A Comprehensive Global Hospitality Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast
LONDON, Aug. 21, 2023 /PRNewswire/ — According to the most recent hospitality industry forecast from the Global Market Model, the worldwide hospitality industry achieved a remarkable valuation of $4,367.2 billion in the year 2022, contributing a substantial 4.4% to the global Gross Domestic Product (GDP). On a per capita basis, the industry’s valuation reached $558.5, underscoring its profound influence on global economies.
Hospitality Industry Growth
The hospitality sector is positioned for significant expansion, with a projected Compound Annual Growth Rate (CAGR) of 6.1% spanning from 2022 to 2032. The hospitality industry demand is driven by several compelling factors, including:
- Surge in Solo Travel: The emerging trend of solo travel drives the demand for hospitality services.
- Visa Regulation Relaxations: The relaxation of visa regulations across multiple countries attracts a higher number of tourists.
- Demand for Convenience Dining: The growing preference for quick and convenient dining options contributes to market growth.
- Global Work Mobility: The increasing volume of work-related travel adds to the industry’s upward momentum.
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Leading Hospitality Industry Segments and Key Players
Within the dynamic landscape of the hospitality market, the food and beverage services segment held a commanding position, securing a remarkable 80.9% share in 2022, as per the hospitality industry analysis. Additionally, the United States emerged as the predominant market within the industry, accounting for a noteworthy 23.9% of the total market share in the same year.
Hospitality Industry Forecast for the Upcoming Years
The forecast for the hospitality market maintains its stability, with no significant deviations from the previous update in 2022. Variables such as high inflation, which influences hotel prices, travel fares, and food costs at establishments, were already taken into account during the previous forecast. Furthermore, the impacts of reduced discretionary income, a cost-of-living crisis, and lower savings rates resulting in reduced spending on hospitality services were also carefully considered. Consequently, our outlook for the hospitality industry remains consistent and unwavering throughout this update cycle.
GMM provides insights on the following key industry indicators in the hospitality sector:
- Inbound International Mobile Students
- Number of Hotel Rooms
- Inbound Nights Spent in Hotels
- Domestic Nights Spent in Hotels
- Inbound Number of Visitors
- Domestic Number of Visitors
- Number of Inbound Tourist Arrivals
- Number of Enterprises
- Number of Employees
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In the Global Market Model, forecasts for over 7000 markets are updated biannually based on economic, geopolitical, and sector-specific factors. The present forecast was generated in June 2023, refining the earlier projections made in December 2022.
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SOURCE The Business Reseach Company