Offshore Catering Services Market Size, Share, Growth, and Industry Growth by Type (Catering & Hotel Staff, Supply of Food, Beverages and Bonded Stores, Galley Equipment & Design, Cleaning of Accommodation and Others) By Application (Offshore Oil, Navy, Entertainment and Others), Regional Forecast To 2032

Updated On: 15 April 2024

Offshore Catering Services Market REPORT OVERVIEW

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The global offshore catering services market size expanded rapidly in 2021 and the market is expected to generate substantial revenue by 2032, a robust CAGR during the forecast period. 

A hotel, a hospital, a bar, an airplane, a cruise ship, a park, a shooting location or studio, an amusement park, or an event venue are all examples of places that offer catering services. Offshore Catering is the term for the catering services offered to passengers when they embark ships, cruise ships, or other marine vessels. A company that provides offshore platforms, such as rigs, barges, boats, drilling installations, and subsea construction sites, with remote site catering, housekeeping services, or both, is known as offshore catering. On a variety of asset types, including platforms, drilling units, walk-to-work boats, drill ships, accommodation barges, pipe-lay vessels, drill support vessels, etc., crews can take use of food services.

COVID-19 Impact: Disrupted Transportation to Hamper the Market Growth

Covid badly affected the offshore catering services market due to supply chain disruptions and shortage in raw materials was also observed. Shortage of labor and strict protocols such as lockdowns and restrictions on movement created roadblocks, disruptions in end-use sectors of the product led to lower demand.

LATEST TRENDS

"High Demand for Food- Away- From- Home to Augment the Market"

Food-away-from-home services are in high demand due to the probable movement of individuals for employment and academic reasons. The worldwide demand for offshore catering services is anticipated to increase dramatically due to the rising popularity of food-away-from-home services.

In 2021, more millennials are expected to have changed jobs and be receptive to new opportunities globally. Globally, there will be a considerable increase in demand for food-away-from-home services as more millennials move away from their homes and into different work places. Also, as people have more money to spend, the demand for these services is rising, which might lead to an increase in offshore catering services.

Offshore Catering Services Market Segmentation

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• By Type Analysis

By type, market is segmented into catering & hotel staff, supply of food, beverages and bonded stores, galley equipment & design, cleaning of accommodation and others. The catering & hotel staff type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into offshore oil, navy, entertainment and others. The offshore oil segment will lead the global share through 2032.

DRIVING FACTORS

"Growing Usage of Ships As Transportation to Push the Market"

The demand for offshore catering services has significantly increased as a result of the growing usage of ships as a form of transportation for both people and goods. Nevertheless, the low morale among the caterers brought on by their extended absence from home may hinder their performance and annoy the passengers, which would further constrain the global offshore catering services market. However, the elites are expected to increase demand for offshore catering services globally throughout the predicted timeframe due to their growing disposable wealth and desire to show off their status.

"Focus on Wellbeing of the Workers to Boost the Market"

Businesses all across the world are effectively focusing on the wellbeing of their workers. They are making an effort to minimize an undue reliance on frozen food by serving the staff nutritious meals made with fresh ingredients. The business sector is seeing an increase in demand for offshore catering services as a result of this.

Also, one of the methods corporations use to draw in new employees and serve as a retention strategy is offering clean and wholesome lunch options. Corporates greatly profited from developing market-quality meals, employee retention, and talent acquisition by providing a wonderful dining experience and employee-centric bespoke menus from offshore catering services offered at a discounted rate.

RESTRAINING FACTORS

"High Startup Cost to Hinder the Market Growth"

One of the main obstacles to market expansion is the high startup costs associated with opening an offshore catering operation. Weddings, business parties, and other types of events are the main uses for offshore catering services. As a result, a sizable number of money is needed to purchase food, ingredients, prepare food, transport goods, and other things.

The quality of the food the service provider supplies is also a crucial factor in the offshore catering service industry. As a result, one of the main obstacles to the expansion of offshore catering service providers will be the disparity in people's tastes.

Offshore Catering Services Market REGIONAL INSIGHTS

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"North America to Grow Exponentially with the Forecasted Period"

In the global market for offshore catering services, the US holds a significant market share. Due to the possibility of having several restaurants in the area, the GDP contribution of the food and allied businesses is substantial. A number of significant restaurant owners that provide offshore catering services have said that catering helps to increase a restaurant's total earnings.

Furthermore, the industry is expanding as a result of a significant increase in investment by restaurant owners in offshore catering services. The region's need for catering services is expected to rise as a result of the economy, people's increased interest in junk food, and the existence of a sizable expatriate community in the nation.

During the COVID-19 epidemic, the Chinese offshore catering services market was severely challenged, with small and medium-sized businesses experiencing a dramatic reduction in their customer base and a lack of supply chains. Yet, the market is anticipated to have tremendous growth potential in the near future.

It is anticipated that demand for offshore catering services, particularly from the corporate end, will increase significantly once firms begin operating again. China's offshore catering services market will expand at a CAGR over the course of the forecast period. The offshore catering service providers are placing a lot of money on the Chinese market given its sizable working-class population, development in employment, and company expansion.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• FOSS & ESG (U.S.)
• MAKO (U.S.)
• Oceanwide (China)
• OSSA Offshore Catering (U.S.)
• Well Scope (U.S.)
• Triangle (U.S.)
• GREENWOOD (U.S.)
• Compass Group (UK.)
• Global Offshore Logistics (GOL)(Singapore)
• Bailey (U.S.)
• Al.Ma.Alimentari Marittimi (Italy)
• ROYAL INTERNATIONAL (India)
• Acadiana, LLC (U.S.)
• Tsebo (South Africa)
• Al Kuhaimi (Saudi Arabia)
• Zodiac Marine Services (India)
• Petit Paris Limited (UK.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.