Hospitality Coverage

Artificial Intelligence (AI) In Hospitality Market Definition And Segments

Artificial intelligence (AI) in hospitality refers to integrating artificial intelligence technologies and solutions in the hospitality industry to enhance guest experiences, streamline operations, and optimize various aspects such as customer interactions, service delivery, and business processes. It involves the application of machine learning, natural language processing, chatbots, blockchain, big data analytics, and other emerging technologies to improve efficiency, provide personalized services, and innovate across diverse segments, including accommodation, dining, entertainment, and customer interactions. The main technology types in artificial intelligence (AI) in hospitality are machine learning, natural language processing, chatbots or travel bots, blockchain, big data, and others. Machine learning in AI for hospitality involves computers learning from data to make predictions or decisions without explicit programming and enables systems to analyze patterns, adapt to changing circumstances, and enhance guest experiences. The hospitality types are categorized into food and beverage, lodging or accommodation, and others. The application includes customer purchases, travel choices, restaurants, entertainment, journey patterns and itineraries, and others. The artificial intelligence (AI) in hospitality market covered in this report is segmented – 1) By Technology: Machine Learning, Natural Language Processing, Chatbots Or Travel Bots, Blockchain, Big Data, Other Technologies 2) By Hospitality Type: Food And Beverage, Lodging Or Accommodation, Other Hospitality Type 3) By Application: Customer Purchases, Travel Choices, Restaurants, Entertainment, Journey Patterns And Itinerary, Other Applications The artificial intelligence (AI) market size has grown exponentially in recent years. It will grow from $0.09 billion in 2023 to $0.15 billion in 2024 at a compound annual growth rate (CAGR) of 58.6%. The growth in the historic period can be attributed to increasing demand for enhanced customer experience, growing adoption of chatbots and virtual assistants, potential of AI in travel and hospitality, advanced analytics and ai-enabled robots could tackle many on-property functions in the hospitality industry. The artificial intelligence (AI) market size is expected to see exponential growth in the next few years. It will grow to $0.92 billion in 2028 at a compound annual growth rate (CAGR) of 57.5%. The growth in the forecast period can be attributed to generative AI for dynamic content generation, IoT, blockchain, and cloud integration, guest experience enhancement, and rising consumer demand. Major trends in the forecast period include significant market growth, adoption of advanced technologies, focus on personalization and customer service, challenges and concerns, and optimization of operations.

The Surge Of Artificial Intelligence In The Evolving Landscape Of Hospitality Technology

The rising digitalization in the hospitality industry is expected to propel the growth of the artificial intelligence (AI) in hospitality market going forward. Digitalization in the hospitality industry refers to the comprehensive integration and utilization of digital technologies and solutions to transform and enhance various aspects of hospitality services. As businesses within the sector increasingly leverage advanced technologies, there is a growing demand for AI solutions to further enhance and optimize operations, improve operational efficiency, personalize guest experiences, and enhance decision-making through data-driven insights. For instance, in February 2023, according to a survey of 1,420 IT professionals by Rackspace Technology, a US-based cloud computing company, 37% of IT decision-makers in hospitality and travel embraced artificial intelligence and machine learning, up from 13% in 2021. Moreover, around 67% aim to enhance speed and efficiency, 59% to predict business performance, and 46% to minimize risks using these technologies. Therefore, rising digitalization in the hospitality industry will drive the growth of artificial intelligence (AI) in the hospitality market. Major companies operating in the artificial intelligence (AI) in hospitality market are Google LLC, Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Amazon Web Services Inc., Intel Corporation, International Business Machines (IBM) Corporation, Cisco Systems Inc., Microsoft Corporation, Oracle Corporation, NVIDIA Corporation, Salesforce Inc, NEC Corporation, Infosys Limited, HCL Technologies Limited, KLM Royal Dutch Airlines, AltexSoft Inc, Hilton Worldwide Holdings Inc, Amadeus IT, Sabre Corporation, CRS Technology, Cvent Holding Corp, Navitaire, Lemax, Tramada System, Lola, mTrip, Qtech Software, Infor Inc

Advancements In AI And ML Technologies In Hospitality Industry

Major companies operating in artificial intelligence (AI) in the hospitality market are developing advanced technologies for hotels and resorts, such as AI and ML platforms, to better serve customers with advanced features. An AI and ML platform for hotels and resorts leverages advanced algorithms to streamline operations, enhance guest experiences, and optimize decision-making processes through data-driven insights. For instance, in March 2022, Revnomix Hotel Data, an India-based hotel revenue management company, launched RevSeed 2.0, a new version of RevSeed that is based on artificial intelligence (AI) and machine learning (ML), aiming to provide real-time analysis of the market and demand, assist in making strategic price decisions for hotel rooms and services, and offer revenue management strategies such as volume, rate, market-linked, and other strategies.

Mews Enhances AI In Hospitality With Acquisition Of Nomi

In October 2023, Mews, a Netherlands-based hospitality management cloud company, acquired Nomi for an undisclosed amount. This acquisition will enable hoteliers to understand their guests better, make data-informed operational decisions, and provide enhanced guest experiences. Nomi is a US-based hospitality startup that provides an AI-driven personalized travel recommendation guidebook for travelers. North America was the largest region in the artificial intelligence (AI) in hospitality market in 2023. The regions covered in the artificial intelligence (ai) in hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence (AI) in hospitality market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The artificial intelligence (AI) in hospitality market includes revenues earned by entities by providing guest assistance services, personalization services, operational optimization services, reservation and booking services, predictive analytics services. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) hospitality market consists of sales of biometric authentication systems, data analytics platforms, customer relationship management (CRM) software, and smart room controls. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The artificial intelligence (AI) in hospitality research report is one of a series of new reports from The Business Research Company that provides artificial intelligence (AI) in hospitality market statistics, including the artificial intelligence (AI) in hospitality industry's global market size, regional shares, competitors with an Artificial intelligence (AI) in hospitality market share, detailed artificial intelligence (AI) in hospitality market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) in hospitality industry. This artificial intelligence (AI) in hospitality market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Meetings, Incentives, Conferences, And Exhibitions (Mice) Market Definition And Segments

