The production of Accommodation and Food Services in Canada showed significant growth between 2013 and 2023. The value in 2023 stood at 117.31 Billion Canadian Dollars. There was consistent year-on-year growth from 2013 until 2019, with minor dips, notably a sharp decline of 15% in 2020 due to the pandemic impact. However, the industry showcased resilience with a strong rebound of 17.71% in 2021 and continued growth in subsequent years, resulting in a CAGR of 2.94% over the last five years by 2023. The five-year forecast indicates a slower growth rate, with an anticipated CAGR of 1.96%, reaching 132.43 Billion Canadian Dollars by 2028.
Future trends to watch for include:
- Impact of inflation and changing consumer spending behaviors
- Technological advancements enhancing service delivery and customer experience
- Sustainability practices gaining importance in the hospitality sector
- Potential reoccurrence of disruptive global events and their impact
- Expansion of domestic tourism and staycation trends
