Over the next five years, the catering industry is expected to grow to just over $13 billion. Increases in consumer spending and corporate profit over the next five years will bode well for industry demand.
An increase in corporate profit and growth in household spending levels will boost demand for catering services over the next five years. In particular, increased corporate marketing budgets will bolster demand for holiday parties, product launches and investor celebrations. Caterers will also benefit from robust private demand as rising consumer spending and higher disposable income will encourage consumers to splurge on weddings, birthdays, private parties and other catered events
Caterers must continue to set themselves apart from competitors, including providing high-quality food that matches consumer preferences. For many, this means continuing the shift toward organic, vegan and locally sourced foods, or even vertically integrating farms into their operations. The occurrence of value-added services provided by caterers will also continue to increase. Caterers may take on additional logistics planning, such as coordinating flower arrangements or continue to create specialized experiences, such as interactive food stations.