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Understanding the In-Flight Catering Services Market’s Growth Prospects from 2024 to 2033
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2024-2033 Forecast: What is the Projected Growth Rate for the In-Flight Catering Services Market?
In the past few years, there has been a robust growth in the market size of in-flight catering services. It is projected to expand from $16.96 billion in 2023 to $18.33 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.0%. The historic period’s growth can be traced back to various factors such as crisis adaptation, the surge in air travel, changing food choices, emphasis on service quality, and the internationalization of food.
The market size for in-flight catering services is projected to experience substantial growth in the coming years, increasing to $25.39 billion in 2028 with an 8.5% compound annual growth rate (CAGR). This predicted growth during the forecast period is due to the implementation of health and safety procedures, the global expansion of cuisine choices, the rise in demand for instant services, the expansion of the premium and luxury market, and the incorporation of sustainable and eco-friendly practices. Notable trends for the forecast period include the emergence of on-demand services, customization and personalization, a focus on health and wellness, sustainability efforts, and premium and luxury services.
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What Are the Main Drivers Behind the Growth of the in-flight catering services Market?
The anticipated surge in air traffic is likely to drive the expansion of the in-flight catering services market. The populace of air travelers, in recent years, has dramatically increased, implying that a large percentage of individuals can now bear the costs of air travel. The modifications in lifestyle, along with a boost in disposable income, has initiated the surge in demand for air travel for leisure and business trips. In-flight catering has gained prominence for travelers, particularly for those traveling long-haul on network carriers. For instance, the Federal Aviation Administration reported in November 2021 that the Air Traffic Organization (ATO) served 2.9 million airline passengers daily across approximately 29 million square miles of airspace in over 45,000 flights. Consequently, the increment in air traffic is fuelling the growth of the in-flight catering services market.
What Are the Primary Segments of the In-Flight Catering Services Market?
1) By Aircraft Seating Class: Economy Class, Business Class, First Class
2) By Source: In-house, Outsource
3) By Flight Type: Full Service Carriers, Low Cost Carriers
4) By Food Type: Meal, Bakery and confectionery, Beverage, Other Types
Which Trends Are Revolutionizing the In-Flight Catering Services Market?
The rise in investments is a key trend becoming prominent in the in-flight catering services market. Numerous businesses in this sector are concentrating on investing to cater to customer needs. For instance, Newrest, a French company that provides in-flight catering services, inked a new agreement for in-flight catering with an American airline in Atlanta in June 2021. This deal allowed Newrest to boost its capacity from 4,000 to 6,500 meals per day. Newrest’s new in-flight catering standards ensure high-quality food for passengers.
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Which Geographical Regions Are Pioneering Growth in the In-Flight Catering Services Market?
North America was the largest region in the in-flight catering services market in 2023. The regions covered in the in-flight catering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The In-Flight Catering Services Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the in-flight catering services market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The In-Flight Catering Services Market Include
1. In-Flight Catering Services Market Executive Summary
2. In-Flight Catering Services Market Segments
3. In-Flight Catering Services Market Size And Template Market Growth Rate
4. Key In-Flight Catering Services Market Trends
5. Major In-Flight Catering Services Market Drivers
……
25. Key Mergers And Acquisitions In The In-Flight Catering Services Market
26. Top In-Flight Catering Services Companies
27. In-Flight Catering Services Market Opportunities And Strategies
28. In-Flight Catering Services Market, Conclusions And Recommendations
29. Appendix
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