A rapid growth continues during 2017-2021
The global hospitality industry was at a booming stage supported by the global ‘travel and tourism’ fast-growing economic sector until the COVID-19 pandemic occurred. The global economy took a hit leading to decreased disposable income in emerging economies, and the lockdown measures taken by countries worldwide decreased or even stopped travel opportunities until recently. The Business Research Company expects the hospitality market to recover and grow to $5.6 trillion by 2023.
Hospitality Market Coverage
The hospitality market consists of sales of accommodation and food services and related goods by entities (organizations, sole traders or partnerships) that provide customers with lodging and/or prepare meals, snacks, and beverages for immediate consumption. The market covers both accommodation and food services because the two activities are often combined at the same establishment.
The Business Research Company covers 39 markets overall in the hospitality market providing global market numbers, market growth, market-specific drivers and restraints, trends, and other market specific information. The hospitality market is segmented in the following manner:
- 1.Non-Residential Accommodation Services
The non-residential accommodation services market consists of sales of non-residential accommodation services and related goods by entities (organizations, sole traders or partnerships) that provide lodging or short-term accommodation for travelers, vacationers, and others. There is a wide range of services provided in this market. Some establishments provide lodging only, while others provide meals, laundry services, and recreational facilities, as well as lodging. Lodging establishments are classified in this subsector even if the provision of complementary services generates more revenue. The types of complementary services provided vary from establishment to establishment.
- 1.1.Hotel and Other Travel Accommodation
- 1.2.Camping and Caravanning
- 1.3.Students and Workers Non-residential Accommodation
- 2.Food and Beverage Services
The food and beverage services market consists of sales of food and beverage services by entities (organizations, sole traders and partnerships) that provide meals, snacks, and beverages to customer order for immediate on-premises and off-premises consumption.
- 2.1.Restaurants and Mobile Food Services
- 2.2.Bars and Cafes
- 2.3.Catering Services and Food Contractors
How Can We Help?
The Business Research Company`s Hospitality Market Research Practice provides marketing, planning and strategy departments with a wider range of market, business, customer and competitor intelligence services across different segments of the hospitality industry. The hospitality market research services and solutions The Business Research Company provides are as follows —
- Hospitality Market Sizing, Forecast and Trend Analysis
- Hospitality Market Competitor Analysis
- Hospitality Market Supply Chain Analysis
- Hospitality Market Customer Research
- Hospitality Market Partner or Distribution Research
- Hospitality Market Entry Strategy Research Study
- Hospitality Industry Analysis and Profiling
- Hospitality Market Regulations