Catering and Food Service Market to Reach $477B by 2031, Driven by Online Delivery and Hygiene Demands
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The global catering and food service contract market is projected to reach $477.3 billion by 2031, with a CAGR of 5.7% from 2022-2031.
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The market growth is driven by factors like increase in online food delivery services, rise in number of restaurants and hotels, and growing demand for hygienic food.
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The standalone segment accounted for the largest share in 2021 and is expected to dominate during the forecast period.
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By application, the corporate segment held the major share in 2021 while sports and leisure is projected to grow at the fastest rate of 6.3% CAGR during 2022-2031.
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Geographically, Europe generated the highest revenue in 2021 while Asia Pacific is anticipated to grow at the fastest rate of 6.6% CAGR by 2031.