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The global market for in-flight catering services is anticipated to grow owing to the increasing rate for Air Travels worldwide. The market is forecasted to demonstrate an upsurge growth by 2021, with a substantial CAGR of 5% during the projected period (2016 -2021).
In-flight catering is a service provided to passengers on a commercial airline. The meals which are served may vary in quality and quantity as different airlines serve different varieties.
Economy class is predictable to be around $12 billion market in the forecasted period, increasing at a considerable rate of CAGR, followed by premium and business class aircraft. Full service carriers account almost 80% of the market share and will continue to rule the inflight catering service market. In the catering types segment, meals account 50- 55% of the market share followed by bakery & confectionary and beverages.
Major drivers of the global in-flight catering services market include the increasing expectations of the passengers regardless of class of seating to need to have healthy nutritious food and growing number of flyers. Nowadays economy class are also demanding for better and improved food which are boosting the growth of in-flight catering market.
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In-Flight Catering Service Market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
- Emirates Flight Catering
- Air Culinaire
- Compass Group
- Do & Co
- Egypt Air In Flight Services
- Gate Gourmet
- Goddard Catering
Asia Pacific is expected to dominate the market in the forecast period growing at a CAGR of around 6%, followed by Americas and EMEA. Fast urbanization, resurgence in flexible spending, increase in international travel and tourism are attributed to rise the market value of global in-flight catering service. Other than this, disposable income and rising standard of living to complement aspirational travelling, are factors poised to drive growth in the Asia Pacific region.
By 2021, China is expected to supersede Japan to become the world’s second largest source of business travel after the United States.
The Middle East is also emerging as a hub of international airline activity, with the region registering the highest number of order bookings for new aircraft.
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As stated by the new market research report on In-Flight Catering Services,sia-Pacific represents the largest market worldwide, closely followed by Europe. The region also ranks as the fastest growing market with a CAGR of 5.6% over the analysis period. Rapid urbanization, resurgence in discretionary spending, increase in international travel and tourism, and rising standard of living to complement aspirational travelling, are factors poised to drive growth in the region. By 2020, China is expected to supersede Japan to become the world’s second largest source of business travel behind the United States. The Middle East is also emerging as a hub of international airline activity, with the region registering the highest number of order bookings for new aircraft.
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