Meetings, Incentives, Conferences, and Exhibitions (MICE) is a part of the tourism and events industry in which large groups, typically linked by a common interest or purpose, gather for meetings, conferences, exhibitions, or incentive travel programs. It plays a significant role in the global economy, as it encompasses a wide range of events that contribute to business development, knowledge sharing, networking, and tourism. The main types of events in meetings, incentives, conferences, and exhibitions (MICE) are meetings, incentives, conferences, and events. Meetings refer to gatherings of people for business-related discussions, held in hotel conference rooms or event centers. The services such as event planning and organization, venue management, accommodation services, and food and beverage services are used for academic field, business field, political field, exhibitions, and other applications by corporate, government, and associations. The meetings, incentives, conferences, and exhibitions (mice) market covered in this report is segmented – 1) By Event Type: Meetings, Incentives, Conferences, Events 2) By Service Type: Event Planning And Organization, Venue Management, Accommodation Services, Food And Beverage Services 3) By Application: Academic Field, Business Field, Political Field, Exhibitions, Other Applications 4) By End-User: Corporate, Government, Association The meetings, incentives, conferences, and exhibitions (MICE) market size has grown strongly in recent years. It will grow from $876.94 billion in 2023 to $962 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to growing business networking and knowledge sharing, demand for industry-specific conferences and exhibitions, increasing incentive programs and corporate events, rising meeting and events industry, growing change in consumer preferences. The meetings, incentives, conferences, and exhibitions (MICE) market size is expected to see strong growth in the next few years. It will grow to $1,336.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increasing interconnectedness of businesses globally, increasing expansion and developments of various businesses, growing popularity of virtual meetings among businesses, economic development and tourism promotion, the increase in business trips worldwide. Major trends in the forecast period include integration of cutting-edge technology, advancements in medical and scientific fields, the rise in social media advertisements related to organizing corporate, organizer focus on adoption of latest technology, growing business opportunities.

Global Surge in Business Trips Fuels Expansion of the MICE Market

The increase in business trips worldwide is expected to propel the growth of the meetings, incentives, conferences, and exhibitions (MICE) market going forward. Business trips refer to the practice of employees or professionals traveling to other locations or cities on behalf of their company to conduct work-related activities, such as meetings, conferences, client visits, and other business purposes. MICE events provide excellent networking opportunities for business trips by offering a platform for individuals to connect with industry peers, potential clients, suppliers, and partners from around the world. For instance, in August 2023, according to the Global Business Travel Association, a US-based business travel and meetings organization, global spending on business travel increased by 47% to $1.03 trillion in 2022, and considerable growth is predicted in 2023, with a 32% growth rate. Therefore, the increase in business trips worldwide is driving the growth of the MICE market. Major companies operating in the meetings, incentives, conferences, and exhibitions (mice) market are Capita plc, The Freeman Company, American Express Company, Maritz Global Events, ATPI Ltd., FCM Meetings & Events, Aviareps AG, MCI Group, ITA Group , Creative Group Inc., One10 LLC, BCD Meetings & Events, Meetings and Incentives Worldwide Inc., Itl World Company (Miceminds), Questex, Conference Care Ltd., CWT Meetings & Events, Ci Events, Grass Roots Meetings & Events, International Marketing Corporation Pvt Ltd, Beyond Summits Ltd., Cambria DMC, Carlson Wagonlit Travel, BESynergy, Flight Centre Travel Group Limited , Global Cynergies LLC

Innovation In The MICE Market Cutting-Edge Technology Centers Transforming Customer Service

Major companies operating in the MICE market are developing innovative technology, such as cutting-edge technology centers, to better serve their customers. A cutting-edge technology center refers to a facility that focuses on developing and delivering innovative solutions using the latest and most advanced technologies. For instance, in October 2022, BI Worldwide Ltd., a US-based global engagement agency that provides market-leading employee engagement, event management and sales, and channel incentive travel, launched cutting-edge technology centers to provide better services and solutions to clients. The center is designed to deliver innovative solutions for loyalty and engagement, enhancing the company's technological capabilities. It is designed to suit a multi-generational, diverse workforce, driving collaboration, enabling design thinking, and delivering measurable technology solutions.

ITA Group Enhances Global Engagement Solutions Through Acquisition Of HTK Limited

In January 2023, ITA Group, a US-based company that delivers custom-crafted global engagement solutions that motivate and inspire event attendees, acquired HTK Limited for an undisclosed amount. This acquisition aims to strengthen ITA Group's ability to deliver data-driven loyalty and engagement solutions, as well as to provide innovative data insights, machine learning, and loyalty marketing solutions to its clients. HTK Limited is a UK-based software company that provides MICE Support Program. Asia-Pacific was the largest region in the meetings, incentives, conferences, and exhibitions (MICE) market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the meetings, incentives, conferences, and exhibitions (mice) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the meetings, incentives, conferences, and exhibitions (mice) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain The meetings, incentives, conferences, and exhibitions (MICE) market includes revenues earned by entities by providing services such as transportation services, audio-visual and technology support, registration services, incentive travel programs, and team-building activities. The market value includes the value of related goods sold by the service provider or included within the service offering. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The meetings, incentives, conferences, and exhibitions (MICE) market research report is one of a series of new reports from The Business Research Company that provides meetings, incentives, conferences, and exhibitions (MICE) market statistics, including meetings, incentives, conferences, and exhibitions (MICE) industry global market size, regional shares, competitors with a meetings, incentives, conferences, and exhibitions (MICE) market share, detailed meetings, incentives, conferences, and exhibitions (MICE) market segments, market trends and opportunities, and any further data you may need to thrive in the meetings, incentives, conferences, and exhibitions (MICE) industry. These meetings, incentives, conferences, and exhibition (MICE) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Luxury Hotel Market Definition And Segments

A luxury hotel is a venue that offers a deluxe lodging experience to its guests, typically marked by upscale furnishings, extravagant touches, meticulous attention to aesthetic details, and outstanding service. These high-end establishments prioritize delivering an unforgettable experience for their guests, attending to their every need, and delighting them throughout their stay. The main types of luxury hotels are business hotels, airport hotels, suite hotels, resorts, and others. Business hotels are establishments specifically designed to cater to the needs and preferences of business travelers. The room types involved are luxury, upper-upscale, and upscale, which are categorized as chain and independent. The luxury hotel market covered in this report is segmented – 1) By Type: Business Hotels, Airport Hotels, Suite Hotels, Resorts, Other Types 2) By Room Type: Luxury, Upper-Upscale, Upscale 3) By Category: Chain, Independent The luxury hotel market size has grown strongly in recent years. It will grow from $100.14 billion in 2023 to $106.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to economic growth and rising disposable income, increasing global tourism, cultural shift towards experiential travel, rise in business travel, brand differentiation and innovation, strategic location and destination appeal, cultural and heritage tourism trends. The luxury hotel market size is expected to see strong growth in the next few years. It will grow to $131.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to continued economic prosperity, rising middle-class aspirations, sustainable and eco-friendly practices, health and wellness tourism, unique and authentic experiences, strategic partnerships and collaborations. Major trends in the forecast period include emphasis on sustainable and eco-friendly practices, integration of smart hotel technologies, rise in wellness and health-centric offerings, customized experiences and personalization, culinary innovation and michelin-starred restaurants.

