Major companies in the catering services and food contractors market include Compass Group plc; Sodexo; Aramark Corporation; Elior Group and Delaware North. The global catering services and food contractors market is expected to grow from $234.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Catering Services And Food Contractors Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018906/?utm_source=GNW
56 billion in 2020 to $251.82 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. 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 $328.11 billion in 2025 at a CAGR of 7%.
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 catering services and food contractors market is segmented into food service contractors and catering services.
Western Europe was the largest region in the global catering services and food contractors market, accounting for 32% of the market in 2020. North America was the second largest region accounting for 27% of the global catering services and food contractors market. Africa was the smallest region in the global catering services and food contractors market.
There is a growing emphasis on sourcing local and organic raw materials and ingredients to produce meals. Many individuals in the 18-35 age group prefer organic meals as they are becoming conscious about their eating habits and lifestyles. For instance, more than 1.5 million meals are delivered daily under Food for Life brand that is famous for its organically balanced meals. Establishments in the industry are increasingly seeking to differentiate themselves by upgrading their ingredients and experimenting with healthier meals.
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 is expected to continue to have 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 catering services and food contractors market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.2% in 2019 and 3.5% in 2020. 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, India’s GDP is expected to grow at 7.2%, whereas China is forecasted to register GDP growth of 6.0% in 2020. Stable economic growth is expected to increase the demand for services offered by this industry, thereby driving the market during forecast period.
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