Sep 12, 2022 (PRNewswire via COMTEX) -- PR Newswire
PALM BEACH, FL, Sept. 12, 2022
FinancialNewsMedia.com News Commentary
PALM BEACH, FL, Sept. 12, 2022 /PRNewswire/ -- Airlines are rebounding from COVID in a large way. According to IATA (International Air Transport Association) North America, for example, is expected to continue to be the strongest performing region returning to profitability in 2022. Supported by the large US domestic market and the re-opening of international markets, including the North Atlantic, net profit is forecast to be $8.8 billion in 2022. Airlines are cutting costs and trying to also increase revenues, and one way to increase is to listen to the demands of passengers for more nutritious foods on flights... and this has given way to the rise of the In-Flight Catering Market. Another report from ReportLinker added that In-flight catering service relates to the provision of meals and other food to passengers that are present on the flight. The catering service is contracted by a catering group run by the airline or any other catering contractor or by a hotel`s catering group. In-flight catering service is considered to be a critical service provided by airline companies to passengers, for enhancing their overall travel experience, and thereby gain greater share of the market. While a majority of airline carriers typically offer bread roll; vegetable or salad; fish, chicken, or beef; and a dessert, others provide more specific meals, including religious diets, medical diets, meals for babies and infants, and various types of cultural diets. Amid the COVID-19 crisis, the global market for In-Flight Catering Services estimated at US$19.7 Billion in the year 2022, is projected to reach a revised size of US$22.4 Billion by 2025, registering a compounded annual growth rate (CAGR) of 4.6% over the analysis period. Europe represents the largest regional market for In-Flight Catering Services, accounting for an estimated 27.1% share of the global total. The market is projected to reach US$5.7 Billion by the close of the analysis period. Active companies in the markets this week include: Pangea Natural Foods Inc. (otcpk:PNGAF) /zigman2/quotes/236610894/delayed CA:PNGA 0.00% , Southwest Airlines Co. /zigman2/quotes/201071949/composite LUV +1.78% , JetBlue Airways /zigman2/quotes/207639051/composite JBLU +0.85% , Air Canada (otcqx:ACDVF) /zigman2/quotes/208264916/delayed CA:AC +0.80% , American Airlines Group Inc. /zigman2/quotes/209207041/composite AAL +2.02% .
The global market for in-flight catering services is driven by booming air travel and the corresponding increase in passenger traffic, and enhanced focus on choice, quality and consistency supported by innovation in bringing about the best quality meals on-board. The market is mainly being driven by the robust increase in the number of people travelling by air globally for tourism and business, increase in non-stop and long-haul flights, and improving global economy. While traditionally the aviation industry benefited from business travels, rise in number of air travelers on leisure/pleasure trips, international tourism, growth in student travel under student exchange programs, global sports meets and growing popularity of medical tourism are also contributing to the significant increase in air traffic and hence fueling demand for airline catering. Fast paced urbanization and resultant increase in migrant population is also driving increased passenger traffic between major business centers and towns, representing a major growth driver for the inflight catering services market.
Pangea Natural Foods Inc. (OTCPK: PNGAF) /zigman2/quotes/236610894/delayed CA:PNGA 0.00% BREAKING NEWS: PANGEA EXPANDS MUNCHIE MIX DISTRIBUTION WITH BRITISH AIRWAYS PARTNERSHIP - Pangea Natural Foods Inc. ("Pangea" or the "Company"), a natural food company, is pleased to announce a partnership with British Airways to distribute the Pangea Munchie Mix to their network of global flights.
Headquartered in the United Kingdom, British Airways is the United Kingdom's flagship airline with a fleet of over 230 airplanes. As a global carrier, British Airways operates one of the largest fleets of any airline in the world, serving 13 domestic United Kingdom destinations and 192 international destinations in 76 countries.
Pangea's Munchie Mix, the Company's newest addition to its line of GMO-free products, will be available to business class passengers of British Airways flights. This is the Company's second airline partnership, following an announcement that Pangea Munchie Mix will be available on Air Canada's /zigman2/quotes/208264916/delayed CA:AC +0.80% fleet of airplanes.
The Company's Munchie Mix is a superfood rich snack made with dried cranberries, yogurt chips, roasted cashews, almonds and pumpkin seeds. The Company manufactures the Munchie Mix, along with their Plant-Based Patties and Old Fashioned Ghee in-house at their Vancouver Lower Mainland facility. The Company's facility has been approved by both the Canadian Food Inspection Agency and the U.S. Food and Drug Administration.
