Between 2013 and 2023, the production of Accommodation and Food Services in Mexico showed robust growth from 526.27 billion pesos to 942.51 billion pesos. Despite a sharp decline in 2020 due to external factors, the sector recovered significantly, with a year-on-year growth of over 24% in 2021. The average Compound Annual Growth Rate (CAGR) over the last five years stands at 3.27%. The forecasted value for the sector in 2024 is 973.97 billion pesos, indicating a 2.32% forecasted CAGR and a projected 12.14% growth rate by 2028.
Future trends to watch for:
- Continued recovery and stabilization post-2020.
- Potential impacts of economic and policy changes.
- Technological advancements and shifts in consumer behavior influencing the food and accommodation industry.
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