Catering business comprises of providing the food related services for a particular event or a location as required by client and event organizers. Catering services are generally sold on the per-person basis. It generally includes bar open/close time, meal-time, staff arrival time, rental arrival time and rental pick up. There are several factors that can affect the price of catering for instance menu choices, labor & service charges and furniture or supply rentals.
Food catering is categorized into many types including mobile catering, boxed lunch catering, airline catering and event catering. Mobile catering generally serves food from the cart, truck or any other vehicle designed to serve food. The food is served at workplace, outdoor events, and busy downtown areas. Boxed lunch catering is preparation of lunches in the individual containers. They are usually served to businesses during working lunches. This form of catering prepares food in advance and then drops it off at a specific location. Airline catering is a meal/snack, which is served to the passengers on a plane. The meals range from the simple beverages in coach to the gourmet meals in first class. Additionally, event catering is a special food service with waiting staff. This type of service is generally used for large events like banquets or weddings.
By type, Catering market can be segregated as contractual and non-contractual catering services. Of these two categories, the contractual catering services segment dominates the global market owing to constantly changing dynamics of the modern workforce coupled with insatiable appetite for different types of cuisines. Additionally, contractual catering services segment is anticipated to exhibit substantial growth rate because of introduction of various offers like limited time menu offerings & promotional offers during the forecast period. In addition, by equipment type, market can be segregated as food preparation equipment, refrigeration & ice machines, primary cooking machine, ware-washing & sanitation, storage & handling and serving equipment.
The Catering market is driven by rise in demand from high-income households & businesses, followed by increase in emphasis on the adoption of technology to improve customer experience, growth in population, rise in demand for healthier fresh food among corporate buyers, increase in need for industry players in the organized sector and rise in customer spending on parties & other catered operations. Apart from this, fluctuations in food commodity prices are major hindering factor for market. Moreover, increase in popularity of online catering is a key trend for global catering market.
Based on regional analysis, the Asia-Pacific region holds major share in global Catering market owing to rise in concern for food safety and growth in young population across the region. The North-America and Europe regions are estimated to witness higher growth rate due to growth in preference to dine in the office coupled with hectic lifestyles over the forecast period. It is predicted that future of the global Catering market will be optimistic caused by increase in health consciousness among consumers and introduction of new food menus during the forecast period.
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