LONDON, March 14, 2024 (GLOBE NEWSWIRE) -- Stay ahead of the competition by utilizing The Business Research Company's industry reports on the hospitality sector. These reports offer crucial insights into market trends, growth factors, challenges, and opportunities. With thorough analysis, businesses can make informed decisions and develop strategic initiatives to maintain a competitive edge in the market.
Access the seven latest market reports in the hospitality industry from The Business Research Company.
1. Hospitality Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/hospitality-global-market-report
The hospitality industry encompasses a broad range of businesses primarily focused on providing services such as lodging, dining, and entertainment to customers. This includes hotels, restaurants, bars, event planning, theme parks, transportation, cruise lines, and other tourism-related fields. The main segments within hospitality are non-residential accommodation services and food and beverage services, with ownership structures varying between chained and standalone establishments.
The hospitality market has demonstrated robust growth in recent years, with a projected increase from $4673.63 billion in 2023 to $4993.71 billion in 2024, representing a compound annual growth rate (CAGR) of 6.8%. This growth can be attributed to factors such as the rise in travel and tourism, societal changes, global events, pandemics, and investments in infrastructure.
Moving forward, the hospitality market is anticipated to continue its upward trajectory, reaching $6189.59 billion in 2028, with a CAGR of 5.5%.
2. Ecotourism Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/ecotourism-global-market-report
The ecotourism market has experienced rapid growth, expanding from $219.53 billion in 2023 to $249.16 billion in 2024, with a compound annual growth rate (CAGR) of 13.5%. This growth can be attributed to factors such as the increasing demand for authentic experiences, government initiatives promoting responsible travel, and a focus on biodiversity conservation with educational components.
Looking ahead, the ecotourism market is expected to continue its rapid expansion, reaching $428.97 billion in 2028, with a CAGR of 14.5%. This growth is driven by increasing environmental awareness, which fosters conservation efforts and sustainable practices within the industry.
North America dominated the ecotourism market in 2023, while Asia-Pacific is projected to be the fastest-growing region in the forecast period. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
3. Camping And Caravanning Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/camping-and-caravanning-global-market-report
The camping and caravanning market has shown robust growth, increasing from $69.3 billion in 2023 to $72.82 billion in 2024, with a compound annual growth rate (CAGR) of 5.1%. This growth can be attributed to factors such as the availability of cheaper alternatives to traditional vacations, rising disposable income, technological advancements, an aging population, and early retirement trends.
Looking ahead, the camping and caravanning market is expected to continue its strong growth trajectory, reaching $92.2 billion in 2028, with a CAGR of 6.1%. This growth will be driven by increasing participation in outdoor sports activities.
Key players in the camping and caravanning market include Bourne Leisure Holdings Limited, Sun Communities, Equity Lifestyle Properties, Parkdean Holidays Limited, Kampgrounds Of America, Inc., European Camping Group, and Jellystone Park.
4. Hostels Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/hostels-global-market-report
The hostels market, as detailed in this report, is segmented based on price point, type, and booking method. Price points include economy, mid-range, and luxury categories, while types encompass students, workers, and other classifications. Booking methods include online bookings, direct bookings, and other modes.
In recent years, the hostels market has demonstrated steady growth, expanding from $6.35 billion in 2023 to $6.64 billion in 2024, with a compound annual growth rate (CAGR) of 4.6%. This growth can be attributed to factors such as strong economic growth in emerging markets, global population growth, increased disposable income, growing acceptance of solo travel, and enhanced access to paid leave worldwide.
Looking ahead, the hostels market is expected to maintain steady growth, reaching $8.06 billion in 2028, with a CAGR of 4.9%. The rise of solo travel is identified as a significant driver, as hostels offer affordable, experience-based accommodation that facilitates social interaction among travelers.
A notable trend in the hostel market is the emergence of hybrid hostels, catering to young urban professional travelers by combining the affordability and social atmosphere of dorm accommodation with the upscale amenities typically associated with traditional hotels.
5. Food And Beverage Services Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/food-and-beverage-services-global-market-report
The food and beverage services market has experienced strong growth in recent years, rising from $3715.91 billion in 2023 to $3903.1 billion in 2024, with a compound annual growth rate (CAGR) of 5.0%. This growth is attributed to various factors including changing consumer preferences, economic trends, urbanization, lifestyle changes, globalization of food culture, and regulatory shifts.
Looking ahead, the food and beverage services market is expected to continue its robust growth trajectory, reaching $4880.53 billion in 2028, with a CAGR of 5.7%.
Key players in this market, such as JELD-WEN Inc., Georgia-Pacific LLC, Builders FirstSource Inc., LIXIL Group, Stora Enso Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., UFP Industries Inc., and Universal Forest Products Inc., are increasingly focusing on introducing personalized order experiences to maintain their competitive edge. Personalized order experiences involve tailoring the ordering process to meet individual customer preferences and needs.
6. Restaurants And Mobile Food Services Global Market Report 2024
The restaurants and mobile food services market encompasses various establishments where individuals can purchase and consume food and drinks. This includes full-service restaurants, limited-service restaurants, cafeterias, grill buffets, buffets, and mobile food services, which involve meal preparation or delivery from a vehicle.
Cafeterias, a type of self-service restaurant commonly found in public facilities like hospitals and retail establishments, allow customers to select and pay for their meals before seating themselves. Market ownership is divided between chained and standalone establishments, offering a range of prices from high-end to economy. Services are accessible through both online and offline channels.
In recent years, the restaurants and mobile food services market has shown steady growth, expanding from $2,973.89 billion in 2023 to $3,119.73 billion in 2024, with a compound annual growth rate (CAGR) of 4.9%. This growth is attributed to factors such as robust economic development in emerging markets, increasing demand for fast foods, higher expenditure on dining out, and the influence of digital and social media marketing.
Looking forward, the market is expected to maintain strong growth, reaching $3,896.75 billion in 2028, with a CAGR of 5.7%.
7. Catering Services And Food Contractors Global Market Report 2024
The catering services and food contractors market has experienced robust growth, expanding from $286.33 billion in 2023 to $303.16 billion in 2024, with a compound annual growth rate (CAGR) of 5.9%. This growth is attributed to factors such as strong economic development in emerging markets, a growing preference for healthy workplace food, and increased activity in the tourism industry.
Looking ahead, the market is expected to continue its upward trajectory, reaching $388.29 billion by 2028, with a CAGR of 6.4%. Food catering companies are innovating by forming alliances to cater to educational institutions and developing mobile apps tailored to individual preferences.
In 2023, Western Europe emerged as the largest market for catering services and food contractors, followed by North America. The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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