logo
logo
Sign in

Contract Catering Market Growth With Major Vendors

avatar
Rohan Deep
Contract Catering Market Growth With Major Vendors

Contract catering is a catering company that is hired by an organization to provide catering services on a regular basis.


Increasing demand for food-away-from-home across the globe due to rising millennial and working population is expected to drive growth of the contract catering market over the forecast period. For instance, according to the U.S. Bureau of Labor Statistics in October 2016, average spending on food of U.S. household was valued at US$ 7,023 in 2015 of which, spending on food-away-from-home accounted for share of 43% (around US$ 3,008) of all food spending.


On the basis of sector, corporate segment is expected to witness significant growth in the global contract catering market over the forecast period. Corporate segment includes IT sector, banking & financial sector, consumer services, and other professional services such as KPOs (knowledge process outsourcing) and BPOs (business process outsourcing).


Get More Detail: https://chemicalindustryresearchcmi.blogspot.com/2022/11/contract-catering-market-growth-with.html


The global contract catering market was valued at US$ 215.9 billion in 2018, and is expected to exhibit a CAGR of 5.8% over the forecast period (2019-2027), to reach US$ 355.6 billion by 2027.


Increasing demand for food-away-from-home and increasing focus of consumers on offering fresh food at work place are expected to drive demand for contract catering services, owing to its increasing demand from corporate offices, hospitals, educational institutions, and other industries, which provide quick and easy access to various healthy snack foods within the office or institute premises.

Latin America is expected to witness a significant growth in global contract catering market by 2021. High economic growth in Latin American countries such as Brazil coupled with increasing purchasing power of the urban population are expected to propel the contract catering market growth in Latin America. For instance, according to International Monetary Fund (IMF), Brazil’s economy grew 3.6 times to reach US$ 1.8 trillion in 2018 from US$ 0.5 trillion in 2002.


collect
0
avatar
Rohan Deep
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more