Catering market expected to grow around 7% in 2023

The catering market has a favorable outlook for the coming years, although in the short term a slowdown in market growth rates is expected after the strong increases recorded in the last biennium. By the end of 2023, forecasts point to an increase of around 6-7%, reaching 3,750 million euros, according to data from Informa’s DBK Observatory.

It should be recalled that the sector reached a value of €3.52 billion at the end of 2022, after growing 15.1% in 2021 and 19.7% in 2022. The positive performance of demand and the upward trend in prices led to strong revenue growth.

The catering segment is the most important, with a share of 88% of the total. The value of this market stood at 3.1 billion euros, 15% more than in the previous year. Within the mass catering business, educational establishments were the most dynamic demand segment, with an increase of 17.2% and a value of 1,055 million euros. Demand from the healthcare sector remained the most important, reaching 1,365 million euros (+14.7%), while business services increased by 12.2% to 505 million euros.

Air catering, on the other hand, was driven by strong growth in the number of passengers traveling by air. 220 million in 2022, 76% more than in the previous year.

After growing by 67%, high-end catering reached 200 million euros, in a context of a strong increase in demand for events and celebrations thanks to the lifting of restrictions following the pandemic.

In 2022, the sector’s supply was made up of some 955 companies, which generated an employment volume of 75,000 workers. Both figures remained stable throughout the last fiscal year.

The solid position achieved by the main operators is reflected in the degree of concentration in the sector. In 2022, the top five had a combined share of nearly 45% of sector turnover, a percentage that was close to 60% when considering the top ten operators.

Source – https://www.foodretail.es/horeca/mercado-catering-previsiones-2023_0_1769223072.html