The global catering services market is set to grow at a compound annual growth rate of 6% to 2024, a report has claimed.
The report, produced by TechSci Research, said the value of global catering services market stood at £102 billion in 2018 and forecast that this figure would cross £161 billion by 2024.
The reasons for the projected growth are given as increasing adoption of new technology that improves the customer experience and leads to a reduction in waiting times for food, rising demand from high income households and businesses and “insatiable appetite for different types of cuisine.”
The report included the provision of foodservice at any remote site or a site such as a hotel, hospital, pub, aircraft, cruise ship, park, filming site or studio, entertainment site, or event venue.
Europe had the third largest global catering services market in 2018, behind the Asia-Pacific region and North America.
The report also claimed that a major trend in the industry had been an increase in the number of mergers and acquisitions, ensuring that individual firms are able to penetrate new markets and making the entire marketplace more globalised.
A report produced by IBISWorld in August 2018 revealed that the value of the UK catering industry stood at approximately £1 billion.
The full TechSci report is available to read here.