Hospitality Global Market Sees Growth Rate Of 15% Through 2022
6 Jan, 2022
The global hospitality market size is expected to grow from $3.95 trillion in 2021 to $4.55 trillion in 2022 at a compound annual growth rate (CAGR) of 15.1%. The growth in the hospitality market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hospitality market is expected to reach $6.71 trillion in 2026 at a CAGR of 10.2%.
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What is the Global Hospitality Market?
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.
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What drives the Global Hospitality Market?
The hospitality market growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), the global GDP growth reached 3.3% in 2020 and 3.4% in 2021. 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 the developed markets in the forecast period. Thus, stable economic growth is expected to drive the market during the forecast period.
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https://www.thebusinessresearchcompany.com/report/hospitality-global-market-reportGlobal Hospitality Market Segments
The global hospitality market is segmented:
By Type: Non-Residential Accommodation Services, Food And Beverage Services
By Ownership: Chained, Standalone
By Geography: The regions covered in the hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global hospitality market.
Hospitality Global Market Report 2022provides market size and growth forecasts for the global hospitality market, global hospitality market share, hospitality market segments and geographies, hospitality market competitive landscape including leading competitors’ revenues, profiles and market shares. The hospitality market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Hospitality Industry Playersinclude Compass group plc, Starbucks, Sodexo, Marriott International, Aramark corporation, McDonald's, Darden Restaurants, McDonald's, Darden Restaurants, Yum China Holdings Inc., Chipotle and Berkshire Hathaway Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.