Dublin, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The "Global HoReCa Market 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The HoReCa (Hotel, Restaurant, and Cafe) market is expected to experience substantial growth over the forecast period from 2022 to 2027, with a projected increase of USD 349.22 billion and a Compound Annual Growth Rate (CAGR) of 3.41%. Several factors are contributing to this growth, including:
- Increasing Demand for Healthier Food Options: Consumers are becoming more health-conscious, leading to a growing demand for healthier food options. This trend is influencing the offerings of HoReCa establishments, which are incorporating healthier menu items.
- Convenient Dining Options: The demand for convenient dining options and food services is on the rise. Customers are looking for hassle-free ways to dine, which includes fast-casual restaurants, delivery services, and other convenient dining solutions.
- Rising Disposable Income: Increasing disposable income among consumers is driving the HoReCa market. With more disposable income, people are dining out more frequently and spending on hospitality services.
The HoReCa market is segmented by type, service type, and geographical landscape:
By Type:
- Single Outlet
- HoReCa Chain
By Service Type:
- Restaurants
- Hotels
- Cafes and Pubs
By Geographical Landscape:
- APAC (Asia-Pacific)
- North America
- Europe
- South America
- Middle East and Africa
The integration of technology in the HoReCa sector is identified as a significant driver of market growth in the coming years. Additionally, the growing trend of food delivery and online ordering, as well as the flourishing tourism industry, is expected to contribute to substantial demand in the market.
Key players in the HoReCa market include Chick fil A Inc., Dominos Pizza Inc., Hilton Worldwide Holdings Inc., Hyatt Hotels Corp., Inspire Brands Inc., InterContinental Hotels Group Plc, ITC Ltd., Jack in the Box Inc., Little Caesar Enterprises Inc., Marriott International Inc., McDonald Corp., Papa Johns International Inc., Performance Food Group Co., Restaurant Brands International Inc., Starbucks Corp., Tata Sons Pvt. Ltd., The Coca Cola Co., The Wendys Co., Wyndham Hotels and Resorts Inc., and YUM Brands Inc.
The report offers comprehensive insights into the HoReCa market, including its size, forecast, trends, growth drivers, and challenges. It also provides vendor analysis, covering around 25 key vendors in the industry. This analysis aims to help businesses improve their market position by offering a detailed assessment of leading market players.
The study combines primary and secondary data sources to provide a comprehensive understanding of the market, including factors such as profit, pricing, competition, and promotions. It also presents a detailed competitive landscape and vendor selection methodology.
In summary, the HoReCa market is set to experience significant growth, driven by changing consumer preferences for healthier dining options, the convenience of dining out or ordering in, and increasing disposable income. The integration of technology and the growth of online food services are expected to further fuel this market expansion.
For more information about this report visit https://www.researchandmarkets.com/r/43zb4a
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
