Factual and Statistical Info
The revenue from the catering market worldwide is expected to reach $265 billion US dollars 4 years from now with an estimated compound annual growth rate of 5 percent according to Research and Markets. Significantly, the market encompasses the major sectors in various communities including schools, elderly facilities, sports centers, and even hospitals. These institutions outsource their food service needs so they can lessen their spending and focus their labor force on more important matters.
Recent Technomic study shows that the catering industry in the U.S. made about $537 billion dollars in total sales last 2017 with a continuous growth rate due to easy and fast online ordering system. There are more than 10,000 caterers in America, employing about 110,000 people altogether. Most of these businesses are small and locally controlled that don’t account for a large portion of the market share. The demand for their services is higher in densely populated areas. Continue reading “The Booming Catering Industry: Facts and Statistics”