According to the research report titled ‘Global Hospitality Market Size study with COVID-19 Impact, by Type (Food and Beverage Services, Non-Residential Accommodation services) and Regional Forecasts 2020-2026’, available with Market Study Report, global hospitality market is expected to grow substantially during 2020-2026.
 

Booming tourism sector majorly drives the growth of global hospitality market. Rising trend of travelling to places among the younger generation is also propelling the market growth. Further, increasing number of international departures along with ease of travel are contributing to the market outlook.
 

Notably, hospitality industry provides a wide range of services including food & drinks and lodging to the customers.  Verticals like theme parks, cruise lines, event planning, and similar also fall under hospitality sector.
 

According to World Travel & Tourism Council, tourism industry generated revenues worth USD 8.9 trillion in the year 2019, which accounted for 10.3% of global GDP. It further reports that visitor exports worth USD 1.7 trillion were recorded in the same year, 28.3% of which were global services exports. Appealing promotions & offers by several travel organizations like World Tourism Organization and increasing investments towards development of luxury hotels and amenities are positively impacting the growth of on global hospitality market.
 

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However, the outbreak of COVID-19 has majorly disrupted the tourism industry. Enforcement of temporary lockdowns and travel restrictions owing to rising prevalence of the disease has resulted in shutdown of majority of tourists places worldwide.
 

As per World Tourism Organization, travel restrictions had been imposed on 96% of worldwide destinations due to the COVID-19 pandemic as of 6 April 2020, of which 90 tourist destinations are either partially or completely closed for travelers. Additionally, the restrictions on tourist places and travel have largely reduced the number of check-in and bookings in hotels, thereby negatively influencing the hospitality market outlook. Other factors like political unrests and natural calamities are likely to hinder the market growth during 2020-2026.
 

From a regional perspective, global hospitality market is segmented into Europe, Latin America, North America, Asia Pacific, and Rest of the World. The report cites that North America holds significant market share and is poised to register similar growth in the ensuing years, credited to the presence of large number of hotels with advanced amenities in the region.
 

Meanwhile, Asia Pacific hospitality market is projected to grow substantially over the study duration owing to changing lifestyle, surging travel & accommodation needs, and increasing disposable income.
 

Major players in global hospitality market are Elior Group S.A., Chick-fil-A, Hilton Worldwide Holding Inc., McDonald's Corporation, Aramark Corporation, Sodexo, Subway, Starbucks Coffee, Marriott International Inc., and Compass Group PLC among others.