The gross investment in the event catering sector in Norway has exhibited significant fluctuations over the years. Starting from 57.8 million NOK in 2013, the sector saw notable growth until 2017, peaking at 81.1 million NOK. However, since 2018, the trend has shown a gradual decline, with the value standing at 60.1 million NOK in 2023. The year-on-year variations reflect significant instability, with recent years demonstrating modest decreases or minimal growth.
Analyzing the recent past, the sector faced a mix of growth and decline:
- 2019: A significant decline of 25.3% year-on-year.
- 2020: Continued decline of 4.89% year-on-year.
- 2021: Rebounded with a growth of 15.05% year-on-year.
- 2022-2023: Slight declines of 0.33% and 0.17% year-on-year, respectively.
The compound annual growth rate (CAGR) over the past five years (2018-2023) stands at -4.05%. This reflects a slight downward trend, albeit with some resilience in between. Forecasted data for 2024-2028 indicates a negligible average shrinkage of -0.07% CAGR, suggesting a relatively stable yet cautious outlook ahead.
Future trends to watch for:
- Macroeconomic factors and their impact on corporate budgets for events and catering.
- Shifts in consumer behavior post-pandemic affecting event sizes and frequency.
- Technological advancements in the catering industry, potentially driving efficiencies.
- Policies and regulations concerning health and safety, impacting operational capacities.
