The burgeoning restaurant industry: facts and statistics
Factual and statistical information
Worldwide catering market revenue is expected to reach US $ 265 billion within 4 years with an estimated compound annual growth rate of 5 percent according to Research and Markets. Significantly, the market spans all major sectors in various communities, including schools, senior facilities, sports centers, and even hospitals. These institutions outsource their foodservice needs so they can reduce their expenses and focus their workforce on more important issues.
A recent Technomic study shows that the catering industry in the US made about $ 537 billion in total sales in 2017 with a continuous growth rate due to the easy and fast online ordering system. There are more than 10,000 catering companies in the United States, employing about 110,000 people in all. Most of these companies are small and locally controlled and do not represent a large part of the market share. The demand for their services is greatest in densely populated areas.
The largest catering market in Asia and the second largest in the world, China achieved an estimated revenue of $ 616 billion US dollars as reported by the China Cooking Association. Currently, it has around 5 million companies active in the restaurant sector. This has been attributed to the implementation of an online and offline marketing strategy in which customers are encouraged to order food by going to the vendor’s physical store rather than online.
Imagine how many people choose the convenient and practical way to offer food to their guests to celebrate life milestones. Statistics show that there is demand for catering services for the following occasions: weddings, engagements, birthdays, corporate events, graduations, parties, and even funerals. There is also a growing need for foodservice at trade shows and conferences around the world.
Reports show that the money spent on foodservice depends primarily on how much corporate customers or individual consumers can spend on certain occasions. That’s why caterers often offer multiple packages and sometimes even create meals to fit the tightest budget down the line.
Being able to cater to large groups opens up a host of catering opportunities for them, so it is rare for them to turn down any offer, deal, or invitation. However, while demand still exists, customers are less likely to request catering services during uncertain economic times.
According to market research from Koncept Analytics, the top 3 factors fueling the growing demand for self-catering and contract catering services are people’s need for personalized food orders, the rise of the middle class, and continued use of the digital technology.
Orbis Research’s 2018 Global Contract Catering Market Analysis
By segment
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Business and Industry (B&I)
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Education
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Health care
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Facilities for the elderly
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Governmental agencies
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Sports and Entertainment
By region
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North America
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Europe
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Pacific Asia
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Latin America
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Africa
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ROR (Rest of Regions)
For country
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United States
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Canada
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United Kingdom
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France
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Germany
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Others (Spain, India, China, Japan, Australia and Brazil
So what type of catering service would you prefer to establish in your own local community?
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Catering by contract