The Global Catering Services and Food Contractors Market size is estimated at USD 251.82 billion in 2021 to reach a valuation of USD 328.11 billion by 2027 and is predicted to register a CAGR of 7.4% throughout the projection period (2022 - 2027).

The catering services and food contractors market consists of the provision of services related to food based on unique events in institutional, government, commercial, or other sites, on the basis of contractual agreements with these types of organizations for a period specified by the entities. The catering services and food contractors market is studied separately for two categories of food contractors and catering services.

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Market Drivers:

The rapidly growing tourism industry around the world is a key factor that is expected to drive the growth of the global catering services and food contractors market during the forecast period. Additionally, growing consumer preference for mini buffets is another factor that is estimated to drive growth in the target market over the foreseen period. Since mini meals are convenient and packed in disposable trays, this type of meal is preferred for small gatherings or functions where space is limited.

Market Restraints:

However, the growing preference of consumers for online food delivery services is a major factor that is determined to slow the growth of the global market over the outlook period.

Market Segmentation:

Catering Services and Food Contractors Market – By Type: Mobile Food Services, Buffets, Cafeterias, Limited-Service Restaurants, Full-Service Restaurants.

Catering Services and Food Contractors Market – By Ownership: Economy, High-End.

Market Regional Analysis:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America
The European market is expected to register significant growth in terms of revenue during the forecast period, due to the increasing number of M&A activities among manufacturers operating in the region's target market. The Asia-Pacific region market is foreseen to experience the fastest growth rate during the predicted period, due to strict government food safety regulations and a growing preference for promoting healthy eating in several countries in this region. For example, in April 2017, the Singapore government introduced a Comprehensive Government Food Service Healthier Policy (WOG) to encourage healthier eating in Singapore's homes, workplaces, and communities. In accordance with this policy, Singaporean government entities have provided healthy food and beverages at government events, training, meetings, and conferences.

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Impact of COVID-19 on Catering Services and Food Contractors Market

The outbreak of the coronavirus disease acted as a massive strain on the market for catering services and food contractors in 2020, with governments globally imposing restrictions on domestic and international travel limiting the need for the services offered by these establishments.

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