- Shift from complimentary to a la carte meals in a number of passenger flights leading to growth in the market
- Global in-flight catering services market to chart a compound annual growth rate of 5% over the forecast period
ALBANY, New York, March 24, 2020 /PRNewswire/ -- Over the period 2019 to 2027, the global in-flight catering services market is set to grow at a rate of 5.0%. This will help the market move from valuation of USD 18 billion in the year 2018 to USD 29.5 bn. by the year 2027. A number of growth factors are underscoring growth in the market.
As per Transparency Market Research, "Key demographic in the global in-flight catering services market would be the millennial population. It is involved in massive travelling activities, which are supported by increase in disposable income."
Key Findings of the Global In-Flight Catering Services Market Study:
Long term growth opportunities would be presented by long-haul airline over the forecast period
Millennial population to be key demographic driving the market forward owing to inclination towards travel
Europe to contribute massively to the growth of global in-flight catering services market over the forecast period
Key Drivers of Growth in the Global In-Flight Catering Services Market:
A number of trends and drivers are propelling the global in-flight catering services market over the forecast period. The prominent ones, as identified by Transparency Market Research, are outlined below:
Customer-centricity is key to growth in the global in-flight catering services market, thus in-flight catering holds a prominent place
In-flight catering services often make or break the reputation of an airline and since the customer base is often extremely loyal, attention to the services is crucial
Increase in disposable income of people is leading to significant growth in demand for in-flight catering services
Favourable government policies helping aviation sector, driving the market for services forward
Key Impediments to Growth of Global In-Flight Catering Services Market:
The global in-flight catering services market is set to chart a sturdy growth curve over the assessment period. However, there are certain restraints that are hampering the growth of the market in the same period. One such limitation to growth is the introduction of paid meals, which is concerns a few vendors.
Regional Analysis of Global In-Flight Catering Services Market:
Europe to be a lucrative region for global in-flight catering market over the forecast period
Customer-centricity and a health conscious population to drive growth in the European market
Asia Pacific (APAC) region to chart notable growth owing to an expanding consumer base and increase in disposable income
Analyze in-flight catering services market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global In-Flight Catering Services Market:
Top players in the market include LGS Sky Chefs and Flying Food Group, LLC
The vendor landscape of the global in-flight catering services market is slightly fragmented
Competition level among players in the market is intense as players have loyal client bases
However, entry of new players is restricted by high capital investment requirement
A number of growth strategies such as mergers and acquisitions are noted to stay ahead of the curve
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