Global Hotels, Restaurants And Catering (HoReCa) Market Size, Share And Growth Analysis For 2024-2033

Hotels, Restaurants And Catering (HoReCa) Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UNITED KINGDOM, October 10, 2024 /EINPresswire.com/ -- The hotels, restaurants, and catering (HoReCa) market has grown significantly, projected to rise from $2,912.22 billion in 2023 to $3,103.60 billion in 2024, at a CAGR of 6.6%. The market's growth is fueled by the tourism industry's expansion, the rising middle class, online booking platform growth, increased corporate events, themed restaurants, boutique hotels, and the rise in health-conscious eating.

What Is The Estimated Market Size Of The Global Hotels, Restaurants And Catering (HoReCa) Market And Its Annual Growth Rate?

The market will grow to $4,049.58 billion by 2028, at a CAGR of 6.9%. Growth is driven by health awareness, luxury hotel expansion, and rising corporate travel. Trends include smart kitchen appliances, energy management, plant-based menus, and food delivery innovations.

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Growth Driver of The Hotels, Restaurants And Catering (HoReCa) Market

The uptick in construction activities is expected to enhance the growth of the hotels, restaurants, and catering (HoReCa) market moving forward. Construction activities involve a wide range of tasks related to creating, maintaining, and renovating buildings and infrastructure. The increase in construction is driven by economic growth, urbanization, and supportive government policies. The HoReCa sector plays a crucial role in construction activities by providing essential services like accommodation, meals, and event catering, which improve worker productivity, aid project management, and contribute to the overall success of construction projects while benefiting the local economy.

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Which Market Players Are Driving The Hotels, Restaurants And Catering (HoReCa) Market Growth?

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

What Are The Emerging Trends Shaping The Hotels, Restaurants And Catering (HoReCa) Market Size?

In the hotels, restaurants, and catering (HoReCa) market, major companies are implementing innovative solutions like the HACCP Digital Solution to enhance operational efficiency, streamline customer service, and improve guest experiences. The HACCP system, a food safety approach identifying and managing risks in food production, is essential for maintaining compliance with health regulations and ensuring food safety in the HoReCa sector.

How Is The Global Hotels, Restaurants And Catering (HoReCa) Market Segmented?

1) By Type: Single Outlet, HoReCa Chain
2) By Price Level: Luxury, Upscale, Midscale, Economy
3) By Service: Hotels, Restaurants, Cafes And Pubs

Geographical Insights: Asia-Pacific Leading 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.

Hotels, Restaurants And Catering (HoReCa) Market Definition

The hotels, restaurants, and catering (HoReCa) sector comprises businesses that offer accommodation, dining, and catering services to the public. This vital industry caters to a wide range of needs, from providing lodging for travelers to offering unique dining experiences and catering services for events. The HoReCa sector plays a significant role in employment creation, boosting tourism activities, and delivering essential hospitality services.

Hotels, Restaurants And Catering (HoReCa) Global Market Report 2024 from The Business Research Company covers the following information:

• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global hotels, restaurants and catering (HoReCa) market report covering trends, opportunities, strategies, and more

The Hotels, Restaurants And Catering (HoReCa) Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on hotels, restaurants and catering (HoReCa) market size, drivers and trends, hotels, restaurants and catering (HoReCa) market major players, competitors' revenues, market positioning, and market growth across geographies. The market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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