According to a new report published by UnivDatos Markets Insights, the HoReCa Market was valued at USD 3 trillion in 2020 and is expected to witness a significant CAGR of around 3% during 2021-2027. The analysis has been segmented into Service (Hotels, Restaurants, Cafés & 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 makes use of several analyses to get a closer outlook on the HoReCa market. The HoReCa market 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 the HoReCa market at the global and regional levels.
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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.
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.
COVID-19 Impact
The outbreak of Covid-19 significantly impacted the market size of HoReCa in 2020. It intensified the need to invest in IoT infrastructure and solutions to boost the productivity and efficiency of various industries. The demand for improving processes, enhancing production efficiency and quality, and helping to introduce greater flexibility into the business are further impacting the HoReCa market.
The global HoReCa market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on service type, the hotel segment gathered a major market share of the HoReCa in 2020. The market of this segment is expected to witness robust growth due to the growing number of commercial spaces including hotels and restaurants. However, cafes and pubs are expected to witness exponential growth during the forecast period owing to their growing popularity in the millenniums.
· On the basis of category Type, the HoReCa chain segment grabbed a considerable market in 2020. The key factors attributed to the growing share of this segment are the growing partying culture among young consumers. 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.
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HoReCa Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America held a prominent share of the market and is further expected to grow at an influential growth rate. This is mainly due to 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.
The major 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! Brands, Inc.
- Restaurant Brands International Inc.
- Inspire Brands, Inc
· The Coca-Cola Company (Costa Coffee)
Competitive Landscape
The degree of competition among prominent global 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 major 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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