Global Hospitality Market
Hospitality

Global Hospitality Market Outlook, Opportunities And Strategies

Learn about the global hospitality market through The Business Research Company, which provides information on hospitality market size, hospitality market drivers and restraints, hospitality market players, the COVID-19 impact on the hospitality market, and more.

 

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The global hospitality market size is expected to grow from $3,952.87 billion in 2021 to $4,548.42 billion 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 $6,715.27 billion in 2026 at a CAGR of 10.2%.

Stable economic growth forecasted in many developed and developing countries is expected to drive innovation in hospitality manufacturing, thus driving the market during the forecast period.

 

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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.

 

Global Hospitality Market Segments Include:

By Type: Non-Residential Accommodation Services, Food And Beverage Services

By Ownership: Chained, Standalone

Subsegments Covered: Hotel And Other Travel Accommodation, Camping And Caravanning, Students And Workers Non-Residential Accommodation, Restaurants And Mobile Food Services, Bars And Cafes, Catering Services And Food Contractors

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the hospitality market in 2020.

 

Hotels are using technologies that are transforming the customer experience. Some technologies are leading to significant improvements and savings in the hospitality market. The most significant trends in this market are the use of near field communication (NFC) technology, infrared technologies, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant, secure process. Infrared sensors are used in hotels to address customer complaints involving housekeeping interruptions. Hotels are also using robots to deliver amenities to guest rooms and for many other functional purposes. Hotel operators are investing in systems and technologies that can automate processes and personalize the experience for guests

 

TBRC’s hospitality market report covers:

Major Market Players: 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.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)

 

The Hospitality Global Market Report 2021: Market Size, Trends, And Global Forecast 2022 – 2026 is one of a series of new reports from The Business Research Company that provides hospitality market overviews, analyses and forecasts market size, share, hospitality market players, hospitality market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s hospitality market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

 

Here Is A List Of Similar Reports From The Business Research Company:

Hostels Global Market Report 2021

Restaurants And Mobile Food Services Global Market Report 2021

Bars And Cafes Global Market Report 2021

 

Interested To Know More About The Business Research Company?

The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets.

 

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