Rise in number of international and domestic air passengers, growth in the aviation industry, and rise in government initiative for sustainable air connectivity are expected to propel the growth of the global in-flight catering services market
PORTLAND, Oregon, June 10, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "In-Flight Catering Service Market by Aircraft Class (Economy Class, Business Class, and First Class), Flight Type (Full Service and Low Cost), and Food Type (Meals, Bakery & Confectionary, Beverages, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, global in-flight catering service market size was pegged at $18.08 billion in 2018 and is expected to reach $24.11 billion by 2026, registering a CAGR of 3.66% from 2019 to 2026.
Increase in number of international and domestic air passengers and growth in the aviation industry have boosted the growth of globe in-flight catering service market. However, retail on board and personal in-flight chefs and growth in the low-cost airline market hamper the growth of the market. On the contrary, innovations in food technologies and rise in government initiative for sustainable air connectivity growth are expected to create lucrative opportunities in the near future.
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Economy aircraft class segment to dominate the market by 2026
The economy aircraft class segment held the largest share in 2018, contributing nearly half of the total market share, owing to increase in passenger traffic and influence of tourism and rising trend for tourism & business travel. However, the business aircraft class segment is projected to manifest the fastest CAGR of 3.8% during the forecast period, owing to surge in business travels in counties due to economic boom.
Full-service flight type held the largest share in 2018
The full-service flight type held the lion's share in 2018, contributing more than two-thirds of the total market. However, the low-cost flight type is projected to register the fastest CAGR of 3.8% during the forecast period, owing to rise in economic activity, ease of travel, urbanization, travel & travel industry, and increase in purchasing power of middle-class households.
Meals segment held the lion's share
The meals segment dominated the market in 2018, accounting for more than two-fifths of the market, owing to surge in operational profits and overall net profits of airlines. Moreover, the segment is estimated to portray the CAGR of 4.0% during the forecast period.
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Asia-Pacific region to manifest the fastest growth through 2026
The market across the Asia-Pacific region is estimated to portray the fastest CAGR of 4.6% during the forecast period, owing to increase in disposable income and favorable government regulations in the developing countries. However, the market across the North America region held the largest share in 2018, garnering around one-third of the market, as the low-cost carriers in the region are offering low fare business models that attract the upper middle class and middle-class society of developing nations.
Major market players
The report included an in-depth analysis of the major market players such as Gategroup, LSG Sky Chefs, Do & Co, SATS Limited, Emirates Flight Catering, Flying Food Group LLC, Cathay Pacific Airways Limited, Royal In-Flight Catering, and Saudi Airlines Catering Company.
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SOURCE Allied Market Research