Dec 26, 2019 (The Expresswire) -- According to the new research report published by The Insight Partners, titled "In-Flight Catering Service Market - Global Analysis and Forecast to 2025", The global in-flight catering service market is expected to grow at a CAGR of 6.4% during the forecast period 2018 - 2025, to account to US$29.0 Bn by 2025.
Growth in the recent five years is primarily driven by two major factors, i.e. increase number of commercial air travel and partnership between airlines and hotels and chefs.
The global in-flight catering service market is experiencing a steady growth in the current scenario and is anticipated to rise in the coming years. The in-flight catering service market consists of some well-established players across the globe, which invest huge amounts in order to deliver the better quality foods and beverages to their customers. The airlines on the other hand, are procuring the increased number of aircrafts, to meet the growing air passengers across the globe, is also significantly driving the in-flight catering service market .
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Key players in the market are taking measures to gain maximum benefit from on the opportunities in emerging markets. Some of the major players in the inflight catering services market DO and CO Aktiengesellschaft, Emirates Flight Catering, SATS Ltd., Gategroup, Newrest Group, Deutsche Lufthansa AG, Flying Food Group LLC, Saudi Airlines Catering, ANA Catering Service Co. Ltd., and Egyptair In-flight Services among others are other major players operating in the in-flight catering service market.
In 2017, Europe accounted for the largest revenue share in the in-flight catering service market. The in-flight catering service market is well established in European countries followed by North American countries and Asian countries. The rising number of passengers in European countries is demanding increased number of aircrafts. The increasing procurement of aircrafts, is leading the airlines to offer outsourced or in-house catering service providers to introduce their full meals and snacks on the newer fleets. This is catalyzing the demand for in-flight catering service market in Europe.
Similar trend is also observed in North American countries. In addition, the North American mass has higher disposable income, which enables them to invest in luxuries and thus, the air travelers in the US, Canada and Mexico invest substantial amounts in on-board catering while travelling. Asia Pacific and Middle East and Africa regions are expected to be witness significant growth rate, owing to rising disposable income, increasing air travel, and growth of low cost airlines in the regions. Moreover, the introduction of services from various European and North American in-flight catering service provider in the Asia Pacific and Middle East and Africa region is also driving the market for in-flight catering service in these two regions.
Key findings of the study:
Europe is anticipated to account the largest in-flight catering service market share
Based on the catering service, outsourced catering service is projected to dominate the in-flight catering service market
Full meal led the in-flight catering service market by catering type in 2017
In 2017, the economy segment dominated the market by aircraft class
The recent changes in the commercial aviation market leading to its gradual recovery from the global financial crisis have had an ambivalent effect on in-flight catering providers. On the one hand, the rising number of aircraft in the industry has created a growing demand for on-board catering services. On the other hand, the way catering providers operate could not remain the same as it had been prior to 2008, since the pressure to cut down expenses has led airlines to re-think their business models. In the market where outsourcing seems to be a solution largely favored by airlines, catering providers had to come up with ways of adapting and re-qualifying in order to survive.
The report segments the global In-flight catering service market as follows:Global In-Flight Catering Service Market - By Catering Service
In-house catering service
Outsourced Catering Service
Global In-Flight Catering Service Market - By Catering Type