Growth Of The Luxury Hotel Market Driven By Increase In Travel And Tourism

The increase in travel and tourism is expected to propel the growth of the luxury hotel market going forward. Travel and tourism refer to the activities of individuals or groups traveling to and staying in places outside their usual environment for leisure, business, or other purposes. Luxury hotels are integral to the travel and tourism industry, offering personalized services, exquisite accommodations, and unique experiences that cater to the discerning traveler's desire for comfort and exclusivity. For instance, in January 2023, according to the United Nations World Tourism Organization (UNWTO), a Spain-based intergovernmental organization, more than 900 million tourists traveled abroad in 2022, approximately double the amount recorded in 2021. Therefore, the increase in travel and tourism is driving the growth of the luxury hotel market.

Impact of High Operating Costs on the Luxury Hotel Market

High operating costs are expected to limit the growth of the luxury hotel market going forward. Operating costs in a luxury hotel refer to the ongoing expenses incurred in the day-to-day running of the hotel business. These costs are essential for maintaining the quality of service and amenities that define a luxury establishment. High operating costs often translate into well-trained and skilled staff, better service standards, and the ability to offer unique and personalized experiences to guests, which improves the prestige of the luxury hotel, drawing in discerning customers who are prepared to pay a premium for exceptional services. For instance, in August 2023, according to FinModelsLab, a Ukraine-based financial advisory firm that provides Excel economic model templates and custom financial modeling services, Luxury hotels in the United States typically allocate an average of $2,196 per available room annually for utilities and energy expenditures. The specific amount can fluctuate based on factors such as the hotel's size, geographical location, and the amenities it provides. Therefore, high operating costs are limiting the growth of the luxury hotel market. Major companies operating in the luxury hotel market report are Jardine Matheson Holdings Ltd., Marriott International, Inc., Hilton Hotels & Resorts, Hyatt Hotels Corporation, W Hotels, Kempinski Hotels S.A., Host Hotels & Resorts, Inc., Accor SA, Four Seasons Hotel Limited, Ritz-Carlton Hotel Company LLC, Park Hotels & Resorts, Rosewood Hotel Group, InterContinental Hotel Group, Jumeirah International LLC, Radisson Hotels International Inc., Shangri-La International Hotel Management Ltd., Belmond Management Limited, The Peninsula Hotels, Aman Resorts, Mandarin Oriental Hotel Group Limited, Soneva, Banyan Tree Holdings, Six Senses, Oetker Collection, Aloft Hotels, Auberge Resorts, The Luxe Life Hotel, Fairmont Hotels & Resorts, Waldorf Astoria, The Oberoi Group

Elevating The Guest Experience With Hilton's Industry-Leading Enhancements

Major companies operating in the luxury hotel market focus on improving guest experience to enhance the digital welcome experience with the use of multiple technological enhancements. The guest experience refers to a guest's overall satisfaction during their interaction with a hotel or other hospitality service provider, encompassing all touchpoints from the booking process to the post-stay experience. For instance, in October 2021, Hilton Worldwide Holdings Inc., a US-based hospitality company, launched multiple technology enhancements to improve the guest experience and create a more seamless travel experience across the company's 18 world-class hotel brands. The enhancements include digital key sharing, automated complimentary room upgrades, confirmed connecting rooms, and enhanced booking options. Gold and Diamond Hilton Honors members receive 72-hour notices of possible upgrades, allowing them to select their improved accommodation immediately through the Hilton Honors app. These two additions join the recently introduced Confirmed Connecting Rooms, enabling individuals to quickly and instantaneously confirm at least two connecting rooms when booking.

Elevating The Guest Experience With Hilton's Industry-Leading Enhancements

Major companies operating in the luxury hotel market focus on improving guest experience to enhance the digital welcome experience with the use of multiple technological enhancements. The guest experience refers to a guest's overall satisfaction during their interaction with a hotel or other hospitality service provider, encompassing all touchpoints from the booking process to the post-stay experience. For instance, in October 2021, Hilton Worldwide Holdings Inc., a US-based hospitality company, launched multiple technology enhancements to improve the guest experience and create a more seamless travel experience across the company's 18 world-class hotel brands. The enhancements include digital key sharing, automated complimentary room upgrades, confirmed connecting rooms, and enhanced booking options. Gold and Diamond Hilton Honors members receive 72-hour notices of possible upgrades, allowing them to select their improved accommodation immediately through the Hilton Honors app. These two additions join the recently introduced Confirmed Connecting Rooms, enabling individuals to quickly and instantaneously confirm at least two connecting rooms when booking.

Reliance Industries Ltd. Acquired Mandarin Oriental To Expand Hospitality Segment

In January 2022, Reliance Industries Ltd., an India-based petroleum refinery company, acquired Mandarin Oriental International Ltd. for approximately $98.15 million. With this acquisition, Reliance Industries Limited aims to expand its footprint in the luxury hospitality segment. Mandarin Oriental International Ltd. is a US-based luxury hotel group with hotels and residences in 25 countries and territories worldwide. North America was the largest region in the luxury hotel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the luxury hotel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the luxury hotel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The luxury hotel market includes revenues earned by entities by spa services, event space, room sales and rentals services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The luxury hotel market research report is one of a series of new reports from The Business Research Company that provides luxury hotel market statistics, including luxury hotel industry global market size, regional shares, competitors with luxury hotel market share, detailed luxury hotel market segments, market trends, and opportunities, and any further data you may need to thrive in the luxury hotel industry. This luxury hotel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Hospitality Market Definition And Segments

