The sector witnessed steady growth from 2013 to 2019, with a compound annual growth rate (CAGR) of 2.98% by 2019. However, the pandemic caused a significant decline, with an average annual decrease of -2.34% observed between 2020 and 2023. The forecast for 2023-2028 shows a continued decline with a CAGR of -0.93% and a total forecast 5-year growth rate of -4.59%.
Future trends to watch for include the sector's adaptability to digital transformations, the impact of economic recovery post-pandemic, and shifts in consumer behavior towards recreational activities.
