The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including In-flight Catering Services Market.
It was estimated prior to this unanticipated outbreak In-flight Catering Services Market will reach CAGR of 11.9% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
In-flight Catering Services Market Insights
In-flight catering services market is likely to witness an impressive CAGR of 11.9% during the forecast period. The prime factor that is contributing to the demand for in-flight catering services is the growing commercial aircraft fleet size.
Market Share Analysis
In-flight Catering Services Market Share: By Aircraft Seating Class Type
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 the class.
In-flight Catering Services Market Share: By Source Type
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 2019, and is expected to maintain its dominance, during the forecast period, owing to cost-efficiency without compromising the quality.
In-flight Catering Services Market Share: By Food Type
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 2019, and is expected to command its leading position, bolstered by the growing demand from long-haul flights.
In-flight Catering Services Market Share: By Region
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.