Hospitality refers to the activity or business that provides services to customers in hotels, restaurants and bars. The hospitality industry includes any business where the primary source of income is the sale of food and drink or the provision of lodging. This industry includes a wide range of service-related fields such as hotels, restaurants, bars, event planning, theme parks, transportation, cruise lines, and other tourism-related fields. The main types of hospitality are non-residential accommodation services, food and beverage services. The non-residential accommodation services provide lodging or short-term accommodation for travelers, vacationers, and others. The different ownerships include chained and standalone. The hospitality market covered in this report is segmented – 1) By Type: Non-Residential Accommodation Services, Food And Beverage Services 2) By Ownership: Chained, Standalone Subsegments Covered: Hotel And Other Travel Accommodation, Camping And Caravanning, Students And Workers Non-residential Accommodation, Restaurants And Mobile Food Services, Bars And Cafes, Catering Services And Food Contractors The hospitality market size has grown strongly in recent years. It will grow from $4673.63 billion in 2023 to $4993.71 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to growth in travel and tourism, cultural and social shifts, global events and pandemics, investment in infrastructure. The hospitality market size is expected to see strong growth in the next few years. It will grow to $6189.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to sustainability initiatives, wellness tourism, flexible booking options, collaboration with local communities, health and safety standards. Major trends in the forecast period include personalization and AI, contactless technologies, technological advancements, personalized guest experiences, digital marketing and social media influence.

Economic Growth Fuels Expansion In The Hospitality Market

The hospitality market growth is aided by stable economic growth forecasted in many developed and developing countries. For instance, in September 2023, according to the Bureau of Economic Analysis, a US-based government agency, the real gross domestic product (GDP) increased at an annual rate of 2.1% in the second quarter of 2023. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Thus, stable economic growth is expected to drive the market during the forecast period.

Growing Tourism Industry Boosting The Hospitality Market

The growing tourism industry is expected to propel the growth of the hospitality market going forward. The tourism industry refers to a broad economic sector that encompasses various activities, businesses, and services related to travel and leisure. Hospitality plays an important role in the travel industry, offering accommodation, dining, and services that enhance traveler experiences and make destinations welcoming. For instance, in May 2023, according to the World Tourism Organization, a Spain-based specialized agency, international tourism hit the $1 trillion mark in 2022, growing 50% in real terms compared to 2021. Additionally, an estimated 235 million tourists traveled internationally in the first quarter of 2023, more than double the same period in 2022. Therefore, the growing tourism industry is driving the growth of the hospitality market. Major companies operating in the hospitality market report are Compass group Holdings plc, Starbucks Corporation, Sodexo SA, Marriott International Inc., Aramark corporation, McDonald's Corporation, Four Seasons Hotels and Resorts Limited, Darden Restaurants Inc., Yum China Holdings Inc., Hilton Worldwide Holdings Inc., Chipotle Mexican Grill Inc., InterContinental Hotel Group plc, IDeaS Revenue Solutions Inc., The Ritz-Carlton Hotel Company LLC, Mandarin Oriental Hotel Group Ltd., Radisson Hotel Group AB, Extended Stay America Inc., AIR Communities LLC, Rosewood Hotel Group LLC, La Quinta Inns & Suites Holdings Inc., Apple Leisure Group LLC, Evolve Vacation Rental Network Inc., Shangri-La Hotels and Resorts Ltd., American Cruise Lines Inc., Ennismore Lifestyle Group Limited, Hotel Engine Inc., OTA Insight Limited, Red Lion Hotels Corporation, Mint House Holdings Inc., Wonders Legal Inc., BentoBox Media Inc., Berkshire Hathaway Inc.

Impact Of Pandemic On Market Growth

The outbreak of COVID-19 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. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. 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 had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the hospitality market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The Impact Of Technology In The Hotel Industry

Hotels are using technologies that are transforming the customer experience. Some technologies are leading to significant improvements and savings in the hospitality market. The most significant trends in this market are the use of near field communication (NFC) technology, infrared technologies, and robots. NFC gives users the ability to exchange data between devices, making mobile payments an instant, secure process. Infrared sensors are used in hotels to address customer complaints involving housekeeping interruptions. Hotels are also using robots to deliver amenities to guest rooms and for many other functional purposes. Hotel operators are investing in systems and technologies that can automate processes and personalize the experience for guests.

The Growing Role Of Customization Features In The Hospitality Market

Major companies operating in the hospitality market are increasing their focus on introducing customization features to sustain their position in the market. Customization features refer to the options within a product, service, or system that allow users to modify and tailor their experience to their individual preferences and needs. For instance, in July 2023, HotelPort, a US-based software company, launched Hospitality Software Development and Platform Integration Services. These services aim to assist hotels of all sizes in improving their operations, streamlining their workflows, and enhancing their guests' experiences. By integrating the existing systems of hotels, HotelPort's platform integration services can create a unified and efficient operation. This, in turn, can make it easier for guests to book rooms, check in and out, and access services, leading to a better guest experience. Additionally, HotelPort's services can help hotels increase their revenue by improving their online visibility and simplifying the booking process. Asia-Pacific was the largest region in the hospitality market in 2023. North America was the second largest region in the hospitality market. The regions covered in the hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hospitality market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The hospitality market includes revenues earned by entities by providing accommodation and food services such as lodging and/or preparing 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 market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The hospitality market research report is one of a series of new reports from The Business Research Company that provides greenhouse, nursery, and flower market statistics, including hospitality industry global market size, regional shares, competitors with a hospitality market share, detailed hospitality market segments, market trends and opportunities, and any further data you may need to thrive in the hospitality industry. This hospitality market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Food And Beverage Services Market Definition And Segments

Food and beverage service refers to the activity of preparation, exhibiting, and serving meals and drinks to consumers. The forms and cuisines that make up food can vary greatly. The main types of food and beverage services are restaurants and mobile food services, bars and cafes, catering services, and food contractors. Catering services is the business of providing food service at a remote location or at a specific location, such as a hotel, hospital, pub, airline, cruise ship, park, filming location or studio, entertainment location, or event venue. Chain markets and standalone markets own the services, and prices range from high-end to low-end. These services are provided through online and offline modes. The food and beverage services market covered in this report is segmented – 1) By Type: Restaurants And Mobile Food Services, Bars And Cafes, Catering Services And Food Contractors 2) By Ownership: Chain Market, Standalone Market 3) By Pricing: High-End, Economy 3) By Service: Online, Offline Subsegments Covered: Full-Service Restaurants, Limited-Service Restaurants, Cafeterias, Grill Buffets, And Buffets, Mobile Food Services, Snack And Nonalcoholic Beverage Bars, Drinking Places (Alcoholic Beverages), Food Service Contractors, Catering Services The food and beverage services market size has grown strongly in recent years. It will grow from $3715.91 billion in 2023 to $3903.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to changing consumer preferences, economic trends, urbanization and lifestyle changes, globalization of food culture, regulatory changes. The food and beverage services market size is expected to see strong growth in the next few years. It will grow to $4880.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to sustainability practices, virtual and ghost kitchens, culinary innovation and fusion, health-conscious dining, cultural and local influences. Major trends in the forecast period include digitalization and contactless services, technology integration, digital ordering and delivery, rise of ghost kitchens, technology integration in restaurants, personalization and customization.

