­­­HoReCa Market to Reach Higher by 2027 Globally |CAGR: ~3%| UnivDatos Market Insights

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  • ­­­HoReCa Market to Reach Higher by 2027 Globally |CAGR: ~3%| UnivDatos Market Insights

A comprehensive overview of the HoReCa market is recently added by UnivDatos Market Insights to its humongous database. The HoReCa report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the HoReCa market. HoReCa report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates HoReCa at the global and regional levels. The HoReCa Market is expected to grow at a CAGR of around 3% from 2021-2027.

 

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Market Overview

The HoReCa channel is the set of commercial catering food establishments whose main activity is the production and sale of direct out-of-home consumption of food. Saving possible types of specific establishments, it fundamentally encompasses the subsectors that make up the acronym: hotels, restaurants, and catering.

A rise in tourism across the globe is one of the prominent factors, which is driving the market for HoReCa. As per the World Bank, the number of international tourists reached 2.28 billion in 2019, up from 1.96 billion in 2015. Moreover, the expenditure by international tourism reached 6.1% of total imports, up from 5.6% of the total; imports. According to the World Bank, the number of international departures more than doubled between 1997 and 2017, from 687 million to 1.57 billion per annum. Moreover, the number of hotel rooms globally had risen by 17.7% since 2008 to 17 million in 2018. These rooms were in more than 184,000 hotels, a rise of 8.4% from 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 hotel size has been growing

COVID-19 Impact

The COVID-19 pandemic adversely impacted all the industries due to the disruptions in the supply chain, shortage of raw materials, and reduced per capita spending. Also, HoReCa including Restaurants and cafés continues to face substantially lower demand and decreased sales due to closures or declining traffic. Many potential customers remain wary of dining out with COVID-19 cases still on the rise in many areas of the world and the fear of a second wave during fall and winter.

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The HoReCa Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Service Type, the market is primarily bifurcated into

•      Hotels

•      Restaurants

•      Cafés & Pubs

The hotel segment gathered a major market share of the HoReCa in 2020 and grabbed XX% market share. The market of this segment is expected to witness robust growth due to the growing number of commercial spaces including hotels and restaurants. However, the cafes and pubs are expected to witness exponential growth during the forecast period owing to the growing popularity among millenniums.

By Category Type, the market is primarily bifurcated into

•      Single Outlet

•      HoReCa Chain

The HoReCa chain segment grabbed the considerable market in 2020. The key factors attributed to the growing share of this segment are the growing partying culture among young consumer. This immense growth is led by the top 10 largest fast-food chains in the world consistently increasing revenues and market performance with stellar sales of their products. Starbucks, McDonald’s, Subway, Yum China, etc. are the leading fast-food chains, in terms of revenue globally

HoReCa Market Geographical Segmentation Includes:

·        North America

·        Europe

·        Asia-Pacific

·        Rest of the World

Based on the estimation, the North America region grabbed a major market share in 2020. The demand for HoReCa in North America is on the rise on account of growth in the commercial and hospitality sector. As per a renowned management consulting firm, From 2009 to 2017, US hotel gross bookings grew from US$116 billion to US$185 billion. Moreover, the restaurant industry grew by 4.4% whereas the hotels’ industry grew by 6% during 2009-17.

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The major players targeting the market includes

•      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)

Competitive Landscape

The degree of competition among prominent regional companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the HoReCa market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

·        What are the latest trends, new patterns, and technological advancements in the HoReCa Market?

·        Which factors are influencing the HoReCa Market over the forecast period?

·        What are the global challenges, threats, and risks in the HoReCa Market?

·        Which factors are propelling and restraining the HoReCa Market?

·        What are the demanding global regions of the HoReCa Market?

·        What will be the global market size in the upcoming years?

·        What are the crucial market acquisition strategies and policies applied by global companies?

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