SpendEdge has been monitoring the global catering market and the market is poised to experience spend growth of more than USD 40 billion between 2019-2024 at a CAGR of over 4% during the forecast period. Request Free Sample Pages.
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Read the 121-page research report with TOC and LOE on "The Global Catering Market, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend."
This increase in spend on catering services will be attributed to numerous factors including a growing emphasis on catering service as a talent attraction/retention strategy by the corporate sector. End-user sectors such as the hospitality and the healthcare industries in some regions will create opportunities for catering service providers mainly because of the lower penetration of organized catering services. This will contribute to spend growth in the global catering market.
APAC will be home to the largest catering industry by the end of the forecast period. Phases of development in the key end-user industries such as B&I, healthcare, education, and hospitality will favor catering procurement in APAC.
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Insights into the market price trends
- Catering procurement costs will increase owing to increasing investments done by catering service providers in technology to enhance their offerings and to ensure absolute adherence to the stringent food-safety regulations.
- Labor costs are expected to increase year-over-year globally during the forecast period, ultimately impacting the costs of services in the catering market.
Insights into strategies that will help buyers optimize their catering procurement spend
- Buyers are advised to partner with service providers who exhibit a high level of adoption of technological innovations. These technologies help catering service providers to optimize their service delivery, reduce the cost of operations, and enhance service quality/end-consumer satisfaction.
- It is prudent of buyers to engage with IFM suppliers who are known to usually outsource their ad-hoc requirements efficiently to regional vendors at a lower rate. Buyers can leverage this to bargain for reduced billing rates, thereby optimizing their catering procurement costs at a significant rate.
COVID-19 Impact Assessment and Market Insights
SpendEdge's reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Catering Procurement Market Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge's knowledge center on COVID-19 impact assessment
The top catering service providers enlisted in this report
This catering procurement market intelligence report has enlisted the top service providers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
- ISS AS
- US Foods Inc.
- Sodexo Group
- Compass Group Plc
- Aramark
- Performance Food Group Co.
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Some of the key topics covered in this report are:
- Catering market spend segmentation by region
- Catering supply market analysis
- Catering procurement best practices
- Regional spend opportunity for catering service providers
- Catering service providers cost structure
- Total cost of ownership analysis in the catering market
- Catering suppliers pricing models analysis
- Category management objectives to promote an optimized catering procurement
- Cost saving opportunities in the catering market
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About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal
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