Market Size – The hotels, restaurants and catering (HoReCa) market size has grown strongly in recent years. It will grow from $2,912.22 billion in 2023 to $3,103.60 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to growth of the tourism industry, expansion of the middle class, expansion of online booking platforms, increase in corporate events and conferences, rise of themed restaurants and boutique hotels, and rise in health conscious eating.
The hotels, restaurants and catering (HoReCa) market size is expected to see strong growth in the next few years. It will grow to $4,049.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing health awareness, expansion of luxury hotel chains, rising popularity of food festivals and events, growth of co working spaces in hotels, and increasing corporate travel. Major trends in the forecast period include adoption of smart kitchen appliances, adoption of online ordering systems, integration of energy management solutions, implementation of health and safety protocols, development of plant based menu options, and development of food delivery and takeaway services.
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Scope Of Hotels, Restaurants And Catering (HoReCa) MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Hotels, Restaurants And Catering (HoReCa) Market Overview
Market Drivers -The increase in construction activities is projected to drive the hotels, restaurants, and catering (HoReCa) market. Construction encompasses various tasks involved in building, maintaining, and renovating structures and infrastructure. Economic growth, urbanization, and government initiatives contribute to the rise in construction activities. The HoReCa sector supports this growth by providing essential services like accommodation, meals, and event catering, which enhance worker productivity and facilitate project management, ultimately benefiting the local economy. The Office for National Statistics (ONS), a UK-based non-ministerial department, reported that annual new construction orders surged by 11.4% in 2022 compared to 2021, reaching a historic peak of £80.837 billion ($102.16 billion). Consequently, the increase in construction activities is driving the growth of the HoReCa market.
Market Trends – Major companies operating in the hotels, restaurants, and catering (HoReCa) market are focused on developing innovative solutions such as HACCP Digital Solution for HoReCa Sector to enhance operational efficiency, streamline customer service, and elevate guest experiences. HACCP (Hazard Analysis Critical Control Point) is a systematic approach to food safety that helps identify and manage risks throughout food production and handling. Implementing HACCP in the HoReCa (Hotels, Restaurants, and Catering) sector is crucial for ensuring food safety and compliance with health regulations. For instance, in March 2024, SATO Europe GmbH, a Germany-based innovative auto-ID and data collection solutions company, launched an advanced HACCP digital solution for the HoReCa Sector. This solution enhances food safety management with customizable controls and real-time analytics. This innovation strengthens compliance, improves traceability, and boosts operational efficiency, ensuring higher standards and regulatory adherence in the HoReCa industry. HACCP solution boasts several key features, including customizable self-control parameters tailored to meet specific operational requirements, a user-friendly interface that facilitates smooth integration into current workflows, and extensive data analytics to support informed decision-making.
The hotels, restaurants and catering (HoReCa) market covered in this report is segmented –
1) By Type: Single Outlet, HoReCa Chain
2) By Price Level: Luxury, Upscale, Midscale, Economy
3) By Service: Hotels, Restaurants, Cafes And Pubs
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Regional Insights –
Asia-Pacific was the largest region in the hotels, restaurants and catering (HoReCa) market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hotels, restaurants and catering (HoReCa) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are Performance Food Group Inc., The Coca-Cola Company, Starbucks Corporation, Inspire Brands Inc, Burger King Corporation, McDonald’s Corporation, Marriott International Inc., Chick-fil-A Inc, Little Caesar Enterprises Inc., Hilton Worldwide Holdings Inc, ITC Limited, Costa Limited, KFC Corporation, Hyatt Hotels Corporation, Domino’s Pizza Inc., InterContinental Hotels Group PLC, Papa John’s International Inc., The Wendy’s Company, Jack in the Box Inc., Tata Consumer Products Limited, Wyndham Hotels & Resorts Inc, Pizza Hut LLC, Jubilant FoodWorks Limited, Subway IP LLC
Table of Contents 1. Executive Summary2. Hotels, Restaurants And Catering (HoReCa) Market Report Structure3. Hotels, Restaurants And Catering (HoReCa) Market Trends And Strategies4. Hotels, Restaurants And Catering (HoReCa) Market – Macro Economic Scenario5. Hotels, Restaurants And Catering (HoReCa) Market Size And Growth…..27. Hotels, Restaurants And Catering (HoReCa) Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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