New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Catering Services And Food Contractors Global Market Report 2022" - https://www.reportlinker.com/p06193679/?utm_source=GNW
The global catering services and food contractors market is expected to grow from $187.64 billion in 2021 to $275.90 billion in 2022 at a compound annual growth rate (CAGR) of 47%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $378.39 billion in 2026 at a CAGR of 8.2%.
The catering services and food contractors market consists of sales of single event-based food services or food services at institutional, governmental, commercial, or industrial locations of others based on contractual arrangements with these types of organizations for a specified period of time by entities (organizations, sole traders and partnerships) that provide single event-based food services or food services at institutional, governmental, commercial, or industrial locations of others based on contractual arrangements with these types of organizations for a specified period of time.
The main types of catering services and food contractors are food service contractors and catering services.Catering services is the business of providing food service at a remote location or at a specific location, such as a hotel, hospital, pub, airline, cruise ship, park, filming location or studio, entertainment location, or event venue.
The services are owned by chained and standalone entities.
Western Europe was the largest region in the catering services and food contractors market in 2021.North America was the second largest region in the catering services and food contractors market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The catering services and food contractors market growth is aided by stable economic growth forecasted in many developed and developing countries.Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth.
Developed economies are also expected to register stable growth during the forecast period.Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period.
For instance, according to Reserve Bank of India, India’s GDP is expected to grow at 9.5% during the year 2022 , whereas China is forecasted to register GDP growth of 5.5% in 2022 . Stable economic growth is expected to increase the demand for services offered by this industry, thereby driving the market during forecast period.
The food catering service companies are forming alliances to serve food to schools, colleges, and universities.They are also involved in the development of mobile apps that provide tailored food options to meet the needs of each individual.
For instance, in March 2021, Sodexo, the foodservice and facilities management company, has announced a partnership with HelloFresh, the meal kit leader, to deliver HelloFresh and EveryPlate meal kits to students at more than 300 colleges and universities in the United States.Students can pre-select, order, and schedule meal kits for delivery using Sodexo’s BiteU app.
Whether students are vegetarian, on a low-calorie diet, or looking for something quick and easy, HelloFresh allows them to choose from a vast changing weekly menu. EveryPlate is a rotating menu of simple and affordable chef-curated recipes, including vegetarian and gourmet options.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the catering services and food contractors’ market in 2020 as governments globally imposed restrictions on domestic and international travel limiting the need for services offered by these establishments.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the catering services and food contractors’ market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The countries covered in the catering services and food contractors market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06193679/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
