Sustainability Goals in the Sports and Leisure Sector to Revolutionize the US Contract Catering Market
Arizton’s recent market research report on the US contract catering market provides detailed analysis of market segmentation by industry (B&I, education, healthcare, senior care, sports & leisure, and others), by contract type (fixed price, cost-plus, and others), by delivery (IFM and single service), and by the facility (on-premise and on and off-premise).
The US contract catering market is anticipated to reach revenues of approximately $63 billion by 2023, growing at a CAGR of more than 4% during 2017-2023.
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The US contract catering market is divided into four major segments that consist of by industry, contract type, delivery, and facility.
Sports and leisure segment to grow at a significant CAGR in the US contract catering market during the forecast period
The US contract catering market by industry is segmented into B&I, education, healthcare, senior care, sports & leisure, and others. The sports and leisure segment dominated less than 1/3rd of the market share in 2017, growing at a CAGR of more than 4% during the forecast period.
Sports stadiums and venues are the largest revenue generators in this segment in the US market.
The catering trends of incorporating restaurant-inspired cuisines in menus in the stadiums and game parks will augment the growth of the sports and leisure sector in the US market. Hyperlocal flavors that represent the cities’ unique culinary scene elevate the whole hometown team vibe are becoming star performers in the US contract catering market. The focus on diversification and sophistication of palettes is driving the number of chef partnerships and multi-star dining experiences in the US market. The contract caterers are offering seasonal retail style menus for athletes, performers, and VIP guests and introducing innovative concepts to attract a maximum number of consumers and gain a larger US market share. The vendors are reducing wastage by selling compostable bags of peanuts and other service ware such as utensils, trays, and straws, reducing kitchen waste, and donating ingredients that weren’t used, via Second harvest. The efforts on sustainability and reduce environmental pollution will augment the growth of the US contract catering market.
Single service segment to grow at a considerable CAGR in the US contract catering market during the forecast period
The delivery segment in the US contract catering market is classified into IFM and single service. Single service segment occupied the second largest market share in 2017, growing at a CAGR of more than 3% during the forecast period. The growing demand for personalized flexibility and expertise services contributes to the growing revenues in this segment in the US market. The quality of customer service gains the maximum importance in this segment. The time of administration, negotiations, and operational management are some of the areas that require additional costs and focus in the single service segment in the US contract catering market. Small and mid-price organizations that are looking for personalized services are opting for these delivery options in the US market. The vendors are formulating effective strategies that will be super beneficial for offering customization in the US contract catering market during the forecast period.
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On and off-premise segment to grow at a substantial CAGR in the US contract catering market during the forecast period
The US contract catering market by the facility is divided into on-premise and on and off-premise. On and off-premise segment dominated close to half of the market share in 2017, growing at a CAGR of around 4% during the forecast period. The growing need to reduce overhead costs and increase flexibility is driving the popularity of on and off-premise facilities in the US market. The vendors in the segment are focusing on opinion surveys, auditing, catering support, backup support, equipment and facility design, frequent in-service training, and technology system and support to improve their services in the US contract catering market. The companies are offering new formats, chef-led events, and customize foodservice to attract maximum consumers in the US market. DIY options are gaining popularity in this segment as younger consumers who value time and want to spend lesser time away from their seats. Vendors are offering specialty condiment stations, spice-your-own-soup bars, and serving size changes to boost their revenues in the US contract catering market.
The other prominent players in the US contract catering market are American Dining Creations, Atalian Servest, CIR Food, Continental, Gourmet Services, Guest Services, ISS World Services, Nexdine, Parkhurst Dining Solutions, Quest Food Management Services, Taher, Thompson Hospitality, The Nutrition Group, and Whitsons Culinary Group.
The complete overview of the latest market research report on US contract 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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