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.
Global Hotels, Restaurants And Catering HoReCa Market Key Driver
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.
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Global Hotels, Restaurants And Catering HoReCa Market Segments
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.
Major Hotels, Restaurants And Catering HoReCa Industry Players
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
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Hotels, Restaurants And Catering HoReCa Market Overview
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 2023 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.
