The state of the hospitality market has grown swiftly in recent years, expected to increase from $3448.47 billion in 2023 to $3981.51 billion in 2024, with a CAGR of 15.5%. This historical growth is driven by the development of infrastructure and transportation, the popularity of experiential travel, the expansion of international hotel chains, the rising middle class in emerging markets, and high demand for unique experiences. The hospitality market is anticipated to see significant growth in the coming years, projected to reach $7108.41 billion in 2028 at a CAGR of 15.6%. This growth is attributed to rising disposable incomes, the expansion of digital booking platforms, growth among millennial and Gen Z travelers, recovery from economic downturns and pandemics, and a growing emphasis on health and wellness amenities. Key trends in the forecast period include a focus on sustainability and eco-friendly practices, increasing demand for personalized guest experiences, the integration of smart technology and automation, expansion of hotel brands into emerging markets, and heightened attention to safety and hygiene standards.
Global State Of The Hospitality Market Key Driver
The expansion of travel and tourism is anticipated to significantly drive the growth of the hospitality market in the future. Travel and tourism encompass activities where individuals travel to and stay in locations outside their usual environments for leisure, business, or other purposes. The demand for tourism stems from people's desires for leisure, cultural experiences, adventure, relaxation, as well as business and educational opportunities. This sector fuels the growth and development of the hospitality market by increasing the demand for accommodation, dining, and related services. The influx of tourists not only stimulates economic activity but also generates revenue and creates jobs for local businesses and governments. For instance, in May 2023, UN Tourism, a specialized agency of the United Nations based in Spain, reported substantial growth in the travel and tourism sector, with international arrivals in Q1 2023 reaching 80% of pre-pandemic levels, which was more than double the number from 2022. Moreover, tourism receipts in 2022 amounted to USD 1 trillion, marking a 50% increase from 2021. The Middle East led this recovery, exceeding 2019 arrival levels, while Europe and Africa closely followed, recovering 90% and 88% of pre-pandemic levels, respectively. Therefore, the ongoing expansion of travel and tourism is a key driver for the growth of the hospitality market.
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Global State Of The Hospitality Market Segments
The state of the hospitality market covered in this report is segmented –
1) By Services: Accommodation, Food And Beverage, Entertainment And Leisure, Travel And Transportation, Luxury And Boutique, Meeting And Event, Other Services
2) By Type of Customers: Solo Travelers, Family
3) By Sales Channel: Online Channels , Conventional Channels
By Geography:The regions covered in the state of the hospitality market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the state of the hospitality market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major State Of The Hospitality Industry Players
Rosewood Hotel Group Ltd., Marriott International Inc., Four Seasons Hotels Limited, Hilton Worldwide Holdings Inc., Jumeirah International LLC, Hyatt Hotels Corporation, Radisson Hospitality Inc., Accor SA, InterContinental Hotels Group plc (IHG), Kerzner International Holdings Limited, Choice Hotels International Inc., Wyndham Hotels & Resorts Inc., Shangri-La Asia Limited, The Hongkong and Shanghai Hotels Limited, The Ritz-Carlton Hotel Company L.L.C., ONYX Hospitality Group, Belmond Ltd., Mandarin Oriental Hotel Group International Limited, Banyan Tree Holdings Limited, Oberoi Hotels & Resorts, The Indian Hotels Company Limited (Taj Hotels), Langham Hospitality Group Limited, Minor International PCL , Dusit Thani Public Company Limited, Aman Group Sarl
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State Of The Hospitality Market Overview
The state of hospitality refers to the current conditions and trends within the hospitality industry. Its purpose is to provide guests with exceptional experiences and services, emphasizing comfort, satisfaction, and memorable interactions. Hospitality is used to boost economic growth, enhance cultural exchange, and promote customer loyalty through personalized services and innovative practices.
State Of The Hospitality Global Market Report 2023 provides data on the global state of the hospitality market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The state of the hospitality market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
