaken by various companies operating in the global market. Elinor Group has invested in Foodles, which offers high-tech fridges that enable self-service takeaway meals which customers with a badge can unlock and the payment is automatically debited from their account. These self-service machines are gaining immense popularity in the global catering market.
Momentum in Sustainability Catches Speed
The eating sustainably concept is gaining momentum and becoming a new corporate culture in the global catering market. The companies are designing futureproof and sustainable models for the variously sized organization to tackle the challenge of food wastage in the global market. The increasing public scrutiny of sustainability is encouraging contract caterers to align their values with their customers and help their clients achieve their sustainability objectives. These efforts to ensure ethical supply chain and resource management will boost the development and growth in the catering market size. Some of the leading companies are achieving these credentials by sourcing raw ingredients that pass the good-for-health and -environment test by curbing the negative effects of the lengthy industrialized supply chains in the market. The extensive use of GMO-free, organic, and free-range dairy, meat, and produce products will transform the global catering market.
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The leading vendors in the global catering market are Compass Group, Sodexo, Elior Group, Aramark Services, and WSH.
The complete overview of the latest market research report on the global catering market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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