Turn of Events: the Covid-19 Pandemic Has Strongly Reduced Demand for Industry Services
The Event Catering Services industry has posted mixed results. Fluctuating discretionary incomes have hindered demand for event catering services, while rising competition from cafes and restaurants has shrunk profit margins as caterers have been unable to pass on rising costs to consumers. But climbing demand for premium-quality food and service has created opportunities for revenue growth, with many consumers willing to pay a premium for on-trend food. The COVID-19 pandemic disrupted these trends, with major events getting cancelled or postponed because of restrictions on travel and public gatherings. Overall, industry revenue is expected to inch up at an annualised 0.1% over the past five years, to total $5.3 billion in 2022-23, when revenue will jump by an anticipated 6.5%.
Industry firms provide event catering services. The industry excludes food prepared for resale, contract catering services and food van operations.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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