Press release
Steady Growth Forecasted for Global Hospitality Market: CAGR of 6.2% Predicted with Major Drivers and Trends Identified
Global Hospitality Market
What Is The Projected Market Size Of The Global Hospitality Market And Its Growth Rate?
- The global hospitality market, currently sitting at $5384.78 billion in 2024, is expected to grow to $5717.43 billion in 2025 with a compound annual growth rate (CAGR) of 6.2%.
- By 2029, the market is further forecasted to reach $7239.02 billion with a CAGR of 6.1%.
- Factors contributing to this growth include sustainability initiatives, wellness tourism, flexible booking options, collaborations with local communities, and heightened health and safety standards.
What Is Driving The Growth In The Hospitality Market?
The hospitality market is set on a stable growth trajectory, largely supported by positive economic forecasts in both developed and emerging markets. In September 2023, real GDP increased at an annual rate of 2.1% in the United States, according to the Bureau of Economic Analysis. Recovering commodity prices, following a considerable decline in the past, are also expected to further boost the market. Moreover, emerging markets are set to continue their faster-than-average growth pace compared to developed markets. Therefore, it is clear that steady economic growth holds the key to driving the hospitality market in the forecast period.
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Who Are the Key Players Driving Hospitality Market Growth?
Various key players are significantly contributing to the growth of the hospitality market, including:
- Compass Group Holdings plc
- Starbucks Corporation
- Sodexo SA
- Marriott International Inc.
- Aramark Corporation
- Four Seasons Hotels and Resorts Limited
- Darden Restaurants Inc.
- Yum China Holdings Inc.
- Hilton Worldwide Holdings Inc.
- Chipotle Mexican Grill Inc.
What Are The Key Trends In The Hospitality Market?
Hospitality businesses are using various innovative technologies to transform customer experiences and bring about significant improvements and cost savings. Key trends in the market include:
- Personalization and AI
- Contactless technologies
- Technological advancements
- Personalized guest experiences
- Digital marketing and social media influence
What Are The Segments Of The Global Hospitality Market?
The hospitality market covered in this report is segmented into:
- Non-Residential Accommodation Services
- Food And Beverage Services
- With respect to ownership, the market can be divided into Chained and Standalone.
Which Region Leads The Hospitality Market?
Asia-Pacific was found to be the largest region in the hospitality market in 2024, followed by North America. The ongoing report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
View the report at https://www.thebusinessresearchcompany.com/report/hospitality-global-market-report for swift delivery.
What Is Covered In The Hospitality Market Global Market Report?
- Market Size Analysis: Analyze the Hospitality Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Hospitality Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Hospitality Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Hospitality Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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