Global HoReCa Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Himanshu Patni
- November 16, 2021
- CONSUMER GOODS, NEWS
- HoReCa Market, HoReCa Market growth, HoReCa Market share, HoReCa Market size, HoReCa Market trends
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Global HoReCa market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 3% during the forecast period (2021-2027).
A surge in the end user’s disposable income is one of the leading factors that is contributing to the growing market of HoReCa globally. Rising purchasing power in developing countries such as Australia, EU, Mexico, Brazil, India, Thailand, and China is projected to allow consumers to spend more on ready-to-eat food and beverages. As per OCED, the household spending in Canada, China, Denmark, European Union, France, and Germany reached to 1,021,459.5, 9,241,095.5, 139,229.8, 10,785,281.3, 1,561,879.9 and 2,288,541.1 US$ million, respectively. Also, the rising purchasing power is leading to the growing spending in partying outside culture, which is contributing to the growing market for HoReCa.
Moreover, the growth of the HoReCa market across the globe can be attributed to the increasing per capita spending of consumers on food worldwide which has inclined many consumers towards fast, convenient, and healthy food options. For instance, in 2019, Japan has the highest per capita spending on food that is USD 4417.5 per person followed by Australia, Canada, and France with per-person spending of USD 3,003.6, USD 2986.9, and USD 2983.4, respectively.
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The emerging number of working professionals coupled with the busy and hectic life schedule is leading to the growing market for HoReCa. As per Statista, the market size of the quick-service restaurant industry worldwide consistently increased each year. In 2019, the sector was valued at approximately 875.26 billion U.S. dollars, reflecting an increase over the previous year’s size of 862.58 billion U.S. dollars. However, as a result of the stay-at-home restrictions implemented across the globe to minimize the spread of the coronavirus, the sector was forecast to decline in 2020.
COVID-19 has affected every sector across the globe, and the HoReCa industry is among the hardest hit. Although a few quick-service restaurants (QSRs) are witnessed heightened demand in takeout and delivery. Also, several US pizza chains were hiring thousands of workers as orders spike while most other QSRs have experienced dramatic sales declines. Some have closed their doors for good. Furthermore, few restaurants have already declared bankruptcy, and others announced that they soon won’t be able to cover their rent and personnel costs. According to the National Restaurant Association, In the United States alone, up to seven million restaurant workers could lose their jobs by June.
For a detailed analysis of the Service Type in HoReCa browse through – https://univdatos.com/report/horeca-market/
Based on the Service Type, the market is fragmented into Hotels, Restaurants, and Cafés & Pubs. The Hotels segment grabbed the major market share in 2020. The segment captured XX% market in 2020. Moreover, the market of this segment is expected to skyrocket by 2027 by growing at an exponential CAGR during 2020-2021 due to the rising number of tourists across countries.
Based on the Category, the market is fragmented into Single Outlet and HoReCa Chain. The HoReCa Chain segment grabbed the leading market share and dominated the market. An emerging number of food chain restaurants coupled with the offering of food items as per consumer need is leading to the growth of the market.
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Additionally, the report provides detailed initiatives that are being taken in the field of Artificial Plants. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America region dominated the market and grabbed major market share in 2020. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period on account of rising disposable income in the countries such as China, India, and Japan.
Global HoReCa Market Segmentation
Market Insight, by Service Type
- Cafés & Pubs
Market Insight, by Category Type
- Single Outlet
- HoReCa Chain
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
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