The in-flight catering services market has been earmarked to record a remunerative period of growth in coming years, with an increasing demand for improving the quality of airline meals. The meals segment is expected to register the largest share since major airlines are concentrating on addressing the aforementioned demand for higher meal quality.
Meanwhile, it is to be noted that while the COVID-19 pandemic has majorly impacted the airlines sector on a global level. The industry is expected to bounce back considerably as soon as the situation is under control. This would further lead to continuation of the rising trend of air travel passenger number growth, thereby leading to market expansion, particularly in the APAC region. The APAC region will further continue to see rise in commercial aircraft demand owing to the projected rise in air passenger numbers across the region.
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Speaking of the seating class segment, business class is projected to provide a substantial contribution to the global in-flight catering services market growth over the coming years due to the number of people opting to travel through it.
The cost of a meal in business class is already included in the price of the ticket. While airlines contain very limited number of seats for business class travelers, the class generates a substantial revenue in the global airline industry landscape. Considering these development factors, the business class is poised to hold a market share of more than 20% in the global in-flight catering services market by 2026.
With respect to the source segment, the outsource segment is likely to dominate the industry share through 2026. This can be ascribed to the increasing prominence of airlines outsourcing in-flight catering services to third-party vendors.
Another major factor responsible for airlines opting for outsourcing is to provide a better quality of food to travelers while at the same time reducing their catering expenditure.
The bakery and confectionary food type segment is expected to play a key role in the expansion of the market landscape owing to the growing inclination of the passengers towards confectionery and bakery items. In fact, the segment is expected to hold over one-fourth of the entire industry share by 2026.
Additionally, the introduction of healthier bakery and confectionary items is likely to impel growth of the segment further by providing consumers the ability to choose between conventional bakery products and their healthier versions.
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On the geographical front, Europe in-flight catering services market share is projected to account for over 20% of the total market share by the end of the forecast timeframe. In fact, the region exhibited a YOY growth of about 6% in 2018 with respect to air traffic.
The presence of well-developed and strong airline industry in the region is another major factor augmenting the regional market outlook. In addition, a projected growth in regional air traffic, once the coronavirus situation comes under control, would further provide a positive growth trajectory to Europe in-flight catering services market share.
The competitive landscape of the global in-flight catering services market includes players such as ANA Catering Service, Servair, Goddard Catering Group, Royal Holdings, DO & CO, Emirates Flight Catering, SATS Ltd, Newrest Catering, Journey Group PLC, LSG Group, Dnata, Saudi Airlines catering, and Gate Gourmet among others.
Major Key Points from Table of Content:
Chapter 4. In-flight Catering Services Market, By Aircraft Seating Class
4.1. Global market aircraft seating class insights
4.2. Economy class
4.2.1. Global market estimates and forecasts, 2016 - 2026
4.2.2. Market estimates and forecast, by region, 2016 - 2026
4.3. Business class
4.3.1. Global market estimates and forecasts, 2016 - 2026
4.3.2. Market estimates and forecast, by region, 2016 - 2026
4.4. First class
4.4.1. Global market estimates and forecasts, 2016 - 2026
4.4.2. Market estimates and forecast, by region, 2016 - 2026
Chapter 5. In-flight Catering Services Market, By Source
5.1. Global market source insights
5.2.1. Global market estimates and forecasts, 2016 - 2026
5.2.2. Market estimates and forecast, by region, 2016 - 2026
5.3.1. Global market estimates and forecasts, 2016 - 2026
5.3.2. Market estimates and forecast, by region, 2016 - 2026
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