Gurugram, India, May 10, 2023 (GLOBE NEWSWIRE) — Global catering market is in the growth phase and has a highly fragmented market. There are more than 50,000 players on the market. Top players like Compass Group Plc, Aramark Corporation and AVI Food Systems in the global catering market hold a major market share. The market is largely driven by the increasing demand for healthier fresh food and international cuisine, as well as the growing culture of local catering.
1. The urban population’s desire for international cuisine is driving the expansion of the global catering market
Consumers around the world are experimenting with new cuisines as they are exposed to many cultures and lifestyles, creating an opportunity for growth for the global food service industry. Many developed and developing countries are seeing the increasing popularity of mobile food service providers due to the growing popularity of on-the-go food among their working population. Additionally, the global catering services industry is being empowered by changing dietary preferences, changing lifestyles, increased urbanization and the rise of nuclear families and the mobile food segment, which has a larger share of the global catering market.
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2. The growing popularity of online catering is severely impeding the growth of the global catering market
With all the changes in the hospitality industry, businesses need to stay up to date with what’s going on in the market. This is also an excellent time to identify new market opportunities and invest in the relevant industry sector. The numbers don’t lie, as online ordering and food deliveries have increased dramatically. In percentage terms, around 42% of the entire grocery order market is now placed online. The overall grocery industry is growing at a rate of around 3.7% per year, with online ordering and grocery delivery growing at a rate of around 15-20% per year.
Market Taxonomy
Global segmentation of the catering market
By service type
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