Digital Transformation Fuels Expansion In The Food And Beverage Services Industry

The food and beverage services market is expected to benefit from the rising digitalization of food services. Consumers are increasingly preferring to order food online for home delivery. For instance, according to KPMG, the average spend per person per year on food takeaways in the UK was $721 in 2021. Additionally, Nottingham claimed the title of the UK's takeaway hub, boasting an average expenditure of £1,097 per individual in 2021. Major companies providing food delivery services include Deliveroo, Just Eat, and Uber Eats. This trend is likely to continue in the forecast period and will drive the food and beverage services market going forward.

Growing Popularity Of Plant-Based Foods Boosts Food And Beverage Services Market

The growing popularity of plant-based foods is expected to propel the growth of the food and beverage services market going forward. Plant-based foods refer to food products that are primarily or entirely derived from plant sources, such as vegetables, fruits, grains, nuts, seeds, and legumes. Food and beverage services play an important role in the promotion, preparation, and distribution of plant-based foods. For instance, in February 2023, according to the Plant Based Foods Association, a US-based agency, retail sales of plant-based foods continued to increase, growing by 6.2% in 2021, which is a record year of growth, and bringing the total plant-based market value to an all-time high of $7.4 billion in revenue. Therefore, the growing popularity of plant-based foods is driving the growth of the food and beverage services market. Major companies operating in the food and beverage services market report are JELD-WEN Inc., Georgia-Pacific LLC, Builders FirstSource Inc., LIXIL Group, Stora Enso Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., UFP Industries Inc., Universal Forest Products lnc., Boise Cascade Company, Celulosa Arauco y Constitución Company, Louisiana-Pacific Corporation, Resolute Forest Products Inc., UPM-Kymmene Corporation, Interfor Corporation, NCI Building Systems Inc., Metsä Group, Rayonier Advanced Materials lnc., Cavco Industries Inc., Norbord Inc., Western Forest Products Inc., Canfor Corporation, PotlatchDeltic Corporation, Cefla s.c., Nature Home Holding Company Limited, Sappi Limited, Roseburg Forest Products Co., Masonite International Corporation, Barberán S.A., Tolko Industries Ltd., Hampton Affiliates lnc., Conifex Timber Inc., Stella-Jones Inc., CanWel Building Materials Group Ltd.

Impact Of Pandemic On Market Growth

The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the food and beverage services market in 2020 as governments globally imposed restrictions on domestic and international travel, limiting the need for services offered by these establishments. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and has 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." The outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the food and beverage services market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The Impact Of Modern Technology On Restaurant Sales And Customer Experience

Modernizing technologies in restaurants improves customer satisfaction, thereby boosting restaurant sales. Establishments in the industry are introducing self-ordering touchscreen kiosks, mobile apps for customizable orders and quick payment, and digital entertainment such as gaming. For instance, in April 2023, PepsiCo, a US-based food company, launched the Greenhouse Accelerator Program. The program aims to support emerging Hispanic-owned food and beverage small businesses. It identifies and uplifts emerging Hispanic-owned food and beverage start-ups. This is done by providing mentorship, funding, and other resources to help startups grow and succeed in the industry. The program selects ten finalists to participate in a six-month business mentoring program and receive a $20,000 grant to accelerate their businesses.

The Emergence Of Personalized Order Experiences In Food And Beverage Services Market

Major companies operating in the food and beverage services markets are increasing their focus on introducing personalized order experiences to sustain their position in the market. Personalized order experiences refer to the practice of tailoring the process by which customers place orders for products or services to their individual preferences and needs. For instance, in September 2022, Iris Software Inc., a US-based software company, launched its F&B Order and Pay solution. The solution includes a set of configurable modules that enable restaurants to offer their guests and staff an excellent digital experience. This platform offers various features that empower guests to order and pay for food and drinks, making the process quicker and more convenient for staff. With the platform, guests can easily browse, tap, order, and pay. Asia-Pacific was the largest region in the food and beverage services market in 2023. North America was the second largest region in the food and beverage services market. The regions covered in the food and beverage services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the food and beverage services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The food and beverage services market includes revenues earned by entities by providing meals, snacks, and beverages to customer order for immediate on-premises and off-premises consumption. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The food and beverage services market research report is one of a series of new reports from The Business Research Company that provides food and beverage services market statistics, including food and beverage services industry global market size, regional shares, competitors with a food and beverage services market share, detailed food and beverage services market segments, market trends and opportunities, and any further data you may need to thrive in the food and beverage services industry. This food and beverage services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Ecotourism Market Definition And Segments

Ecotourism refer to the responsible travel to natural places which conserves the environment, supports the well-being of local people, and includes interpretation and education. Ecotourism aids in the preservation of environmentally vulnerable areas and raises awareness of local environmental and social issues. It can enhance local livelihoods by utilizing the diverse spectrum of natural and cultural ecosystem services offered by mangroves. The main types of ecotourism are alternative tourism, responsible tourism, sustainable tourism, and community tourism. Sustainable tourism refers to sustainable practices by the tourism industry that aims to reduce the negative impacts and maximize the positive ones to the environment. The different traveler types include solo travelers and group travelers and involve various age groups such as generation X, generation Y, and generation Z. It is distributed through several channels, including travel agents and direct. The ecotourism market covered in this report is segmented – 1) By Type: Alternative Tourism, Responsible Tourism, Sustainable Tourism, Community Tourism 2) By Traveler Type: Solo Traveler, Group Traveler 3) By Age Group: Generation X, Generation Y, Generation Z 4) By Sales Channel: Travel Agent, Direct The ecotourism market size has grown rapidly in recent years. It will grow from $219.53 billion in 2023 to $249.16 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to demand for authentic experiences, government initiatives and policies, rise of responsible travel, conservation of biodiversity, educational components. The ecotourism market size is expected to see rapid growth in the next few years. It will grow to $428.97 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to rise of regenerative travel, climate-positive tourism initiatives, digital platforms for eco-experiences, green finance and investment, inclusive and diverse ecotourism. Major trends in the forecast period include tech integration for sustainable tourism, plastic-free initiatives and waste reduction, global collaboration for conservation, digital platforms for eco-experience, partnerships with conservation organizations.

