Press release
HoReCa (Hotels, Restaurants, and Catering) Market Forecast 2024: Industry Growth and Future Opportunities
HoReCa (Hotels, Restaurants, and Catering) Market Forecast
The new report published by The Business Research Company, titled Hotels, Restaurants And Catering (HoReCa) Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, 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 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%.
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What Is Driving The Growth Of The Global Hotels, Restaurants And Catering (HoReCa) Market?
Rising Construction Activities Drive Growth In The Hotels, Restaurants, And Catering (Horeca) Sector
The increase in construction activities is expected to propel the growth of the hotels, restaurants, and catering (HoReCa) market going forward. Construction activities encompass a wide range of tasks involved in creating, maintaining, and renovating buildings and infrastructure. The increase in construction activities is due to economic growth, urbanization, and government initiatives and policies. The HoReCa sector supports construction activities by providing essential services such as accommodation, meals, and event catering. These services enhance worker productivity, facilitate project management, and contribute to the overall success of construction projects while benefiting the local economy. For instance, according to the Office for National Statistics (ONS), a UK-based non-ministerial department, annual new construction orders surged by 11.4% in 2022 compared to 2021, marking a historic peak of £80.837 billion ($102.16 billion). Therefore, the increase in construction activities is driving the growth of the hotels, restaurants, and catering (HoReCa) market.
What Is The Key Trend In The Global Hotels, Restaurants And Catering (HoReCa) Market?
Digital Innovations In The HoReCa Market
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.
How Is The Global Hotels, Restaurants And Catering (HoReCa) Market Segmented?
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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How Is The Competitive Landscape Of The Global Hotels, Restaurants And Catering (HoReCa) Market?
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
Contents Of The Global Hotels, Restaurants And Catering (HoReCa) Market
1. Executive Summary
2. Hotels, Restaurants And Catering (HoReCa) Market Report Structure
3. Hotels, Restaurants And Catering (HoReCa) Market Trends And Strategies
4. Hotels, Restaurants And Catering (HoReCa) Market - Macro Economic Scenario
5. Hotels, Restaurants And Catering (HoReCa) Market Size And Growth
…..
27. Hotels, Restaurants And Catering (HoReCa) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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