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. The hospitality market is segmented into non-residential accommodation services and food and beverage services. Only goods and services traded between entities are included. The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced.
The global Hospitality Market report provides comprehensive market information, including classifications, definitions, and market analysis. This also helps with the awareness of various item specifics, the manufacturing cycle, the supply chain, and the cost structure. Along these lines, the understanding of the project's structural squares and key drivers of development is enhanced. To estimate the market size, boundaries such as import and fare, rules in various nations, inflation, legal and political variables, financial elements, and other minor aspects inside organizations have been broken down. The research examines the competitive landscape as well as the most current positions of major rivals in the Hospitality industry.
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Leading Key Players Covered Hospitality Market: -
- Compass group plc
- Starbucks
- Sodexo
- Marriott International
- Aramark corporation
- McDonald's
- Darden Restaurants
- Yum China Holdings Inc.
- Chipotle and Berkshire Hathaway Inc.
- Other Major Players
The report's main goal is to provide information on the Hospitality market's purchasing growth environment, development methods, and demand drivers. The report includes a taxonomy that delves further into significant groups. The research also includes important success elements and visionary insights on market dynamics, such as drivers, opportunities, trends, constraints, and price analysis. The demand patterns in several high-growth nations have been followed, with South Asia, East Asia, and Latin America accounting for the majority of the market share.
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Segmentation of Hospitality Market: -
By Type
- Non-Residential
- Accommodation Services
- Food and Beverage Services
By Ownership
- Chained
- Standalone
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
- Middle East Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of SA)
Effect of COVID-19 on the Hospitality Market: -
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the hospitality market in 2020 as governments globally imposed restrictions on domestic and international travel limiting the need for services offered by these establishments. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of 'lock down' and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, the hospitality market is recovering from the shock as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Key Benefits for Industry Participants Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape strategies of key players
- Potential niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Hospitality Market
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