Global Hotels, Restaurants And Catering (HoReCa) Market Research Forecast 2024 - 2033
5 Dec, 2024
What Is The Scope Of The Global Hotels, Restaurants And Catering (Horeca) Market?
Hotels, restaurants and catering (HoReCa) refers to the sector comprising businesses that offer accommodation, dining, and catering services. These establishments cater to various needs, such as providing lodging for travelers, offering dining experiences, and supplying catering services for events and functions. The benefits include employment creation, boosting tourism activities, and providing essential hospitality services to the public.
Hotels, Restaurants And Catering (HoReCa) Global Market Report 2024 provides data on the global hotels, restaurants and catering (horeca) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The hotels, restaurants and catering (horeca) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Hotels, Restaurants And Catering (Horeca) Sector?
The HoReCa market has grown strongly, increasing from $2,912.22 billion in 2023 to $3,103.60 billion in 2024 at a CAGR of 6.6%. Growth has been driven by tourism, middle-class expansion, online booking platforms, corporate events, and themed dining. Projected to reach $4,049.58 billion by 2028 at a CAGR of 6.9%, the market will benefit from health awareness, luxury chain expansion, food festivals, and corporate travel. Trends include smart kitchen appliances, online ordering, energy management, plant-based menus, and takeaway services.
Which Factors Are Boosting Growth In The Hotels, Restaurants And Catering (Horeca) Market?
The growth of construction activities is expected to drive the hotels, restaurants, and catering (HoReCa) market. Economic development, urbanization, and government policies are fueling construction activities, which require support services such as accommodation and food. The HoReCa industry plays a crucial role in ensuring the comfort and productivity of workers involved in construction projects. According to the Office for National Statistics, new construction orders in the UK surged significantly in 2022, further boosting demand for HoReCa services.
Get Your Free Sample Of The Global Hotels, Restaurants And Catering (Horeca) Market ReportWhat Key Areas Define The Segmentation Of The Global Hotels, Restaurants And Catering (Horeca) Market?
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
How Are Emerging Trends Reshaping The Dynamics Of The Hotels, Restaurants And Catering (Horeca) Market?
In the HoReCa (Hotels, Restaurants, and Catering) market, companies are focusing on innovative solutions like HACCP Digital Solutions to improve food safety, streamline operations, and enhance customer service. SATO Europe launched an advanced HACCP digital solution in March 2024 that provides real-time analytics, customizable self-control parameters, and extensive data analytics to improve food safety management and ensure compliance with health regulations.
What Is The Fastest Growing Region In The Hotels, Restaurants And Catering (Horeca) Market?
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.