LONDON, Aug. 23, 2023 /PRNewswire/ — A Comprehensive Global Hospitality Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast
Hospitality Industry Demand
According to the most recent hospitality industry 2023 analysis from the Global Market Model, the worldwide hospitality sector attained an astonishing valuation of $4,367.2 billion in the year 2022, constituting 4.4% of the global Gross Domestic Product (GDP). On an individual basis, the industry’s value was noted at $558.5, underscoring its substantial influence on economies across the globe.
Hospitality Industry Growth
The hospitality sector is positioned for significant expansion, with an anticipated compound annual growth rate (CAGR) of 6.1% spanning the years 2022 to 2032. This remarkable growth is spurred by a multitude of compelling factors, which encompass:
Surge in Independent Travel – The emerging inclination towards solitary journeys stimulates the demand for hospitality services.
Relaxation of Visa Regulations – The easing of visa regulations across various nations acts as a magnet for increased tourist inflow.
Escalating Demand for Convenience Dining – The rising preference for swift and hassle-free dining choices enhances the advancement of the market.
Global Work Mobility – The escalating volume of work-related travel adds to the industry’s upward trajectory.
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Dominant Hospitality Industry Segments and Leading Players
In the ever-evolving landscape of the hospitality industry, the food and beverage services sector established a dominant presence, securing a notable 80.9% portion in 2022. Furthermore, the United States emerged as the primary player in the sector, contributing to 23.9% of the overall market share during the same year.
Hospitality Industry Forecast For The Coming Years
The projection for the hospitality market retains its stability, showing no substantial alterations from the preceding update in 2022. Factors such as elevated inflation, influencing hotel rates, travel expenses, and dining expenditures within establishments, were previously factored into the earlier forecast. Furthermore, the ramifications of diminished disposable income, the challenge of increased cost of living, and decreased savings rates resulting in reduced expenditure on hospitality services were also included in the analysis. Consequently, our perspective on the hospitality industry remains consistent and unwavering during this update phase.
GMM provides insights on the key industry indicators of the hospitality industry including –
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 tourist arrivals inbound
Number of enterprises
Number of employees
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The Global Market Model maintains a cycle of updating forecasts for more than 7000 markets every half-year, grounded in economic, geopolitical, and sector-specific influences. The most recent projection was crafted in June 2023, revising prior forecasts established in December 2022.
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SOURCE The Business Research Company