From 2013 to 2023, the turnover in Turkey’s accommodation and food service activities sector saw a marked growth trajectory, reaching 279.99 billion New Turkish Liras in 2023. Despite encountering a downturn in 2020 due to COVID-19's impact with a year-on-year decline of 25.65%, the sector rebounded strongly with a CAGR of 13.39% over the last five years (2018-2023). The sector's resilience is clear, especially with notable year-on-year growth rates of 38.47% in 2021 and 25.33% in 2022.

Future trends to watch for:

Sustainable growth is expected with a forecasted five-year CAGR of 6.96% from 2024 to 2028, leading to 39.97% growth over this period.
Monitoring the impact of inflation and exchange rate fluctuations on consumer spending in tourism and hospitality.
Adoption of digital and green innovations in service delivery to attract a growing eco-conscious and tech-savvy customer base.