Rising Demand For Eco-Friendly Tourist Accommodations Drives Growth In The Ecotourism Market

The growing availability of eco-friendly tourist accommodations is expected to propel the growth of the ecotourism market going forward. The eco-friendly tourist accommodation is environmentally sustainable and follows the practices of green living to ensure non-toxic, safe, and energy-efficient accommodation for tourists. The hotels are adopting ecologically friendly designs and operations such as lowering pollutant emissions, and conserving water and energy, procuring green goods to promote ecotourism. For instance, in June 2022, according to the U.S. Department of Commerce, a US-based government administration, in 2021 the number of international visitors to the US has increased to 22.1 million. Therefore, the growing availability of eco-friendly tourist accommodation is promoting the ecotourism market.

Environmental Awareness Driving The Surge In Ecotourism Market

The increasing environmental awareness is expected to propel the growth of the ecotourism market going forward. Environmental awareness refers to an individual's or a collective group's consciousness and understanding of the environment, including its natural resources, ecosystems, and the impact of human activities on the planet. Ecotourism provides educational opportunities, promotes conservation, and cultural awareness, encourages sustainable practices, promotes environmental ethics, and can play a vital role in raising environmental awareness and promoting the sustainable use and preservation of natural resources. For instance, in May 2023, according to the Department of Agriculture, Environment and Rural Affairs, an Ireland-based government department, in 2022–2023, 80% of the public expressed extreme or fair concern about environmental issues which indicates a high level of public concern. Therefore, the increasing environmental awareness is driving the growth of the ecotourism market. Major companies operating in the ecotourism market report are Marriott International Inc., TUI Group, Booking Holdings Inc., Airbnb Inc., Accor S.A., Kynder Travel, BCD Travel, andBeyond, G Adventures Ltd., JTB Corporation, Goway Travel Ltd., Natural Habitat Adventures, Travel Leaders Group, Intrepid Group Ltd., National Geographic Partners LLC, Responsible Travel, Small World Journeys Ltd., SteppesTravel Ltd., Rickshaw Travel, Experience Travel Group, Adventure Alternative Ltd., Aracari Travel, Undiscovered Mountains, Conservation Capital LLC, Nature Discovery, Baobab Tourism, NuMundo, New Worlder Journeys, Gondwana Ecotours, Byway Travel, Earth Changers, Hilton Worldwide Holdings Inc., InterContinental Hotels Group PLC, Expedia Group Inc., TripAdvisor Inc., American Express Global Business Travel, Flight Centre Travel Group Limited

Strategic Partnerships And Collaborations Fueling Growth In Ecotourism Market

Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the ecotourism market. Key players operating in the market are focusing on partnerships and collaborations to enhance their position. For instance, in October 2021, Frosch International Travel, a US-based travel agency that provides sustainable tourism services, purchased 51% interest in Conlin Travel’s corporate division. The collaboration aims to give FROSCH a foothold in the Great Lakes region and Conlin Travel access to crucial resources and infrastructure, as well as Frosch's unique technology solutions for clients. Conlin Travel is a US-based travel agency.

Groundbreaking Digital Solution Revolutionizing Ecotourism Experiences

Major companies operating in the ecotourism market are developing new products such as seamless digital solutions to gain a competitive edge in the market. Seamless digital solutions refer to integrated and cohesive technology-based systems that provide a smooth and uninterrupted user experience across various devices, platforms, and touchpoints. For instance, in February 2022, CSM Technologies Pvt. Ltd., an India-based information technology and services company launched Torque for the tourism sector. Torque provides tourists with a whole supported experience, from discovery of their place to enjoyment. It aims to democratize opportunities for all parties involved in the travel value chain by providing a single digital interface. The platform offers tools to extract user-generated content from reviews of travel experiences and offers 360-degree, holistic social media management. The purpose of this digital solution is to improve travelers' and travel industry stakeholders' experiences.

Frosch International Travel Acquires Valerie Wilson Travel To Reshape Full-Service Travel Management

In April 2021, Frosch International Travel, a US-based travel agency, acquired Valerie Wilson Travel (VWT) for an undisclosed amount. Through this acquisition, together, the companies aim to reshape the full-service travel management landscape and expand their footprint in New York City and the tri-state area, as well as their global footprint, to become a leader in the premium travel space by bringing innovative technology. Valerie Wilson Travel is a US-based travel company that provides sustainable and eco-friendly tourism services. North America was the largest region in the ecotourism market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ecotourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ecotourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The ecotourism market consists of revenues earned by entities by providing eco-logging, agro-tourism and community development. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The ecotourism market research report is one of a series of new reports from The Business Research Company that provides ecotourism market statistics, including ecotourism industry global market size, regional shares, competitors with an ecotourism market share, detailed ecotourism market segments, market trends and opportunities, and any further data you may need to thrive in the ecotourism industry. This ecotourism market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Cloud Kitchen Market Definition And Segments

The cloud kitchen is referred to as virtual kitchens or ghost kitchens. The cloud kitchen is a commercial kitchen that helps in providing space for food businesses including the services and facilities that are needed to prepare the menu for takeout and delivery. Cloud kitchen is specifically used for food deliveries only. The main types of cloud kitchen are independent cloud kitchen, commissary or shared kitchen, kitchen pods. Independent cloud kitchen refers to the classic kitchen model. The independent cloud kitchen is a virtual restaurant. It helps in receiving orders and delivering packed meals. The various food types are burger and sandwich, pizza and pasta, chicken, seafood, Mexican and Asian food, other types. The different natures of cloud kitchen are franchised, standalone. The cloud kitchen market covered in this report is segmented – 1) By Type: Independent Cloud Kitchen, Commissary Or Shared Kitchen, Kitchenpods 2) By Food Type: Burger And Sandwich, Pizza And Pasta, Chicken, Seafood, Mexican And Asian Food, Other Types 3) By Nature: Franchised, Standalone The cloud kitchen market size has grown strongly in recent years. It will grow from $61.67 billion in 2023 to $67.59 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to urbanization, rise of food delivery apps, lower operational costs, flexibility and scalability, entrepreneurial opportunities, globalization of cuisine. The cloud kitchen market size is expected to see rapid growth in the next few years. It will grow to $103.3 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to contactless dining, sustainable practices, e-commerce growth, demand for local and authentic cuisine, crisis resilience, regulatory support. Major trends in the forecast period include ghost kitchen collaborations and partnerships, integration of technology for operational efficiency, virtual brands and multi-concept kitchens, optimized menu design, diversification of delivery channels.

