The global catering services market was valued at almost USD126 billion in 2016 and is expected to surpass USD 153 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on catering services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the catering services market during the forecast period. Some of the top vendors listed in this industry analysis include ISS, US Foods, Sodexo, Compass, and Aramark.
In terms of geographical analysis, the Americas dominated the global market and accounted for the largest share of around 42%.
Click here to request a free sample of this report
According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “Mobile catering is an emerging trend in the global market for catering services. Mobile catering involves the provision of catering services via a mobile van/truck, which is equipped to cook and sell food. Suppliers sub-contract their procurement requirements to verified vendors and ensure guest satisfaction by offering reliable and high-quality food at reasonable prices. Mobile caterers primarily target flea markets, sports events, and office buildings.”
For report customization, click here
The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growth in workforce of MNCs
The growth in the workforce of MNCs in developing countries such as India, China, and Japan is prompting corporates to spend increased amounts on events such as formal gatherings, corporate parties, and outbound activities. Some MNCs also aim to enhance the productivity of their employees by providing high-quality food at reasonable prices, as this ensures high levels of employee satisfaction.
Changes in lifestyles and work culture
Long working hours leave employees with very little time for activities such as cooking. As a result, a large portion of the global working population is dependent on catering services as these services can spare them the time and effort associated with cooking. Busy lifestyles and tight work schedules have also created an increase in the preference for food trucks which offer a large variety of affordable dishes in shorter times.
Bundling of catering services by suppliers
Suppliers in the market are increasingly focusing on bundling value-added services such as the selection of venues, provision of AV equipment, and event planning and arrangement along with their core offerings. The shift in focus helps reduce the management complexities that can arise from engaging with multiple suppliers.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Catering Services – Procurement Market Intelligence 2017.’
