The Horeca Market is expected to grow at a CAGR of 2.92% to reach USD 304.1 billion by 2028. The HoReCa industry has undergone a significant transformation through the integration of technology. This innovation has led to enhanced efficiency, superior customer experience, and increased profitability. A prime illustration of this technological advancement is the implementation of mobile ordering and payment systems in HoReCa establishments. Many restaurants and cafes now provide customers with the convenience of placing orders via mobile apps or websites, streamlining the process and minimizing order errors. Additionally, mobile payment solutions like Apple Pay and Google Pay facilitate effortless transactions, eliminating the requirement for cash or cards, thereby ensuring a seamless experience for patrons.
APAC dominates the regional market because of The Horeca market, an acronym for Hotels, Restaurants, and Cafes, represents a significant sector in the global foodservice industry. This market caters to the diverse culinary needs of consumers, offering a wide range of dining experiences. Horeca businesses require a consistent supply of high-quality food and beverage products, as well as efficient logistics solutions to ensure customer satisfaction. Adhering to stringent food safety regulations is also crucial for the success and growth of Horeca establishments.
There are various factors that drive the Horeca Market market which are as following: The HoReCa market, encompassing hotels, restaurants, and catering services, has experienced a notable surge in demand for health-conscious offerings. Consummers' increasing focus on well-being and nutrition has driven this trend, leading establishments to expand their menus with wholesome, nutritious choices. In the hotel sector, this shift is manifested through an expanded array of healthy food options catering to guests' evolving preferences.
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Horeca Market Segmentation
The market witnesses several challenges, which are as follows The HoReCa market, encompassing hotels, restaurants, and catering services, is encountering a significant challenge: a scarcity of skilled labor and staff. This dearth of qualified personnel is adversely impacting various HoReCa sectors, with the hospitality industry being particularly affected. Key positions, such as hotel managers, chefs, and waitstaff, remain challenging to fill due to the global tourism boom. The absence of a skilled workforce adversely affects service quality, potentially leading to guest dissatisfaction and eroding customer loyalty.
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Some of the key companies that have been profiled in the report include:
The Horeca market encompasses global hotels, resorts, and cruise lines, comprising corporations involved in the operation of lodging facilities, resorts, and cruise vessels, as well as travel agencies, tour operators, and associated services. According to Technavio, the market size for this sector is determined by the consolidated revenue generated by businesses within the casinos and gaming, hotels, resorts and cruise lines, leisure facilities, and restaurants industries. Key growth drivers for the global hotels, resorts and cruise lines market include the expanding travel and tourism sector, with annual growth in international and domestic travelers from both emerging and developed economies. - The Horeca Market is experiencing significant growth, fueled by the Increasing demand for healthier food options and accommodations. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The HoReCa (Hotel, Restaurant, and Cafe) market is a significant sector in the global economy, especially in the tourism industry. With the advancement of technology, the HoReCa market is witnessing a digital transformation. E-commerce and mobile applications are becoming increasingly popular in this sector, allowing for contactless ordering and payment, especially important in the current climate. Contactless technologies, such as QR code menus and mobile ordering, are being adopted by food establishments, from pizza eateries to fine-dining restaurants. Artificial Intelligence (AI) is also being integrated into the HoReCa industry, from food robots in processing plants to AI-driven restaurant recommendations. The tourism industry's recovery is crucial for the HoReCa sector, with international tourists being a significant source of revenue. Total imports of commercial catering equipment, including food processing machinery, are expected to increase as the sector recovers. Meetings and events are another crucial aspect of the HoReCa market, with many hotels and commercial caterers offering services for conferences and banquets. The Western culture of out-of-home consumption continues to drive demand for processed food and packaged foods, with junk food and fast food chains dominating the market. In conclusion, the HoReCa market is undergoing a digital transformation, with e-commerce, mobile applications, and contactless technologies leading the way. The integration of AI and automation is also expected to revolutionize food processing and commercial catering. The recovery of the tourism industry is essential for the sector's growth, with international travelers being a significant source of revenue.
Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
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