HoReCa Market Size, Trends, Analysis and 2027 Forecasts
Market Forecast
The global HoReCa Market Size 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 Size 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.
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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 Size 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
Size 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:
Market Research Future
(part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York,
New York 10013,
United States of America
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