The growth of food outlets and restaurants is one of the main reasons driving the HoReCa | 3% CAGR


NOIDA, India, November 9, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights, the HoReCa market was rated at $3 trillion in 2020 and is expected to witness a significant CAGR of around 3% during the period 2021-2027. The analysis was segmented into service (hotels, restaurants, cafes and pubs); Category type (single outlet, HoReCa chain); Region/Country.

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The HoReCa Market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report is based on several analyzes to have a more precise vision of the HoReCa market. The HoReCa Market report offers a detailed analysis of the latest industry developments and market trending factors that influence market growth. Additionally, this statistical market research repository examines and estimates the HoReCa market on a global as well as regional level.

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Market overview

The HoReCa sector is all commercial catering food establishments whose main activity is the production and sale of foodstuffs for direct consumption outside the home. Subject to possible specific types of establishments, it basically encompasses the sub-sectors that make up the acronym: hotels, restaurants and catering.

The increase in tourism across the world is one of the major factors driving the HoReCa market. According to the World Bank, the number of international tourists reached 2.28 billion in 2019, compared to 1.96 billion in 2015. Moreover, international tourism expenditure reached 6.1% of total imports, compared to 5.6% of the total; imports. According to the World Bank, the number of international departures more than doubled between 1997 and 2017, rising from 687 million to 1.57 billion per year. In addition, the number of hotel rooms worldwide increased by 17.7% since 2008 to reach 17 million in 2018. These rooms were in more than 184,000 hotels, an increase of 8.4% compared to at 2008 levels. The fact that the rate of expansion in the number of rooms is more than double the rate of expansion of hotels indicates that the average size of hotels has increased.

Some of the major players operating in the market include Microsoft Corporation, International Business Machines Corporation, Amazon.com Inc., SAP SE, PTC Inc., Cisco Systems Inc., Google LLC, Hewlett Packard Enterprises, Robert Bosch GmbH, and Oracle Corporation. .

Impact of COVID-19

The Covid-19 outbreak had a significant impact on the size of the HoReCa market in 2020. It intensified the need to invest in IoT infrastructure and solutions to increase the productivity and efficiency of various industries. The demand for improving processes, improving production efficiency and quality, and introducing more flexibility in the business is further impacting the HoReCa market.

The global HoReCa market report is studied extensively with several aspects which would help the stakeholders to make their decisions more carefully.

  • Based on the type of service, the hotel segment garnered a major HoReCa market share in 2020. The market for this segment is expected to witness robust growth owing to the growing number of commercial spaces, including hotels and the restaurants. However, cafes and pubs are expected to grow exponentially over the forecast period due to their growing popularity over the millennia.
  • Based on the Type category, the HoReCa chain segment captured a considerable market in 2020. The major factors attributed to the growing share of this segment are the growing party culture among young consumers. This immense growth is driven by the top 10 fast food chains in the world who are constantly increasing their revenue and market performance through outstanding sales of their products. Starbucks, McDonald’s, Subway, yum chinaetc are the leading fast food chains, by revenue globally.

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Geographical segmentation of the HoReCa market includes:

  • North America (United States, Canadaand the rest of North America)
  • Europe (Germany, UK, Spain, Italy, Franceand the rest of Europe)
  • Asia Pacific (China, Japan, Indiaand the rest of Asia Pacific)
  • Rest of the world

North America held a major share of the market and is further expected to grow at an influential growth rate. This is mainly due to the rise due to the growth of the commercial and hotel sector. According to a renowned management consulting firm, from 2009 to 2017, gross hotel bookings in the United States grew from US$116 billion at 185 billion US dollars. Additionally, the restaurant industry grew by 4.4% while the hotel industry grew by 6% during the period 2009-17.

Key players targeting the market include

  • Hilton Worldwide Holdings Inc.
  • Hyatt Hotels Corporation
  • Marriott International, Inc.
  • InterContinental Hotels Group plc
  • Wyndham Hotel Group, LLC
  • McDonald’s Corporation
  • Yum! Marks, Inc.
  • Restaurant Brands International Inc.
  • Inspire Brands, Inc.
  • The Coca-Cola Company (Costa Coffee)

Competitive landscape

The degree of competition between major global companies has been worked out by analyzing several key players operating across the globe. The specialized team of research analysts shed light on various traits such as global market competition, market share, latest industry advancements, innovative product launches, partnerships, mergers or acquisitions by leading companies in the HoReCa market. Major players have been analyzed using research methodologies to get an overview of the global competition.

Key questions answered through this analytical market research report include:

  • What are the latest trends, new patterns, and technological advancements in the HoReCa market?
  • What factors are influencing the HoReCa market during the forecast period?
  • What are the global challenges, threats and risks in the HoReCa market?
  • What factors are driving and restraining the HoReCa Market?
  • Which are the demanding global regions of the HoReCa Market?
  • What will be the size of the global market in the coming years?
  • What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirements of different companies, regions and countries, we offer customized reports based on your business nature and geography requirements. Please let us know if you have any custom requirements.

About UnivDatos Market Insights (UMI)

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HoReCa market Report cover

Report attributee

Details

Year of reference

2020

Forecast period

2021-2028

Growth dynamics

Accelerate at a CAGR of 3%

Market size 2020

$3 trillion

Regional analysis

North America, Europe, APAC, Rest of the World

Major contributing region

North America to dominate the Global HoReCa market

Main countries covered

United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, India, Australia and Singapore

Profiled companies

Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, Marriott International, Inc., InterContinental Hotels Group plc, Wyndham Hotel Group, LLC, McDonald’s Corporation, Yum! Brands, Inc., Restaurant Brands International Inc., Inspire Brands, Inc., The Coca-Cola Company (Costa Coffee)

Report scope

Market trends, drivers and restraints; Revenue estimation and forecasting; segmentation analysis; impact of COVID-19; Analysis of supply and demand; VScompetitive landscape; Company profiling

Segments Covered

by type of service; By type of category; By region/country

About UnivDatos Market Insights (UMI)

UnivDatos Market Insights (UMI) is a passionate market research company and a subsidiary of Universal Data Solutions. We believe in providing information through market intelligence reports, custom business research and primary research. Our research studies are spread across topics across the globe, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis and custom reports that help shape winning business strategies for our clients.

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SOURCE UnivDatos Market Insights Pvt. ltd.


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