The global hospitality market was valued at $3,824.3 billion in 2017. Asia Pacific was the largest market for hospitality, accounting for nearly $1741 billion in 2017. China is the largest country in terms of value in the hospitality market.
The hospitality market covers sales of lodging and dining services. The hospitality industry 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.
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Hospitality Market Size
The global hospitality market size is expected to grow at an annual growth rate of around 8% to nearly $5,891 billion by 2022. Growth in the historic period resulted from improved earning capacity, emerging markets growth, travel, and tourism. Going forward, economic growth in developed nations, and technological development will drive growth. Factors that negatively affected growth in the historic period were talent crunch in emerging Asia, online travel agencies (OTAs) increasing power, slow growth in Asia and low customer retention. Factors that could hinder the growth of this market in the future are increasing preference for healthy food options, security concerns, and government regulations.
Economic growth is a major driver of the hospitality market. The market is expected to benefit from steady economic growth forecast for many developed and developing countries. This continued economic growth is expected to be a driver of the Hospitality market as increasing disposable incomes and greater affluence will allow consumers to increase their spending on recreational activities such as Hospitality.
The market for hospitality is highly fragmented. Players in the market include Compass Group PLC, Marriott International, Starbucks Coffee, Subway and Sodexo.
Compass Group PLC was the largest company in the hospitality market in 2017 with around 0.8% share of the market. The company provides contract food services, cleaning, and property management and support services. The company is headquartered in Chertsey, Surrey, UK, and has operations in over 50 countries.
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Major Drivers of the market are:
Economic Growth – The market is expected to benefit from steady economic growth forecast for many developed and developing countries. This continued economic growth is expected to be a driver of the Hospitality market as increasing disposable incomes and greater affluence will allow consumers to increase their spending on recreational activities such as Hospitality.
Changing Consumer Hospitality Habits – The Hospitality market is expected to be driven by the changing Hospitality habits of consumers. The increasing popularity of Hospitality apps and social Hospitality will propel the growth of the market in the forecast period.
However, the market is expected to face restraints from several factors such as –
Increasing Preference For Healthy Food Options – With growing health concerns many people globally are turning to eating more healthily. Consumers now are more concerned about how food is raised and prepared and are willing to seek out and pay a little more for something they recognize as healthy.
Security Concerns – Terrorism has affected tourists’ perceptions with regard to travel and the risks associated with it, so negatively affecting the hospitality industry. In recent years, terrorist acts have targeted tourist sites and places of public interest.
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