The Canadian accommodation and food services sector has shown significant growth from 2013 to 2019, with a peak YoY increase of 6.94% in 2016. The sector experienced a drastic decline in 2020, dropping by 32.83% due to the global pandemic. However, a strong recovery followed with a YoY increase of 29.93% in 2021. The sector reached a value of 122.04 billion CAD in 2023, showing an 11.29% increase from the previous year. Over the past five years, the CAGR has averaged at 3.44%, reflecting a stable growth trajectory post-pandemic.

Looking forward, the forecast data projects steady growth, with a CAGR of 2.71% from 2024 to 2028. The output is expected to reach 144.80 billion CAD by 2028, marking an overall growth rate of 14.31% over the next five years.

Future trends to watch for:

Impact of technological advancements on service delivery and operational efficiency.
Changes in consumer preferences, particularly towards sustainable and locally-sourced options.
The influence of global events, such as economic downturns or health crises, on travel and dining habits.