According to the latest procurement intelligence report from Technavio, the global catering services market 2017-2021 is expected to grow at a CAGR of 4.1% over the next five years due to the expansion of industries, the growth of the travel sector, and changes in lifestyle.
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Technavio has published a new report on the global catering services market from 2017-2021. (Photo: Business Wire)
The research report titled ‘Global Catering Services Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The growth of the industrial and corporate sectors has resulted in hectic work schedules for employees, making it difficult to prepare food at home, which has increased the demand for catering services. Also, the increase in the number of corporate events has been a contributing factor for the growth of the catering services industry,” says lead Technavio procurement expert Angad Singh for category spend intelligence. “In addition, growing demand from the educational institutions in developed countries such as the US, Canada, Finland, and Singapore, will also drive the market,” adds Angad.
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Cost saving opportunities in the catering services market
The adoption of various cost-optimization levers helps buyers of catering services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the catering services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Adoption of technology in transportation such as biodiesel powered trucks can be used by catering service providers to reduce costs, as they consume used cooking oils.
Webcam enabled monitoring technology can ensure compliance with health and food safety standards and optimum use of resources by maintaining a record of employees' activities in food preparation processes and other workplace areas.
Adoption of negotiation strategies saving aspects
Complete knowledge of buyers' expectations regarding specific types of events and procurement of a complete listing of services and goods required for events helps in meeting expectation levels of customers and enhances transparency of pricing with respect to the selected menu, number of servings, people to be served, beverage details, and all other additional services.
Optimization of resources and time is critical in the global catering services market. Technavio analysts suggest innovative packaging of meals, customization of menus, and maintaining a safety stock for off-premises catering as measures that can be used to negotiate strategic opportunities, leading to cost-savings to the extent of 10%.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global catering services market is the bundling of catering-related services such as event planning and arrangement. Buyers look for service providers that provide value-added services at cost-effective prices.
Value-added services include a selection of locations for events, floral arrangements, entertainment, beverage services, and provision of AV equipment and photographers for covering events.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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