Global Catering Services Market 2019-2023| Increasing Popularity of Online Catering to Boost Demand| Technavio
LONDON--(BUSINESS WIRE)--Nov 26, 2018-- analysts forecast the global catering services market to grow at a CAGR of over 6% during the forecast period, according to their latest market research report.
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Technavio has published a new market research report on the global catering services market from 2019-2023. (Graphic: Business Wire)
The increasing number of mergers and acquisitions is one of the major trends being witnessed in the . The global catering services market has been witnessing a growing number of mergers and acquisitions, for example, between 2015 and 2016, the hospitality and catering industry in the UK saw an increase of 170% in total disclosed deal values concerning M&As. Market players are engaging in M&A activities to diversify their service portfolio, penetrate new markets, increase market share, reduce financial costs, and achieve economies of scale.
According to Technavio analysts, one of the key factors contributing to the growth of the global catering services market is the increasing popularity of online catering:
Global catering services market: Increasing popularity of online catering
Online catering enables a consumer to select food items from the prescribed menu on the website and subsequently place an order. Also, these online channels allow customers to create personal accounts to make future ordering convenient as these accounts record customers’ preferences. Vendors can market new products to generate repeat sales and with the help of analytics, they can introduce products customers most want. Thus, online ordering platforms are used as an effective marketing tool to promote products and drive sales by enabling customers to place orders quickly and easily.
Furthermore, online catering channels are adding delivery services to bring food to consumers’ doors along with catering services. Online catering services increase the convenience of ordering foods for large groups of people with various preferences, as these websites have options to select food type, quantity, and notify the caterer of any special cooking instructions. Moreover, vendors are partnering with logistics companies to promote the timely delivery of a chosen food item, thereby increasing their operational efficiency.
According to a senior analyst at Technavio for research on food service, “There is an increase in demand for exotic cuisines among. This is because of the evolving taste preferences of consumers as they look for new and bold flavors and premium alternatives. The growing millennial population is showing a greater inclination toward innovative and exotic flavors and foods. There are many options for consumers to customize food based on their taste and daily calorie intake. Thus, vendors in the global catering services market are innovating their menus by including new recipes and products.”
Global catering services market: Segmentation analysis
The global catering services market research report provides market segmentation by service (contract catering services and concession catering services), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region dominated the global catering services market in 2018, accounting close to 43% of the shares and was followed by the Americas and EMEA. During the forecast period too, APAC is expected to grow at the quickest pace followed by the Americas.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: ONLINE RETAIL RETAIL FOOD/BEVERAGE
SOURCE: Technavio Research
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PUB: 11/26/2018 01:49 AM/DISC: 11/26/2018 01:49 AM