Forecast: Value Added of Accommodation and Food Services in Mexico

The Value Added of Accommodation and Food Services in Mexico has experienced significant growth from 2013 to 2023, with a notable dip in 2020 due to the global pandemic's impact. Post-2020 recovery was strong, with 2022 showing a robust year-on-year increase of 14.84% followed by a steadier growth rate of 3.18% in 2023, where it stood at 629.35 Billion Mexican Pesos. This represents a rebound from the 2020 decline, setting a positive trend forward.

Looking ahead from 2024, the forecasted data suggests a continued growth trajectory, albeit at a moderate pace with a forecast CAGR of 2.38% over the next five years, reaching 727.33 Billion Mexican Pesos by 2028. This indicates a stable but slower growth rate compared to the pre-pandemic period.

Future trends to watch for include:

• Technological advancements in service delivery and customer experience.
• Changes in international travel patterns due to evolving global conditions.
• Government policies and investments in tourism infrastructure.
• Environmental and sustainability initiatives impacting operational practices.

This outlook reflects an industry adapting to new challenges and opportunities while maintaining steady growth.