In 2023, Hungary led in the number of young high growth enterprises in food and beverage services, followed closely by Italy and Portugal. Notably, Latvia registered the highest year-on-year growth at 43.1%, while Hungary's growth was 26.19%. Other countries such as Norway and Iceland, despite small absolute numbers, showed significant relative growth. The compounded annual growth rate (CAGR) over the last five years reflects robust trends in Hungary, Italy, and Portugal. Slovakia and Latvia exhibit moderate growth, with the least activity in Norway and Iceland due to smaller market size and potential.
Future trends include:
- Continued growth in Hungary driven by favorable economic conditions.
- Portugal and Italy maintaining steady growth due to their established food and beverage sectors.
- Potential for increased activity in smaller markets like Latvia, pending investment and policy support.
- Impact of post-pandemic economic shifts on market dynamics across Europe.
Top countries in Number of Young High Growth Enterprises (Gazelles) in Food and Beverage Services by Country
| # | 10 Countries | Units (Enterprises) | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Hungary | 272 | 2023 | +26.51% | +26.19% | View data |
| 2 | 2 Italy | 269 | 2023 | +29.95% | +11.51% | View data |
| 3 | 3 Portugal | 263 | 2023 | +31.5% | +13.2% | View data |
| 4 | 4 Romania | 125 | 2023 | +30.21% | +9.06% | View data |
| 5 | 5 Czech Republic | 92 | 2023 | +26.03% | +7.87% | View data |
| 6 | 6 Lithuania | 81 | 2023 | +20.9% | +4.5% | View data |
| 7 | 7 Slovakia | 24 | 2023 | +14.29% | +3.71% | View data |
| 8 | 8 Latvia | 18 | 2023 | +20% | +43.1% | View data |
| 9 | 9 Norway | 6 | 2023 | +20% | +14.87% | View data |
| 10 | 10 Iceland | 6 | 2023 | +20% | +4.66% | View data |
