The global catering industry has a huge potential for growth, with a study by Azoth Analytics showing that it will continue to have its upward trajectory by a 4-per cent compound annual growth rate (CAGR) until 2021. This CAGR encompasses the industry’s profits and gains, as well as the market’s size. The target market includes not only corporate businesses but also households and communities.
With these facts, the catering industry is one of the best businesses to venture in today. You can get all the necessary support and supplies with simple funding and equipment requirements if you want to start a catering business.
The following are other factors that tell you why you should invest in the catering industry.
Easy access to the market
Since food is the number one component of celebrations, functions, and meeting, catering businesses can easily identify and reach their target markets. Unlike the manufacturing industry that depends on the volume of consumption, the food business is one of the most sought-after services.
Various catering equipment
Equipment suppliers in the catering business are also easy to identify and find. Investors can choose from a variety of catering equipment suppliers that offer different ranges of prices. Food technology is also improving and introducing innovations that will further improve the industry.
Rising demand for customised food
Research also notes that the market today is demanding for more innovation on food recipe and catering. Today’s generation is looking after foods that appeal not just to the palate but also to the sight.
The best business opportunities are waiting for you in the catering industry. However, you should also look out for stiff competition among food establishments. Nevertheless, you will definitely find your way to success with your own and customised strategies to appeal to your clients.