US Survey: Appetite for Outsourcing Grows, Compass Getting Largest Portion

Research evidence excerpt

US Survey: Appetite for Outsourcing Grows, Compass Getting Largest Portion

Europe Insight

July 23, 2026 04:01 AM GMT

Morgan Stanley & Co. International plc+MContract Caterers Jamie Rollo

Equity Analyst

US Survey: Appetite for Jamie.Rollo@morganstanley.comMorgan Stanley & Co. LLC +44 20 7425-3281

Toni Kaplan

Equity AnalystOutsourcing Grows, Compass Toni.Kaplan@morganstanley.com +1 212 761-3620

Morgan Stanley & Co. International plc+Getting Largest Portion Ed Young

Ed.Young@morganstanley.com +44 20 7677-1761

What’s Changed James Ruddell

Compass Group (CPG.L) From To Research Associate

Price Target US$38.00 US$40.00 James.Ruddell@morganstanley.com +44 20 7677-1803

Anita Bhardwaj

Our US contract catering survey points to faster first-time Data Analyst

outsourcing intentions, stickier contracts and resilient onsite Anita.Bhardwaj@morganstanley.com +44 20 7425-1883

Morgan Stanley & Co. LLC

demand. Growing GLP-1 coverage could become a volume Yehuda Silverman

headwind, while hybrid working appears less damaging than Research Associate

Yehuda.Silverman@morganstanley.com +1 212 761-4196

feared. Switching intention shows Compass as the clear survey

winner (PT $38 to $40, remain OW), Aramark’s customer scores Leisure and Hotels

Europe

weaken (stay EW), and Sodexo fares poorly (remain UW). Industry View AttractiveM

Why read this report? North America is by far the most important foodservice

market for the big three contract caterers Compass, Sodexo and Aramark, at 50-

80% of profit. We completed 307 online interviews with US professionals who have

full or shared responsibility for managing an outsourced foodservice provider, across

business & industry, education, healthcare and sports/leisure/hospitality. This is the

sixth edition of the biennial survey.

Key conclusions:

1.