In 2023, business enterprise R&D expenditure in Canada's accommodation and food service activities was assessed to be $21.0 million USD PPP. From 2024 onwards, the forecast reveals a steady growth pattern. Over 2024 to 2025, a year-on-year increase of approximately 6.8% is observed. The growth rate slightly diminishes yet remains positive through the subsequent years, averaging around 5.0% annually from 2026 to 2028. The compound annual growth rate (CAGR) over the five-year period starting from 2024 is projected to be around 4.9%, indicating sustained growth momentum in R&D expenditure across this sector.
Future trends to watch for include the impact of technological advancements and innovations, particularly in enhancing customer experience and operational efficiency. Additionally, environmental sustainability and adaptation to health-related regulations may drive further investment in R&D. Monitoring these trends could provide insights into potential disruptions or accelerators in expenditure growth within the industry.
