In-flight Catering Services Market is Expected to Register a Considerable Growth by 2028
Startview Research has launched a market research report titled ‘In-flight Catering Services Market’ that is compiled by leveraging findings as well as insights about the market that helps businesses to stay ahead in the competitive market. It also helps the market players in selecting targets, guiding where to invest, giving users detailed information about company profiles, etc. This report provides reliable and accurate market data, that can work as the key to the growth of any business. The report estimates future trends, challenges, linchpins, opportunities, revenue, and future sales count in the target market along with forecasting for a 5-year period.
According to this report, the in-flight catering services market was estimated at USD 8.58 billion in 2021 and is likely to grow at a CAGR of 7.09% during 2022-2028 to reach USD 13.91 billion in 2028.
The prime factor that is contributing to the demand for in-flight catering services is the growing commercial aircraft fleet size.
What are in-flight catering services?
In-flight catering services involve serving of edibles to passengers on board a commercial airline. These meals are usually served using an airline service trolley.
COVID-19 IMPACT
The global pandemic has negatively impacted the growth of the In-flight catering service market. Restriction on international and domestic flights has been the key factor behind the declining growth of the market during the covid era.
Market Segments' Analysis
Stratview Research has bifurcated the In-flight Catering Services Market by the following –
· Aircraft Seating Class Type (Economy Class, Business Class, and First Class),
· Source Type (In-house, Outsource),
· Food Type (Meals, Bakery & Confectionaries, Beverages, and Others),
· Region (North America, Europe, Asia-Pacific, and the Rest of the World).
Based on the aircraft seating class type, the market is segmented as economy class, business class, and first class. The economy class segment is estimated to maintain its dominance over the forecast period owing to the rising demand from emerging countries coupled with larger volumes of passengers preferring to travel in class.
Based on the source type, the market is segmented as in-house and outsource. The outsource segment accounted for the larger share of the market in 2021 and is expected to maintain its dominance, during the forecast period, owing to cost-efficiency without compromising the quality.
Based on the food type, the market is segmented as meals, bakery & confectionaries, beverages, and others. The meals segment accounted for the largest share of the market in 2021 and is expected to command its leading position, bolstered by the growing demand for long-haul flights.
In terms of regions, Asia-Pacific is estimated to be the largest market for in-flight catering services during the forecast period. The region’s market growth is attributed to the growing airline traffic and surging economic growth. China and India are major countries offering promising growth opportunities. Europe and North America are also likely to witness substantial growth opportunities over the forecast period.
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