LONDON–(BUSINESS WIRE)–Nov 5, 2020–
The new in-flight catering services market research from Technavio indicates Positive growth in the short term as the business impact of COVID-19 spreads.
Technavio has announced its latest market research report titled Global In-Flight Catering Services Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the increasing passenger traffic and influence of tourism,” says a senior analyst for Industrials at Technavio.
There is an increase in airline passenger traffic in the Middle East, North America, and Europe. The passenger traffic is increasing in APAC and Latin America due to lower fuel prices. The rising trend for tourism and the number of business travels will further increase passenger traffic. For instance, in the US, over 70% of the people go on vacations annually, either domestically or abroad. This, in turn, will drive the need for in-flight catering services in various airlines. The increasing passenger traffic and the influence of tourism will be major factors that will have a positive impact on the growth of the market.
As the markets recover Technavio expects the in-flight catering services market size to grow by USD 5.79 billion during the period 2020-2024.
In-Flight Catering Services Market Segment Highlights for 2020
- The in-flight catering services market is expected to post a year-over-year growth rate of 4.44%.
- The increasing emphasis on quality food services and passenger preferences to pay for premium food products are driving the growth of the in-flight catering services market share.
- In-flight catering services market growth by the food segment will be faster than the growth of the market by the beverages segment.
- 35% of the growth will originate from the APAC region.
- The rising air travel owing to high per capita income is significantly driving in-flight catering services market growth in this region.
- China is the key market for in-flight catering services in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The in-flight catering services market size is expected to accelerate at a CAGR of over 5% during the forecast period.
- The in-flight catering services market is segmented by Product (food and beverages) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Air Culinaire Worldwide LLC, Cathay Pacific Catering Services (H.K.) Ltd., DO & CO Aktiengesellschaft, Emirates Flight Catering Co., Flying Food Group, Frankenberg GmbH, gategroup Holding AG, LSG Lufthansa Service Holding AG, Newrest Group International SAS, and SATS Ltd.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
CONTACT: Technavio Research
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Website:www.technavio.com/
INDUSTRY KEYWORD: RETAIL AIR TRANSPORT FOOD/BEVERAGE
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 11/05/2020 12:45 AM/DISC: 11/05/2020 12:45 AM
Copyright Business Wire 2020.
