In 2023, there were 21.03 thousand hospitality enterprises in Canada. The forecast from 2024 to 2028 predicts a modest upward trend, increasing annually from 21.07 thousand to 21.21 thousand enterprises.
Year-on-year growth is expected to be minimal, showing stability with a steady but slow increase of approximately 0.19% annually. The compound annual growth rate (CAGR) for these five years stands at around 0.19%, suggesting a period of consolidation rather than expansion.
Future trends to watch for include technological advancements in service delivery, sustainability initiatives, and changing consumer preferences driven by increased digital engagement. These factors might stimulate more dynamic growth rates in the future.
