The hospitality industry covers lodging and dining services. It comprises businesses that provide customers with lodging, prepared meals, snacks and beverages for immediate consumption. It includes both accommodation and food service establishments as these two activities are often combined at the same establishment.
The top five companies covered are Compass Group PLC, McDonald's, Starbucks, Marriott International and Subway. Compass Group PLC was the largest company in the hospitality market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
Hospitality Global Market Size
The global hospitality market was valued at above $5.5 trillion in 2017. Asia Pacific was the largest region in the hospitality market in 2017, accounting for under 45% market share. China was the largest country in the market in 2017, accounting for above 24% market share.
Hospitality Global Market Trend
In the hotel industry, guests look for more ‘inside the hotel’ experiences. This demand is driving hotel managers to ensure that all parts of their hotels are as welcoming as the lobby. This has brought in more innovations to design and aesthetics involving more comfortable and accommodating spaces. Vibrant colored interiors and access to the internet at every location is common.
Hospitality Global Market Segmentation
The hospitality market is segmented into Food and Beverage Services and Non-Residential Accommodation Services.
Food and Beverage Services comprise businesses that provide meals, snacks, and beverages to customers. This industry includes restaurants and mobile food services, catering, beverage serving providers and other food and beverage services. Companies in this industry are mainly restaurants, cafes, coffee shops, fast food outlets, catering services, pubs and bars, food service contractors and mobile food services.
Non-Residential Accommodation Services offer accommodation and lodging services. It includes high-end resorts, hotels, motels, hostels, dormitories, guest houses and camping services. Businesses in the accommodation services market provide lodging or short-term accommodations for travelers, vacationers and others.