"We are excited to work with one of the world's leading airlines to introduce the Pangea Munchie Mix into British Airways' fleet of planes." says Pangea CEO Pratap Sandhu, "Whether a traveler is waiting in an airport lounge or on a long-haul global flight, the Munchie Mix is a high-protein, healthy mix that will solve a passenger's snack cravings."
To date, the Company offers its other products, the Pangea Plant-Based Patties and Old Fashioned Ghee via their online website and through over 250 retail outlets across Canada and the United States. CONTINUED... Read this full release and more news for Pangea Natural Foods at: https://www.pangeafood.com/ Other recent developments in the airlines industry include:
Southwest Airlines Co. /zigman2/quotes/201071949/composite LUV +1.78% recently reported its second quarter 2022 financial results were: Strong quarterly net income of $760 million, Record quarterly net income, excluding special items, of $825 million; Record quarterly operating revenues of $6.7 billion; Cash provided by operations of $1.9 billion; and Liquidity of $17.4 billion, well in excess of debt outstanding of $10.5 billion.
Bob Jordan, Chief Executive Officer, stated, "We are very pleased to report all-time record quarterly revenues and net income, excluding special items, representing a significant milestone in our pandemic recovery. Travel demand surged in second quarter, and thus far, strong demand trends continue in third quarter 2022. As anticipated, we experienced inflationary pressures and headwinds from operating at suboptimal productivity levels in second quarter, which we expect will continue in second half 2022; however, our fuel hedge continues to provide significant protection against higher jet fuel prices. Barring significant unforeseen events and based on current trends, we expect to be solidly profitable for the remaining two quarters of this year, and for full year 2022.
JetBlue Travel Products, a subsidiary of JetBlue Airways /zigman2/quotes/207639051/composite JBLU +0.85% , recently announced the expansion of its Insider Experience program for JetBlue Vacations packages to Nassau, Bahamas. The Insider Experience is currently included, free of charge, in all JetBlue Vacations flight + hotel packages to Aruba, Cancun, Montego Bay and Punta Cana, making Nassau the fifth destination to offer customers traveling to these destinations unique concierge services.
Launched in 2020, the Insider Experience program extends JetBlue's service in-destination, putting customers in the trusted hands of local experts to assist them throughout their entire journey with exclusive benefits including airport meet-and-greet, free airport transfers, concierge services, and 24/7 problem solving with an in-destination Insider. Since its inception, over 75,000 customers have already taken advantage of this unique offering.
Air Canada /zigman2/quotes/208264916/delayed CA:AC +0.80% (otcqx:ACDVF) recently provided the following update on its operational improvement initiatives implemented in response to the challenges the global airline industry has encountered emerging from the pandemic.
"At Air Canada, we know how much our customers value travel and their reliance on us to transport them safely, comfortably and without disruption. This is always our goal and we share with them their disappointment that, coming out of the pandemic, the global industry faltered due to the unprecedented challenges of restarting after a two-year, virtual shutdown," said Michael Rousseau, President and Chief Executive of Air Canada.
"Earlier this summer, I committed on behalf of everyone at Air Canada that we would do everything possible to restore our company's industry leading standards of customer care. Among other things, this included innovation at the airport, operational changes and significant schedule adjustments and today these are yielding demonstrable improvement in the metrics that matter most to our customers. While I am very satisfied with the progress to date, and I thank our employees for their unrelenting efforts, we all continue to work hard on behalf of our customers to complete our recovery."
American Airlines Group Inc. /zigman2/quotes/209207041/composite AAL +2.02% recently announced its investment in ZeroAvia, a leader in hydrogen-electric, zero-emission aviation. In addition to the investment, a memorandum of understanding provides American the opportunity to order up to 100 engines from ZeroAvia's hydrogen-electric powertrain development program. The engines are intended to power regional jet aircraft with zero emissions.
"Our investment in ZeroAvia's emerging hydrogen-electric engine technology has the potential to play a key role in the future of sustainable aviation," said Derek Kerr, American's Chief Financial Officer. "We are excited to contribute to this industry development and look forward to exploring how these engines can support the future of our airline as we build American Airlines to thrive forever."
ZeroAvia is working to achieve certain type certifications of its innovative propulsion technology that will pave the way for the engines to be incorporated into the regional jet market in the future. The ZA2000-RJ powertrain is anticipated to enable passengers to fly in zero-emission regional jets as early as the late 2020s.
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