Global COVID-19 Pandemic Impact on In-Flight Catering Service Market 2020 can demonstrate a strong growth pattern at a rate of 5% over the projected period (between 2016 and 2021), confirms Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
Top Boosters and Main Challenges
The COVID-19 outbreak has left a major impact on industries worldwide, and aviation is not an exception. Flights have been affected considering travel bans, with the lockdown restricting mobility of travelers. The pandemic has drastically reduced the number of flight passengers, resulting in massive loss of revenues for airlines and ultimately, slackening the demand for in-flight catering services. The situation has worsened as airlines are forced to lay off their employees to curb their losses, making the SARS-CoV-2 outbreak one of the most brutal events in recent years.
Despite the novel coronavirus cases coming down and countries slowly recovering from the pandemic, the recovery rate of the market could take a lot more time than expected. However, on the bright side, the in-flight catering service market can still benefit from the growing number of airlines trying to differentiate themselves from their rivals by offering reasonably priced meals in flight for a better travelling experience. Also, considering the COVID-19 impact, governments and various market leaders are doing everything in their capacity to diffuse the situation, thereby helping the in-flight catering service industry stay afloat. For instance, June 2020, the Austrian government extended support to the Austrian Airlines, which is a subsidiary of Lufthansa, of close to 300 euros in loans and 150 million euros in taxpayer grants.
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Furthermore, the market growth is also fostered by the increasing disposable income and the rising use of advanced technologies like in-flight beverage and food ordering systems. Airlines worldwide are endeavoring to bolster their customer retention plan to gain more profits and ensure better revenue generation. Most leading airlines emphasize on offering tailored catering services to the travellers, such as local cuisines on international flights. In addition, the trend among airlines of providing organic and customized meals to travelers has also been favorable for the industry contenders, in terms of passenger satisfaction level.
Renowned Industry Vendors
Some of the well-known vendors in the Global COVID-19 Pandemic Impact on In-Flight Catering Service Market are Gate Gourmet, Egypt Air In Flight Services, dnata, Do & Co, Air Culinaire, SATS, Servair, Emirates Flight Catering, Goddard Catering, Compass Group to name a few.
Global COVID-19 Pandemic Impact on In-Flight Catering Service Market has been primarily considered for aircraft class, flight type and catering type. Aircraft classes studied in the report are business class, first class, economy class and premium economy class. Economy class can be approximately USD 12 billion market in the coming years, followed by premium and business class aircraft.
Flight types covered are full service as well as low cost. Full-service flight types account for nearly 80% of the share in the global market and can continue to lead throughout the evaluation period.
Catering type-based segments can be beverages, meals, bakery & confectionary and more. With 50- 55% of the share, meals is leading the market, while beverages and bakery & confectionary are expected to be right behind, in terms of growth.
Asia Pacific/APAC, MEA/Middle East and Africa along with Europe and North America are the key markets for in-flight catering services.
Over the review period, there is a strong possibility that the APAC market will be in the lead, capturing a CAGR of close to 6%. The key influencing factors can be the fast urbanization rate, increase in discretionary spending, surge in international tourism, and travel due to the improving GDP, and the growth of disposable income level of people in the region. The development, in terms of the living standard has boosted aspirational travelling, favoring the in-flight catering service market in the region. It is projected that by 2021, China will overtake Japan to emerge as the second biggest business travel hub in the world, after the United States.
The Middle East is a lucrative hub for international airlines, with the region annually recording maximum order booking numbers for new aircraft. The promising growth in the GDP of various countries, improving financial status of passengers and the consequent surge in their preference for organic and healthy meals also enhance the market size in the region. Increase in airline collaborations with skilled catering professionals also gives rise to huge opportunities for the leading market contenders in the region.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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