April 25, 2018
WELLESLEY, Mass., April 25, 2018 – Public and private investments in healthcare and education, busy lifestyles and a heightened focus in airline commerce is driving the market for food service contractors forward, according to a new report by BCC Research. In addition, these recent developments have been characterized and quantified by segments that include the medical field, educational institutions, industries and services.
The market for food service contractors was worth $436.7 billion in 2017. It is estimated to be valued at $527.9 billion by 2022, reaching a compound annual growth rate (CAGR) of 6.5%, according to the study, Food Service Contractors: Global Markets to 2022.
Major players within the industry include Compass Group Plc., Sodexo, Aramark Corp., and Elior Group.
“The food service contractors market has benefitted from initiatives and policies introduced by national and state governments across the globe,” the report notes. “For example, in the U.S., the Healthy Hunger-Free Kids Act governs nutrition standards for school meals and provides grants to feed school children, thus increasing the client base of the food service contractor companies. Similarly, since 2013, the U.K. government has paid £600 million every year for pupils from low-income families to get a free lunch every school day.”
Other Defining Features of the Food Service Contracting Industry
There are several trends that are continuously changing this market for the better. For example, the emergence of organic menus is appealing to those who consider themselves health-conscious. Additionally, advances in technology that assist in turnaround and productivity, the delivery of surplus food to the homeless and needy people, increasing mergers and acquisitions like the purchase of The Good Food Company by Sodexo, IoT enabled kitchen equipment, automated purchasing tools and the rise of flexitarianism and vegetable consumption are all playing a role.
Check out blog: 5 Key Trends in Food Service Contracting
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Food Service Contractors: Global Markets to 2022( FOD078A )
Publish Date: Apr 2018
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