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Emerging from a dismal 2009, the catering industry is on the rebound. Packaged Facts estimates that 2010 catering revenue among caterers, restaurants, foodservice contractors, and hotels reached $14.2 billion, a 9.0% increase from 2009, according to Packaged Facts’ Catering Trends in U.S. Foodservice.
Going forward, we believe that sales will rise 9.1% in 2011 and 6.5% in 2012, driven primarily by aggressive expansion into the catering space by limited-service establishments, the return of business event-driven spending, higher wedding spending, and a moderately healthier consumer.
With its high-growth days likely behind it, the restaurant industry continues to adapt to the in-home entertaining trend while taking in-home meal share from food retailers. This convergence signifies an increasingly competitive battleground for the catering dollar not only among restaurants and food retailers, but also for caterers and hotels. Sustained growth will require growing catering opportunity, primarily in the form of significant consumer life events.
This Packaged Facts report provides the insight and analysis market participants need to plan their catering and foodservice strategies. Key coverage includes the following:
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