Market Forecast
The global HoReCa Market Analysis 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.
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.
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.
Additionally, with the HoReCa Market Analysis 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.
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 Analysis 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 Analysis 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.
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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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