In-Flight Catering Service Market Prognosticated To Upsurge with 5% of CAGR By 2021 - Asserts MRFR

Pune, India, August 22, 2017/MRFR Press Release/- Market Research Future published a half cooked research report on “Global In-Flight Catering Service  Market Research Report - Forecast to 2021” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2021.

SATS, Servair, Emirates Flight Catering, dnata, Air Culinaire, Compass Group, Do & Co., Egypt Air In Flight Services, Gate Gourmet, and Goddard Catering are some of the prominent players at the forefront of competition in the In-Flight Catering Service Global Market and are profiled in MRFR Analysis.

In-Flight Catering Service Global Market   - Overview

The Global In-Flight Catering Service Market is growing with the rapid pace; mainly due to the innovative services offered by airline companies, increased emphasis on quality food services and passenger preferences to pay for premium. According to a recent study report published by the Market Research Future, The global market of In-Flight Catering Service is booming and expected to gain prominence over the forecast period. The global In-Flight Catering Service market is forecasted to demonstrate a spectacular growth by 2021, surpassing its previous growth records in terms of value with a striking 5% of CAGR during the projected period (2016 -2021).  

Rising GDP, and consequently, disposable income and living standards, result in an increased demand for air travel for both business and leisure purposes. Although living standards is one of the most important determinants of the number of enplaned passengers, it is important only until a point. Air Travel Market is demonstrating strong performance, even during the weaker economic backdrop, which defines the strong demand for aviation connectivity. But even as the appetite for air travel increased, consumers are benefitted from lower fares

In-Flight Catering Service Market is mainly driven by the increased demand of Air Travel worldwide over the last couple of decades, this upsurge demand attributes to increasing demand of business travel, leisure travel and employment needs and to the factors such as low air fares, higher living standards, and an expected recovery in the world gross domestic production. Demand of In-Flight Catering Services is bound to grow with the growing Air Travel business. 

Air Travel market is hot in competition across the globe, to sustain their market position and to gain competitive advantage in the market the Airline companies strive to offer innovative services along with the quality food with  variety to suit the taste buds and varied choices of passengers. Also Airline companies are increasingly offering a broader food menu and food customization options to customers. In order to meet customer expectations; these Airline companies partner with the Inflight Catering Services that can help them in the task. 

Growth dynamics in the Global In-Flight Catering Service Market are largely dependent on the health of the aviation sector. Additionally, growing customer demand for nutritious food options, even while travelling, is fostering the market growth largely.  The airline industry is therefore perceiving an alteration in passenger food preferences driven by growing awareness over the nutritional value of food, rising health consciousness, and willingness to pay a price premium for high quality, nutritious food. Food safety is a major focus area for companies operating in the global in-flight catering services market. With quality and hygiene becoming a deciding factor for passengers in choosing a flight, catering companies are adopting stringent safety and sanitation measures to maintain quality of food.

In-Flight Catering Service Market   - Competitive Analysis

Characterized by the presence of several well-established players having regional presence, the global Market of In-Flight Catering Service appears to be highly competitive. Players operating in the global In-Flight Catering Service markets are focusing upon optimized situational awareness for commercial Airlines and ensure their mission success. To gain the competitive edge and to sustain in the market, these players are heavily investing to enhance the food quality and in global expansion. Players compete against each other based on factors such as the product, quality, reliability, cost, Facilities and services.  Marketers are tapping the growing markets for expansions. Marketers identify the need for world-class in-flight catering and invest accordingly in state-of-the-art facilities to provide catering.

These Marketers strive to exceed their customers' expectations with innovative in-flight catering services with Quality assurance, safety & security.

Private Jet Catering and On-board Retail are the current trends observed among these Key players.

In-Flight Catering Service Global Market   - Segmentation

The In-Flight Catering Service Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation By Aircraft Class : Comprises First Class, Business Class, Premium Economy Class, and Economy Class. 

Segmentation By Flight Type : Comprises Full Service and Low Cost and other. 

Segmentation By Catering Type : Comprises Bakery & Confectionary, Meals, Beverages, and other. 

Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

In the catering types segment, meals accounts 50- 55% of the market share followed by bakery & confectionary and beverages.     

In-Flight Catering Service Market –

Regional Analysis

APAC will dominate the market in the forecast period growing at a CAGR of around 6%, followed by Americas and EMEA.  Rapid urbanization, resurgence in discretionary spending, increase in international travel and tourism attributed to Rising GDP, and consequently, disposable income and rising standard of living to complement aspirational travelling, are factors poised to drive growth in the Asia Pacific region.

By 2021, China is expected to supersede Japan to become the world's second largest source of business travel after the United States.

The Middle East is also emerging as a hub of international airline activity, with the region registering the highest number of order bookings for new aircraft.

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