The hospitality market size is expected to see strong growth in the next few years. It will grow to $6189.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to sustainability initiatives, wellness tourism, flexible booking options, collaboration with local communities, health and safety standards. Major trends in the forecast period include personalization and ai, contactless technologies, technological advancements, personalized guest experiences, digital marketing and social media influence.
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Segmentation & Regional Insights
The hospitality market covered in this report is segmented –
1) By Type: Non-Residential Accommodation Services, Food And Beverage Services
2) By Ownership: Chained, Standalone
Subsegments Covered: Hotel And Other Travel Accommodation, Camping And Caravanning, Students And Workers Non-residential Accommodation, Restaurants And Mobile Food Services, Bars And Cafes, Catering Services And Food Contractors
Asia-Pacific was the largest region in the hospitality market in 2023. North America was the second largest region in the hospitality market. The regions covered in the hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The hospitality market growth is aided by stable economic growth forecasted in many developed and developing countries. For instance, in September 2023, according to the Bureau of Economic Analysis, a US-based government agency, the real gross domestic product (GDP) increased at an annual rate of 2.1% in the second quarter of 2023. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Thus, stable economic growth is expected to drive the market during the forecast period.
Key Industry Players
Major companies operating in the hospitality market report are Compass group Holdings plc, Starbucks Corporation, Sodexo SA, Marriott International Inc., Aramark corporation, McDonald’s Corporation, Four Seasons Hotels and Resorts Limited, Darden Restaurants Inc., Yum China Holdings Inc., Hilton Worldwide Holdings Inc., Chipotle Mexican Grill Inc., InterContinental Hotel Group plc, IDeaS Revenue Solutions Inc., The Ritz-Carlton Hotel Company LLC, Mandarin Oriental Hotel Group Ltd., Radisson Hotel Group AB, Extended Stay America Inc., AIR Communities LLC, Rosewood Hotel Group LLC, La Quinta Inns & Suites Holdings Inc., Apple Leisure Group LLC, Evolve Vacation Rental Network Inc., Shangri-La Hotels and Resorts Ltd., American Cruise Lines Inc., Ennismore Lifestyle Group Limited, Hotel Engine Inc., OTA Insight Limited, Red Lion Hotels Corporation, Mint House Holdings Inc., Wonders Legal Inc., BentoBox Media Inc., Berkshire Hathaway Inc.
The hospitality market report table of contents includes:
1. Executive Summary
2. Hospitality Market Characteristics
3. Hospitality Product/Service Analysis -Product/Service Examples
4. Hospitality Market Trends And Strategies
5. Hospitality Market – Macro Economic Scenario
……………………………
68. Global Hospitality Market Competitive Benchmarking
69. Global Hospitality Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Hospitality Market
71. Hospitality Market Future Outlook and Potential Analysis
72. Appendix
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