Industry: Caterers
Naics: 722320
The Caterers industry has demonstrated remarkable resilience in recent years, navigating complex economic challenges. Despite initial setbacks from the COVID-19 pandemic, the industry has shown significant adaptability. The U.S. catering market has experienced gradual recovery, with revenue reaching an estimated $14.9 billion in 2024. This growth reflects the industry's ability to innovate and respond to changing market conditions.
The U.S. catering market is projected to grow from $14.9 billion in 2024 to $16.5 billion by 2029, with a modest annual growth rate of 1.6%. This projection takes into account the ongoing recovery from pandemic-related disruptions and emerging market opportunities. The global catering market is expected to reach $497.7 billion by 2032, indicating significant potential for expansion.
The catering industry employs approximately 150,000 workers in the United States. Employment in the sector is projected to grow by 6% from 2022 to 2028, driven by increasing demand for specialized catering services and corporate events. The industry continues to attract entrepreneurs and small business owners seeking opportunities in food service.
The catering industry comprises approximately 65,000 firms in the U.S., with the majority (88%) having fewer than 20 employees. The average catering business generates around $230,000 in annual revenue. The industry remains highly fragmented, with low barriers to entry creating a competitive landscape.
The future of the catering industry looks promising, with several key priorities emerging:
As the industry continues to evolve, caterers who adapt to changing consumer preferences and technological advancements will be best positioned for success.
Success in the catering industry hinges on more than just excellent food. Caterers must focus on: