What is the Size of Australia Catering Service Industry?
Australia Catering Service market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027F.
The Australia Catering Service Market is largely driven by changing lifestyle and the increase in adoption of new Technology.
The Australia Catering Service Market is largely driven by adoption of new technology and changing lifestyles. There has been a change in the demand for catering services in recent years, supported by the quickly developing business-to-business (B2B) events sector and food and beverage services being offered at a growing number of corporate events. Furthermore, the market for catering services is growing because of factors including hectic lifestyles and difficulties associated with cooking.
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Major operators of catering businesses are investing in mobile apps, digital kiosks, tableside ordering systems, and dedicated pick-up areas or drive-thru lanes for mobile orders. Due to the nation’s rising veganism trend, eateries in Australia are reorienting their menus to include healthier choices including plant-based, locally produced and fresh cuisine.
The growing preference among customers for fresher, healthier foods is boosting the Australia catering services market. The catering service operators have shifted their emphasis towards providing healthier meals made in-house using fresh ingredients. The market is expanding because of the increased focus on implementing technology to enhance the customer experience and minimize time spent waiting for food.
Australia Catering Service Market By Type
The Australia Catering Service market is segmented by Type into Contract catering and non-Contract catering. Contract Catering type was the most dominant type in Australia Catering Service market in 2022.
Australia Catering Service Market By Length Of Contract
The Australia Catering Service market is segmented by Length of Contract into Short-Term, 1 year and more than 1 year.
The contract catering services in Australia were mainly dominated by 1 yearlong contract as they accounted for majority of the share of the catering contracts revenue in 2022 as the customers initially look for good quality catering service. Once satisfied with the services, they tend to renew the contracts after 1 year.
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Australia Catering Service Market By End-User
The Australia Catering Service market is segmented by End-User into Industrial, Government, In-Flight, Corporate, Education, Event, Healthcare and Others. The flight and airport sector has accounted for the maximum share of the revenue in 2022. This sector is driven by the rising expectations of all the passengers to have healthy nutritious food and the growing number of flyers.
Competition Scenario in Australia Catering Service MARKET
Australia Catering Service Market is in the growing stage, consisting of many players with just few companies acquitting the major portion of the market. Australia Catering Service market is fragmented with the manifestation of small, medium and large corporations. Some of the major players in the Australia Catering Service market are Sirrom Corporation, Nisbet Australia, Alpha Flight Services, Life’s a party group, Compass Group, Sodexo Australia etc.
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What is the Expected Future Outlook for the Overall Australia Catering Service MARKET?
The Australia Catering Service market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Australia Catering Service market is driven by changing lifestyle and the increase in adoption of Technology. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
The Australia Catering Services Market is projected to show significant growth. It is expected to be driven by the demand for healthy food and the convenience of delivering with the development of the hospitality sector. Growing health consciousness such as being vegan and eating green food is affecting an individual’s order pattern which is one of the major driving forces creating demand for catering services in the country.
Moreover, favorable government regulations are also expected to facilitate the catering business in the country. The expansion of foreign tourists in the country increases the in-flight services of the catering business which is further increasing the market.
In addition, hotels and restaurants are developing novel catering services, which are expected to fuel the catering service industry.
The market for catering services is expected to grow because of factors including hectic lifestyles and difficulties associated with cooking at home. Also, hotels and restaurants are coming up with innovative catering services, which are expected to fuel the catering service industry. The market will also expand because of the increased focus on implementing technology to enhance the customer experience and minimize time spent waiting for food. Specialized catering services are increasing in demand as global multinational corporations are quickly expanding in emerging regions of Australia.
For More Insights On Market Intelligence, Refer To The Link Below: –
Australia Catering Services Market Outlook To 2027F
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