New York, United States , Nov. 29, 2022 (GLOBE NEWSWIRE) -- The Global In-flight Catering Services Market Size to grow from USD 8.45 billion in 2021 to USD 40.2 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period. The demand for in-flight food services has increased due to long-haul and non-stop flights, mostly due to leisure and business travel. The In-flight Catering Services market is growing due to the spike in demand for the product across various Airline classes worldwide.
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The Full-Service Carrier segment to account for the largest market size during the forecast period
Based on the Flight Type, the global In-flight Catering Services market is categorized into Full-Service Carriers, Low-Cost Carriers, and Others. The Full-Service Carrier segment accounts for the largest market size during the forecast period. Full-service carriers primarily operate long-haul or international flights; This category growth is expected to be supported by the growing popularity of international travel.
The Large Airlines segment to hold a higher CAGR during the forecast period
Based on product type, the In-flight Catering Services market is categorized into Large Airlines, Medium Airlines, and Small Airlines. The Large Airlines segment to hold a higher CAGR during the forecast period. Due to falling ticket prices, surging travel demand, and the encouragement for extraordinary connectivity in a fast-expanding global economic system, the major airline market is expanding quickly around the globe.
Browse key industry insights spread across 200 pages with 137 market data tables and figures & charts from the report “Global In-flight Catering Services Market Size, Share, and COVID-19 Impact Analysis By Flight Type (Full-Service Carrier, Low-Cost Carrier and Other), By Airlines (Large Airlines, Medium Airlines and Small Airlines), By Airline Class (Economy, Premium Economy, Business and First class), By F&B Type (Meal, Bakery & Confectionery, Beverages and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The Meal segment to hold a higher CAGR during the forecast period.
Based on the F&B Type, the In-flight Catering Services market is categorized into Meal, Beverages, Bakery & Confectionery and Others. The Meal segment to hold a higher CAGR during the forecast period. One of the main growth factors is the introduction of ready-to-eat meals for travellers and the increased demand for catering services on lengthy nonstop flights. The largest in-flight catering providers are trying to serve meals to travellers from various cultural backgrounds.
The Economy segment to hold a higher CAGR during the forecast period.
Based on the Airline Class, the In-flight Catering Services market is categorized into Premium Economy, Economy, Business and First class. The Economy segment to hold a higher CAGR during the forecast period. The segment's expansion is linked to consumers' rising desire for short- to medium-distance economy class holidays. The middle class and discretionary income have grown in APAC over the past few years, increasing demand for economy-class airline seating. It is projected that the availability of affordable lunch options will promote segment expansion.
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Asia Pacific is estimated to account for the highest market share in 2021.
The Global In-flight Catering Services Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Growth in foreign travel and tourism, growing urbanization, a rising level of living to go along with aspirational travel, and a comeback in discretionary spending are all factors that contribute to regional growth. Additionally, there will likely be major expansion potential for in-flight catering providers due to the region's growing number of airline operators. Europe to hold a higher CAGR during the forecast period.
Some of the Key Developments:
In March 2022 - To oversee EasyJet's on-board catering services, DNATA teamed with the airline. The alliance is advantageous to the business because DNATA will oversee the catering for airlines throughout the airline's extensive worldwide networkSATS Ltd. In
In Feb 2020- On Domestic American Eagle flights, American Airlines expanded the availability of its pre-ordered lunch service to premium class passengers. The company wants to provide meals to customers that are regionally appropriate. This is then anticipated to propel the market's expansion.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global In-flight Catering Services Market include ANA Catering Services Co. Ltd., DNATA, DO & CO., Emirates Flight Catering, Flying Food Group, LLC, Gate Group (Gate gourmet), LSG Lufthansa Service Holdings AG, Newrest International Group, ATS Ltd., and Servair SA. And Others.
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