LONDON–(BUSINESS WIRE)–#CapitalGoods–The global catering services market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Online catering is gaining immense popularity across the world as it allows consumers to conveniently order food through the prescribed menu on the website. Online platforms also allow vendors to analyze customer preferences through analytics and thus, offer products based on customer demands and needs. Vendors are partnering with logistics companies to promote the timely delivery of a chosen food item, thereby increasing their operational efficiency. Thus, the growing prominence of online catering services will drive the growth of the global catering services market.
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As per Technavio, the increasing number of mergers and acquisitions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Catering services Market: Increasing Number of Mergers And Acquisitions
The increasing number of mergers and acquisitions is one of the major trends being witnessed in the catering services market. For instance, between 2015 and 2016, the hospitality and catering industry in the UK saw a 170% increase in total disclosed deal values involving M&As. Market players are engaging in M&A activities to diversify their service portfolio, penetrate new markets, increase market share, reduce financial costs, and achieve economies of scale.
“The growing millennial population is showing a greater inclination toward innovative and exotic flavors and foods. This is increasing the demand for exotic cuisines among consumers. As a result, vendors in the global catering services market are re-designing their menus and providing consumers with options to customize their food based on their taste and daily calorie intake. This will drive the growth of the market during the forecast period,” says a senior analyst at Technavio.
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Global Catering Services Market: Segmentation Analysis
This market research report segments the global catering services market by service (contract catering services and concession catering services), and by region (the Americas, EMEA, and APAC).
The APAC region led the market in 2018, followed by the Americas, and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth. This is due to the rising demand for on-the-go foods, and the growth of the airline travel industry in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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