Global In-Flight Catering Market To Reach $ 21.5 Billion By 2024
FACTS AT A GLANCE
Editing: 15; Posted: May 2021
Executive pool: 443
Companies: 73 – Actors covered include AAS Catering Co., Ltd .; Abby’s Restoration; ANA Catering Service Co., Ltd. ; SATS Food Services by Brahim Sdn Bhd; Cathay Pacific Catering Services (HK) Ltd. ; dna; Emirates Flight Catering Co., LLC; Gourmet Door; KLM Catering Services Schiphol BV; LSG Lufthansa Service Holding SA; LSG Sky Chefs; Newrest Group International SAS; Royal In-Flight Catering Co., Ltd .; SATS Limited; Saudi Airlines catering company and others.
Blanket: All major geographies and key segments
Segments: Aircraft Class (Economy Class, Business Class and First Class); Type of flight (full service and low cost); and type of food (meals, bakery and confectionery, drinks and other types of food)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; and rest of Europe); Asia Pacific; Rest of the world.
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Global In-Flight Catering Services Market To Reach $ 21.5 billion by 2024
In-flight catering is the provision of meals and other food to passengers on the flight. The catering service is contracted by a catering group managed by the airline or any other catering provider or by a hotel catering group. In-flight catering is seen as an essential service provided by airlines to passengers, to improve their overall travel experience and thereby gain a greater market share. While a majority of airlines generally offer rolls; vegetable or salad; fish, chicken or beef; and dessert, others offer more specific meals, including religious diets, medical diets, infant and infant meals, and various types of cultural diets. Amid the COVID-19 crisis, the global in-flight catering services market is expected to grow to a revised size of US $ 21.5 billion by 2024, registering a compound annual growth rate (CAGR) of 4.6% over the analysis period. Europe represents the largest regional market for in-flight catering, accounting for an estimated 27.1% share of the global total. The market is expected to reach US $ 5.7 billion before the end of the analysis period. China is expected to spearhead the growth and become the fastest growing regional market with a CAGR of 6.6% during the analysis period.
The global in-flight catering market is driven by the boom in air transport and the corresponding increase in passenger traffic, as well as an increased focus on choice, quality and consistency, supported by innovation for offer the best meals on board. The market is mainly driven by the sharp increase in the number of people traveling by air around the world for tourism and business, the increase in non-stop and long-haul flights, and the improvement in the global economy. While the aviation industry has traditionally benefited from business travel, the increase in the number of air travelers on leisure / pleasure travel, international tourism, the growth in student travel as part of Student exchange programs, world sporting events and the growing popularity of medical tourism are also contributing to the significant increase in air traffic and thus fueling the demand for airline catering. Rapid urbanization and the resulting increase in migrant population are also leading to an increase in passenger traffic between major business centers and cities, which is a major growth driver for the in-flight catering market. . Asia Pacific and China represent key markets, led by a growing number of high net worth individuals (HNWIs) as well as a growing middle class income group with increased discretionary spending; rapid urbanization; increasing international travel and tourism and increasing living standards to complement ambitious travel are factors that are likely to boost growth in the region. North America is another key market for in-flight catering, supported by the increase in the number of travelers traveling for tourism and business. Considering the higher disposable incomes of people, air travelers to the region spend a lot on onboard catering. Following
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