Catering Services Market to Reach $614.47 Billion by 2023, Says Beroe Inc

RALEIGH, North Carolina, January 17, 2019 /PRNewswire/ --

The global market for catering services is expected to grow at a CAGR of 4.5 percent until 2023, according to Beroe Inc., a procurement intelligence firm. The accelerated growth of global multinationals has triggered an increase in demand for specialized catering services.

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Western European countries such as the UK, France, and Italy, along with countries such as the U.S., Singapore, the UAE, and Hong Kong are the regions that have a high market maturity. Regions such as India, China, Canada, Mexico, Japan, Australia and some parts of the Middle East are anticipated to be the potential growth markets for catering services by 2023.

https://www.beroeinc.com/category-intelligence/catering-services-market

Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com

Due to the recent food safety-related occurrences, the FDA has emerged with substantial rules and regulations for regulating the standards and quality of food being served. Moreover, the global potential for food safety is driving the demand for outsourcing catering services. The constraint in the catering services market is the low level of awareness among buyers in developing markets, which affects the possibilities presented by outsourcing catering services with regard to cost savings, regulatory compliance, and operational efficiency.

Developed markets, such as the UK, France, and Germany show the potential for a price rise in the near future owing to lower unemployment levels, which results in a higher demand for catering services. Also, the rising inflation rates are also a cause of concern, as they are expected to contribute to the increase in food prices in the immediate future.

Key Findings:

• Mobile payments and cashless payment options encourage the employees to be free and focus on what they want to eat rather than worrying about cash-in-hand or carrying bulky wallets.
• The major cost factors involving a catering contract are labor and raw material cost, which contribute to about 70 - 80 percent of the total cost.
• Major food contractors have the capability to pass on up to 14 percent of rebates to the buyers by leveraging economies of scale.
• Market maturity of catering as a specialized stand-alone service, as well as market maturity of catering as a part of the FM service bundle, needs to be evaluated to find the best fit strategy for the buyer.
• The increasing levels of technology adoption and automation in the catering services market has been made to streamline the food processes and ensure minimal waiting times for the customers.

The research methodology adopted for the report included:

• Experts with twenty years of domain experience
• Interaction with buyers
• Inputs from supply chain partners

P&L models enable buyers to realize considerable cost savings. Buyers are at a higher risk of facing quality issues, as they have limited control over service levels and pricing as operations are partially transferred to contractors. Furthermore, subsidized contracts will enable buyers to have control over the contractors' operation on their premises; thereby, the quality of the service can be maintained at an optimum level.

The report also includes:

Market Analysis: 

• Global Catering Services Market Maturity
• Global Catering Industry Trends
• Global Catering Drivers and Constraints
• Regional Market Outlook
• Industry Outlook - Factors Affecting Catering Services
• Porter's Five Forces Analysis: Developed
• Markets and Emerging Markets

Supply Analysis: 

• Supply Market Outlook - Supply Trends and Insights
• Key Global B&I Catering Suppliers
• Key Regional B&I Catering Suppliers
• Key Global Supplier Profile
• Supplier SWOT Analysis

Cost & Pricing Analysis: 

• Cost Structure Analysis - Spending Categorization
• Cost Analysis and Expected Savings
• Cost Breakdown - Estimated Cost Model
• Cost Structure Analysis - Negotiation Benchmarks
• Pricing Models for Catering Services
• Pricing Models - Comparative Analysis
• Pricing Analysis - Price Forecast
• Key Catering KPI and SLA Components

Procurement Best Practices: 

• Sourcing Models for Catering Services
• Sourcing Models - Comparative Analysis
• Sourcing Models - Pros and Cons
• Performance Assessment of the Service Provider
• Key Success Factors for Catering Contracts

About Beroe Inc.:

Beroe's unique business model involves providing market intelligence and analytics to the procurement teams of businesses across the globe. Beroe leverages its deep domain expertise in 300 + categories across 14 industries. It boasts of more than 80 of the Fortune 500 companies as its clients.

To learn more about Beroe Inc, please visit http://www.beroeinc.com

Media Contact:
Debobrata Hembram
debobrata.hembram@beroe-inc.com