HoReCa Market Forecast size to garner significant returns by 2027
Market
Forecast
The
global HoReCa Market Forecast is projected to be valued at USD 2.38 trillion by
2028, registering a CAGR of 3.15% between 2021 and 2028.
HoReCa is referred to as hotels, restaurants, and cafés & pubs. The hotel
industry is a mature market driven by intense competition worldwide and is
commonly classified as commercial hotels, airport hotels, conference hotels,
economy hotels, suite or all-suite hotels, residential hotels, casino hotels,
and resort hotels.
Restaurant
is a business which prepares and serves food and drinks to consumers in
exchange for money, either paid before the meal, after the meal, or with an
open account. Here restaurants primarily include quick service restaurants
(QSR) and casual dine in formats.
Cafés
& pubs are driven by several factors, such as favorable demographics,
rising income levels, the development of mid-sized cities and the advent of
international chains. A growing willingness, especially among the youth to
consume food and drink outside the home and increasing disposable incomes are
fueling the cafés & pubs segment worldwide. Cafés & pubs are considered
as perfect places to socialize and hangout and thus, its revenue is majorly
generated by the younger generation.
Additionally,
with the HoReCa
Market Forecast showing steady growth worldwide, there is an
increasing need to adapt to emerging trends. Along with the proliferation of
review sites and online ordering options coupled with a move towards conscious
dining, HoReCa establishment owners will need to take into account current
consumer preferences to ensure its position in the increasingly competitive
landscape.
Key
Players
- Hilton
Worldwide Holdings Inc. (US)
- Hyatt
Hotels Corporation (US)
- Marriott
International, Inc. (US)
- InterContinental
Hotels Group plc (UK)
- Wyndham
Hotel Group, LLC (US)
- McDonald's
Corporation (US)
- Yum!
Brands, Inc. (US)
- Restaurant
Brands International Inc. (Canada)
- Inspire
Brands, Inc. (US)
- The
Coca-Cola Company (Costa Coffee) (US)
Market
USP
Presence
of HoReCa chains offering services with respect to regional culture and
traditions.
Access full report @ https://www.marketresearchfuture.com/reports/horeca-market-10535
Growth
Opportunities in the Market
Themed
Restaurants & Hotels:Theme restaurants are an extension of
casual restaurants. The major distinction is that theme restaurants &
hotels focus on a specific theme. For instance, Hard Rock Café focuses on
rock-and-roll memorabilia, Rainforest Café centers on a jungle theme, and T-Rex
is a Prehistoric themed restaurant. These are restaurants chains, however,
there are independents restaurants as well, such as the Jekyll & Hyde Club
in New York City. These establishments are primarily focused on the décor and
architecture over food and beverage. Therefore, to build such theme establishments,
the building cost can reach as much as USD 15 million. These type of theme
restaurants are often found in major shopping malls and theme hotels are found
in major tourist with the aim to increase footprints. Furthermore, owing to
high building costs followed by high cost of real estate, the average services
prices are notably higher than casual establishments. For example, lunch on an
average can be priced at USD 13 and dinner at USD 23. Growing traction for
themed restaurants owing to its décor and ambience is expected to be an
opportunistic area in the HoReCa Market Forecast worldwide.
Growing
Online Food Delivery Market: E-commerce has enhanced customer
experience by making the food delivery process easy and efficient. Consumers
can easily select food on food delivery apps, at any time of the day, from
different menus of various registered HoReCa establishments. This results in
the timely delivery of food as per the requirement of the consumers. Some
consumer segments that are influencing the global HoReCa Market Forecast are
Gen Z and Millennial. These are the most tech-savvy users and are ready to pay
a premium to avail online services. Additionally, the food delivery apps also
offer the convenience of scheduled booking of hotel rooms which is further boosting
the sales of HoReCa across the globe.
Contact
us:
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Research Future (part of Wantstats Research and Media Private
Limited),
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Hudson Street,5Th Floor, New York,
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York 10013,
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States of America
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