From 2013 to 2019, the value added of accommodation and food services in Germany displayed a steady upward trend, growing from €36.99 billion to €50.61 billion, with annual growth percentages ranging between 4.17% and 7.28%. The sector experienced a severe contraction by 38.77% in 2020 due to the global pandemic, plummeting to €30.98 billion. It rebounded considerably in 2021, up by 35.56%, and continued to recover in 2022 with an 18.08% increase. By 2023, the value had reached €55.41 billion, showing a year-on-year increase of 11.72%, translating to a 2.7% CAGR over the last five years.
Looking ahead, the forecast suggests a continued positive trajectory for the industry, albeit at a slower pace, with a predicted 2.13% CAGR from 2024 to 2028. By 2028, the value is anticipated to climb to €63.38 billion, reflecting an overall growth rate of 11.13% over the five-year forecast period.
Future trends to watch for include changes in consumer behavior post-pandemic, advancements in food technology, and shifts towards sustainable and health-conscious dining options. Additionally, the integration of digitalization in service delivery and the impact of global economic factors will be pivotal in shaping the sector's trajectory.
