Global Contract Catering Market is Anticipated to Witness High Growth Owing to Increasing Globalization and Rising Tourism Activities

Contract Catering
Contract Catering Market

Overview:

A catering contract is a document that relays the terms by which a catering company agrees to supply food services for a specific event or for a set period of time. Caterers use catering contracts when they are hired to organize special events like weddings, birthday parties or fundraisers; by companies for staff lunches; and for any occasion where they need to arrange meals for a group of people. It is an important document for the catering industry as it provides legal protection against clients who are difficult to work with. It also sets out the terms and conditions of the working relationship between the two parties. It defines the duties and responsibilities of both parties as well as specifies payment obligations in case the client fails to make the payments on time. It also contains provisions in case of a breach of the contract by either party, including who should pay the legal fees.

Market Dynamics:

Increasing adoption of inorganic growth strategies is estimated to augment growth of the global contract catering market during the forecast period. For instance, Foodservice firm Blue Apple Catering won a contract with Fujifilm in December 2020. This contract has been designed to help workplaces in reopening after the pandemic and be COVID-secure. Moreover, rising cost of services is anticipated to restrain growth of the global catering market during the forecast period.

Impact of COVID-19:

COVID-19 led to shutting down of many establishments like restaurants and catering services. Governments in many countries shad imposed strict social distancing rules, which caused many hotels and restaurants to close. Social gatherings were also being conducted under strict regulations. Not more than 50 people were allowed to attend a function. Even school canteens, airports, theatres and cafes were shut down during these lockdowns. This affected the catering business severely. Thus, the pandemic has a negative impact on the global contract catering market. However, now all these restrictions have been eased and the market is estimated to witness growth.

Key Takeaways:

The global Contract Catering Market is expected to witness robust growth, exhibiting CAGR of 5.8 % over the forecast period, due to rising acquisitions among key players. For instance, Sodexo decided to acquire Frontline Food Services in January 2022. This acquisition will help in broadening their micro markets, office refreshments, click n' collect, and take-out.

North America is anticipated to witness robust growth in the global catering market during the forecast period, due to growing demand from corporate sector.

Key players active in the global contract catering market are Atalian Servest, ABM Catering Solutions, Compass Group PLC, OCS Group Ltd., Aramark, Barlett Mitchell, Interserve, Blue Apple Catering, Fazer Food Services, Camst Group, Elior Group, Caterleisure Ltd., Dine Contract Catering, and CH&CO Catering.


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