Surging Number Of Smartphone Users To Drive Market Growth

The increase in number of smartphone users, increasing demand for online food services is expected to drive the growth of the cloud kitchen market. The increasing consumer preference for online food services is due to the hectic life schedules of people and rising disposable incomes which increases the growth of the cloud kitchen. For instance, in 2021, Oberlo reported the number of global smartphone users accounted to nearly 6.4 billion, marking a 5.3% annual increase. The smartphone penetration rate in 2023 will be at nearly 53.8%. Therefore, the increasing number of smartphone users is driving the cloud kitchen market growth.

Rising Expansion Of Food Delivery Platforms To Drive Market Growth

The increasing expansion of food delivery platforms is expected to propel the growth of cloud kitchen market going forward. A food delivery platform is an online or mobile-based service that connects users with restaurants and facilitates the ordering and delivery of food. Food delivery platforms support cloud kitchens by providing them with a virtual marketplace to reach a broader customer base, facilitating online orders and deliveries without the need for a physical restaurant space. For instance, in July 2023, according to Morgan Stanley, a US-based investment banking firm, the food delivery sector expanded by 50% between 2020 to 2021 and annual revenue growth is expected to increase by 14% by 2028. Therefore, the increasing expansion of food delivery platforms is driving the growth of cloud kitchen market. Major companies operating in the cloud kitchen market report are Zuul Kitchen, Swiggy Platform Private Limited, Uber Technologies Inc., Taster Inc., Starbucks Corporation, DoorDash Inc., Reef Technology Inc., Toast Inc., Grubhub Inc., Deliveroo Holdings PLC, Foodpanda Pte. Ltd., Foodpanda, Pop Meals, Zomato Ltd., Lightspeed Commerce Inc., Fat Brands Inc., PAR Technology Corporation, Olo Inc., Posist Technologies Pvt. Ltd., Rebel Foods Inc., Kitopi Catering Services LLC, Just Eat Takeaway.com N.V., CloudKitchens Inc., Cloudbeds Inc., Xenial Inc., Kitchen United, Farm to Fork Meals, Sweetheart Kitchen Inc., Keatz Inc., Ghost Kitchen Orlando LLC

Product Innovation Transforming The Cloud Kitchen Market

Major companies operating in the cloud kitchen market are developing new products such as kitchen coworking spaces to gain a competitive edge in the market. Kitchen coworking spaces are shared culinary facilities that provide food entrepreneurs and professionals with access to fully equipped kitchen spaces on a flexible rental basis. For instance, in March 2023, Instakitchen, an Italy-based kitchen spaces company, launched first kitchen coworking space in Rome. This innovative concept provides food entrepreneurs with flexible, ready-to-use kitchen spaces compliant with ASL regulations, aiming to reduce initial investment costs by over 80% and time to market. Instakitchen offers rental options on a daily, monthly, or annual basis for spaces ranging from 10 to 40m2, accommodating various food sector professionals, including delivery businesses, home chefs, caterers, production labs, startups, consultancy firms, and food influencers. The shared kitchen space also fosters a collaborative community by organizing workshops, events, and networking opportunities for its members.

Strategic Partnerships Reshaping The Cloud Kitchen Market

Major companies operating in the cloud kitchen market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the cloud kitchen market drive business growth by expanding market reach, optimizing operations, fostering innovation, and enhancing customer experiences through shared resources, expertise, and promotional efforts. For instance, in July 2022, My Cloud Kitchen, an India-based cloud kitchen solutions company, partnered with NVA Foods Private Limited, an India-based food and beverage company, to incubate and consult cloud kitchen startups in Bangalore, launching a $1.23 million corpus to invest in multi-brand, multi-cuisine home delivery models. Leveraging their expertise in brand building, vendor tie-ups, menu engineering, inventory management, staff recruitment, culinary training, and marketing, the joint venture aims to support aspiring food entrepreneurs by providing end-to-end consulting support and making food entrepreneurship more hassle-free and affordable.

Kitchen United Expands Presence With Acquisition Of Zuul To Boost Network Growth In New York

In October 2021, Kitchen United, a US-based company acquired Zuul for an undisclosed amount. This acquisition is expected to help in strengthening the platform and support the network growth of Kitchen United in New York. Zuul is a US-based company that creates services and products to help the businesses of virtual food halls. Asia-Pacific was the largest region in the cloud kitchen market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the cloud kitchen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cloud kitchen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The cloud kitchen market includes revenues earned by entities by providing food delivery services, accepting online orders, payment processing services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The cloud kitchen market research report is one of a series of new reports from The Business Research Company that provides cloud kitchen market statistics, including cloud kitchen industry global market size, regional shares, competitors with a cloud kitchen market share, detailed cloud kitchen market segments, market trends and opportunities, and any further data you may need to thrive in the cloud kitchen industry. This cloud kitchen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Camping And Caravanning Market Definition And Segments

