HoReCa Market is forecasted to grow by USD 6,449.35 Billion during 2023-2032, accelerating at a CAGR of 6.77% during the forecast period
Research Reports
Jan 23, 2024
HoReCa Market Overview:
According to MRFR analysis, the HoReCa market is expected to register a CAGR of~6.77% from 2023 to 2032 and hold a value of over USD 6,449.35 billion by 2032.
HoReCa is an acronym that stands for “Hotel, Restaurant, and Catering.” The HoReCa Market refers to a broad sector of the food service industry that includes businesses that provide food and beverage services in a variety of settings, such as hotels, restaurants, cafes, bars, catering companies, and other food service establishments. The HoReCa market is an important segment of the hospitality industry and is an essential part of the overall economy, providing employment opportunities and generating revenue. The market is highly competitive, and businesses must continually innovate and adapt to changing consumer preferences and trends to remain successful.
The COVID-19 pandemic has had a significant impact on the HoReCa market. Government restrictions on travel, social distancing, and lockdown measures have significantly reduced demand for hotel and restaurant services. The pandemic has also led to a decrease in business travel and tourism, which has further impacted the hotel and restaurant industry.
Many HoReCa businesses have had to close their doors temporarily or permanently due to the pandemic’s impact. Those that remain open have had to adapt to new health and safety protocols, including increased cleaning and sanitation measures.
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Key Players:
Some of the key market players are: Yum! Brands Inc.(US), Hyatt hotels corporation(US), Wyndham Hotels Group LLC(US), Inspire brands Inc.(US), The coca-cola company(US), Hilton worldwide Holding Inc.(US), Mcdonald’s corporation(US)
Market Segmentation:
The HoReCa market has been segmented into type and category.
Based on the type, the market has been segmented into hotels, restaurants, cafes and pubs.
Based on the category, the market has been segmented into single outlet and horeca chain.
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Here are some of the key opportunities in the HoReCa market in 2023:
- The growth of the vegan and vegetarian market
- The increasing demand for gluten-free and other allergy-friendly food options
- The popularity of healthy and nutritious food options
- The growing demand for craft beer and other specialty beverages
- The rise of pop-up restaurants and other innovative dining concepts
Regional Analysis:
Asia-Pacific region is the largest market for the HoReCa industry, with a share of over 40% of the global market. This is due to the large population and economic growth in countries such as China, India, and Japan.
The Asia-Pacific region is home to some of the world’s most populous countries, such as China and India, which contribute to the large size of the region’s foodservice industry. There is a growing middle class in many countries in the region, which is driving demand for dining out and other foodservice experiences.
Some of the key trends in the HoReCa market in 2023 include:
- The rise of sustainable food and beverage options
- The growing popularity of delivery and take-out services
- The increasing use of technology to improve operations
- The focus on personalized customer experiences
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