Global Hotels, Restaurants And Catering HoReCa Market Research 2024, Forecast To 2033
10 Oct, 2024
The hotels, restaurants, and catering (HoReCa) market size has experienced strong growth in recent years, expanding from $2,912.22 billion in 2023 to $3,103.60 billion in 2024, at a CAGR of 6.6%. Factors contributing to this growth include the expansion of the tourism industry, the growth of the middle class, the proliferation of online booking platforms, an increase in corporate events and conferences, the rise of themed restaurants and boutique hotels, and a growing focus on health-conscious eating. The market is projected to reach $4,049.58 billion by 2028, with a CAGR of 6.9%. This anticipated growth in the forecast period can be attributed to increasing health awareness, the expansion of luxury hotel chains, the rising popularity of food festivals and events, the growth of co-working spaces within hotels, and an increase in corporate travel. Major trends expected to emerge during this period include the adoption of smart kitchen appliances, online ordering systems, energy management solutions, health and safety protocol implementation, the development of plant-based menu options, and the expansion of food delivery and takeaway services.
Major Driver In The Hotels, Restaurants And Catering HoReCa Market
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) 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). The HoReCa market was valued at $1.54 trillion in 2023, projected to grow to $1.69 trillion in 2024, and expected to reach $2.1 trillion by 2028, demonstrating that the increase in construction activities is driving the growth of the HoReCa market.
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Major companies operating in the hotels, restaurants and catering (HoReCa) 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
Key Hotels, Restaurants And Catering HoReCa Market Trend
Major companies in the hotels, restaurants, and catering (HoReCa) market are developing innovative solutions, such as the HACCP Digital Solution for the 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 vital for ensuring food safety and compliance with health regulations. For instance, in March 2024, SATO Europe GmbH, a Germany-based company specializing in innovative auto-ID and data collection solutions, launched an advanced HACCP digital solution for the HoReCa Sector. This solution improves food safety management with customizable controls and real-time analytics. This innovation enhances compliance, improves traceability, and increases operational efficiency, ensuring higher standards and regulatory adherence in the HoReCa industry. The HACCP solution includes key features such as customizable self-control parameters tailored to specific operational requirements, a user-friendly interface that facilitates smooth integration into current workflows, and extensive data analytics to support informed decision-making.
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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
By Geography:The regions covered in the hotels, restaurants and catering (HoReCa) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Hotels, Restaurants And Catering HoReCa Global Market Report 2024 furnishes information about the global hotels, restaurants and catering horeca market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.