Camping refers to a place having temporary housing options, such as huts, tents, or other buildings, frequently used by troops, refugees, or travelers. Caravanning refers to travelling in a caravan which is a trailer pulled by a road vehicle that offers a more cozy and secure sleeping arrangement than a tent. The main types of camping and caravanning are RV (recreational vehicle) parks and campgrounds, and recreational and vacation camps. A recreational vehicle park is defined as any parcel or tract of land under the authority of any individual, organization, or governmental agency where two or more camping unit sites are rented or leased to the public or members of an organization, including park-owned recreational vehicles. RV parks are primarily intended to host recreational vehicles. The camping and caravanning are further divided by state or national park campgrounds, privately owned campgrounds, public or privately owned land other than a campground, backcountry, national forest or wilderness area, parking lots, and other destination types. These are used by males, females, and kids. The camping and caravanning market covered in this report is segmented – 1) By Type: RV (Recreational Vehicle) Parks And Campgrounds, Recreational And Vacation Camps 2) By Destination Type: State or National Park Campgrounds, Privately Owned Campgrounds, Public or Privately Owned Land Other Than a Campground, Backcountry, National Forest or Wilderness Areas, Parking Lots, Other Destination Types 3) By Consumer Orientation: Male, Female, Kids The camping and caravanning market size has grown strongly in recent years. It will grow from $69.3 billion in 2023 to $72.82 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to cheaper alternatives to traditional vacations, a rise in disposable income, rapid technological advances, an aging population, and early retirement. The camping and caravanning market size is expected to see strong growth in the next few years. It will grow to $92.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to millennial campers, rising participation in outdoor activities, rising spending on leisure, and government initiatives. Major trends in the forecast period include eco-friendly camping, public-private partnerships for campgrounds, campgrounds and RV parks offering Wi-Fi facilities, increased demand for glamping, green camping, collaborations for wider marketing and advertising, innovation in camping equipment design, rise in basic camping, adapting to regional preferences.

The Millennial Influence Is Fueling Growth In The Camping And Caravanning Market

The Millennial population is driving the camping and caravanning market. Millennials, known as Generation Y, are young adults born between 1980 and 2004. According to the World Youth and Student Travel Confederation report for 2023, the number of young people is expected to continue growing to over 1.3 billion until 2040. This trend is expected to continue in the forecast period, driving the camping and caravanning market.

The Surge In Outdoor Sports Activities Fuels Market Growth

Increasing numbers of outdoor sports activities are expected to propel the growth of the camping and caravanning market going forward. Outdoor sport refers to the sporting activities or physical exercise that take place outdoors and includes the ancillary facilities required for such activities, such as sports fields, skateboard parks, paths, and outdoor equipment. Camping and caravanning provide a comfortable and convenient base for outdoor sports enthusiasts, allowing them to explore remote areas and enjoy their activities for longer periods. For instance, in June 2023, according to the Outdoor Industry Association, a US-based membership organization, the outdoor participant base increased by 2.3% in 2022 to a record 168.1 million participants, compared to 164.2 million in 2021. Therefore, the increasing number of outdoor sports activities is driving the growth of the camping and caravanning market. Major companies operating in the camping and caravanning market report are Bourne Leisure Holdings Limited, Sun Communities, Equity Lifestyle Properties, Parkdean Holidays Limited, Kampgrounds Of America, Inc., European Camping Group, Jellystone Park, Discovery Parks Private Limited, Normandy Farms, Siblu, Campervan Camps and Holidays India Limited, Trippy Wheels, Green Dot Expeditions, Camp Stays, Family Park, Top Parks, Japan Campers, BTG Group, Camping Grabe GmbH & Co. KG, Camping Caravaning Cote de Beaute, Camping La Grande Tortue, Camping Cap à la Roche, Ellevacanze, Alaskan Anglers RV Park, Duncans Mills camping club, The Golden Nugget RV Park, Camping Pod Lasem, ReserveAmerica, Palomino RV, Koa, Zion River Resort, Fallen Rock RV Parke & Campground, Camping Flamboyant, Prefab Caravan, Banyan Tree Al Wadi, Glamp-Inn, Easycamp, Koppisol Holiday Resort, Elangeni Holiday Resort, Mbizi Game Lodge & Spa, Green Fountain Caravan Resort, George Country Resort, Keurbooms Lagoon Caravan Park, Queensburgh Caravan Park, Victoria Bay Caravan Park

Impact Of COVID-19 On The Camping And Caravanning Market

The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the camping and caravanning market in 2020 as governments globally imposed restrictions on domestic and international travel, limiting the need for services offered by these establishments. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has 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 lockdown. The outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the camping and caravanning market will recover from the shock over the forecast period as it is a ‘black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Growing Trend Of Eco-Friendly Camping

Growing awareness of sustainable living is encouraging campers to practice environmentally friendly camping. These include using reusable utensils and cutlery, natural mosquito repellents, solar lamps and chargers, refillable water bottles, eco-friendly sleeping bags, tents, and other camping equipment. For instance, the Big Island of Hawaii is a popular eco-friendly farm promoting sustainable living.

Recreational Equipment Inc. And Airstream Inc. Collaborated To Launch A New Line Of Caravans And Recreational Vehicle (RVS)

In July 2022, Recreational Equipment Inc., a US-based outdoor recreation services company, collaborated with Airstream Inc. to launch a line of caravans and RVs called the Basecamp. The new model offers more space, upgraded features, and endless adventure opportunities. The launch of the REI Co-op Special Edition Basecamp 20X is part of the broader strategy of both REI Co-op and Airstream to provide outdoor enthusiasts with high-quality, sustainable, and innovative products that enhance their outdoor experiences. Airstream Inc. is a US-based recreational vehicle manufacturing company that specializes in aluminum trailers and touring coaches. North America was the largest region in the camping and caravanning market in 2023. Western Europe was the second largest region in the camping and caravanning market. The regions covered in the camping and caravanning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the camping and caravanning market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa The camping and caravanning market includes revenues earned by entities by operating sites to accommodate campers and their equipment, including tents, tent trailers, travel trailers, and RVs (recreational vehicles). These establishments may provide access to facilities, such as washrooms, laundry rooms, recreation halls, playgrounds, stores, and snack bars. This camping and caravanning industry comprises establishments primarily engaged in operating overnight recreational camps, such as children's camps, family vacation camps, hunting and fishing camps, and outdoor adventure retreats, that offer trail riding, white water rafting, hiking, and similar activities. These establishments provide accommodation facilities, such as cabins and fixed campsites, and other amenities, such as food services, recreational facilities and equipment, and organized recreational activities. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The camping and caravanning market research report is one of a series of new reports from The Business Research Company that provides camping and caravanning market statistics, including camping and caravanning industry global market size, regional shares, competitors with a camping and caravanning market share, detailed camping and caravanning market segments, market trends and opportunities, and any further data you may need to thrive in the camping and caravanning industry. This camping and caravanning market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.