Mexico Hospitality Market Size By Ownership (Chained, Standalone), By Type (Non-Residential Accommodation Services, Food and Beverages Services), And Forecast
Mexico Hospitality Market Size By Ownership (Chained, Standalone), By Type (Non-Residential Accommodation Services, Food and Beverages Services), And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Mexico Hospitality Market size was valued at USD 34.97 Billion in 2024 and is projected to reach USD 58.48 Billion by 2031, growing at a CAGR of 6.64% from 2024 to 2031.
The rise of the hospitality industry in Mexico has been influenced by both the number of foreign tourists coming to the country for vacations and domestic business travel. Additionally, the marketing and promotion of tourism is a key factor in the expansion of the Mexican hospitality industry. The Mexico Hospitality Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Mexico Hospitality Market Definition
Think of hospitality as the connection between a host and a visitor – it's about more than just offering services and fun. It's about a host welcoming someone and building a relationship based on goodwill. Unlike many businesses, the hospitality industry includes pretty much anyone focused on keeping customers happy and caters to our fun needs, not just the essentials. Because it's so diverse, there are key things to know. From lodging and event planning to theme parks, travel, and cruise lines, the hospitality industry is a huge part of the service world, touching lots of pieces of the tourism puzzle.
A hospitality unit, such as a restaurant, hotel, or amusement park, is made up of units like facilities maintenance and direct operations (servers, housekeepers, porters, kitchen staff, bartenders, management, marketing, and human resources, among others). Leisure time, disposable cash, and total satisfaction among guests are all essential for the hospitality sector to function. Food and beverages, Travel and Tourism, lodging, and recreation are the four subsectors that make up the hospitality industry.
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Mexico Hospitality Market Overview
The rise of the hospitality industry in Mexico has been influenced by both the number of foreign tourists coming to the country for vacations and domestic business travel. The economic condition of the nation has a big impact on the hospitality sector. Variables including GDP growth, employment rates, disposable income, and consumer spending patterns have a direct impact on the demand for lodging and tourism-related services. More travel and tourism are encouraged by a strong and stable economy, boosting the hospitality sector.
Additionally, the marketing and promotion of tourism is a key factor in the expansion of the Mexican hospitality industry. To market Mexico as an attractive tourist destination, the Mexican government and tourism boards actively engage in a variety of programs and strategies. Marketing campaigns, joint ventures with travel companies, engagement at international trade exhibitions, and the use of Internet platforms all fall under this category. The expansion of the hospitality industry is fueled by effective advertising and marketing, which helps draw more local and foreign tourists.
Want to know how Mexico gets so many tourists? It's all about smart marketing! The Mexican government teams up with tourism boards and others in the industry to create marketing campaigns that really show off what makes Mexico special – its unique attractions, rich culture, and the sheer variety of things to do. They target specific groups like adventure seekers, beach bums, or those who love diving into different cultures. The ads are all about Mexico's beautiful landscapes, ancient ruins, bustling cities, amazing food, and, of course, its welcoming people – really playing up what makes Mexico, well, Mexico! And guess what? It's working! According to the Mexican Secretary of Tourism, hotel occupancy was way up in the first three months of 2023. DataTur says occupancy in 70 centers hit 60.5%, a 9.5% jump from 2022. We're talking an average of 142,685 rooms booked at beach resorts compared to 124,300 the year before - that's a 14.8% boost! City hotels also saw a big jump, with 114,311 rooms filled, a whopping 24.8% increase compared to the first quarter of 2022.
Want to hit the beach? Mexico's got you covered! Positioned perfectly on both the Pacific and Caribbean coasts, it's a dream destination. But it's not just beaches – think stunning coasts, lush tropical rainforests, majestic mountains, and fascinating ancient ruins. It's this incredible mix of natural beauty and a rich cultural past that draws people in and keeps the hospitality industry buzzing. Did you know, in 2021, Mexico was the second-most visited country in the world? And with 34 UNESCO World Heritage Sites, over 100 quaint towns, and roughly 200 historically important spots, there's always something new to discover. Plus, with over 11,000 km of coastline, those beach getaways are a big reason why Mexico's hospitality scene is expected to keep thriving.
However, security and safety are important considerations for travelers. Crime, drug-related violence, or perceived insecurity in some parts of Mexico can discourage travelers from traveling there or shorten their stay. The hospitality industry may not expand as much as it could otherwise, especially in locations where security is a concern. In addition, poor infrastructure may hinder the development of the Mexican hotel industry. Visitors’ mobility and ability to travel about Mexico may be hampered by inadequate transportation infrastructure, poor road conditions, or a lack of reliable public transit.
Mexico Hospitality MarketSegmentation Analysis
The Mexico Hospitality Market is segmented into Ownership and Type.
Mexico Hospitality Market, By Ownership
To Get a Summarized Market Report By Ownership-
On the basis of Ownership, the market is divided into Chained and Standalone. In 2022, the standalone segment accounted largest market share of the Mexico Hospitality market.
Mexico Hospitality Market, By Type
To Get a Summarized Market Report By Type-
Based on the Type segment, the market is divided into Non-Residential Accommodation Services, Food and Beverages Services, and Others. In 2022, the Non-Residential Accommodation Services segment accounted largest market share of the Mexico Hospitality market.
Key Players
The major players in the market are Grupo Posadas, InterContinental Hotels Group, ATELIER de Hoteles, American Hotels Group, Acre Resort, Marriott International, Meliá Hotels International, NH Hotel Group, Grupo Vidanta, Aramark corporation, Compass Group plc, Wyndham Hotels & Resorts and amongst other major companies operating in the Mexico Hospitality Market. The competitive landscape section also includes a Mexico study of the above-mentioned competitors’ primary development strategies, market share, and market ranking.
Key Developments
In June 2023, Currently known as Gran Hotel Monterrey, this venerable Costa Brava establishment will reopen in 2024 under the Meliá Hotels & Resorts banner.
In December 2019, Marriott International acquired Elegant Hotels, a Barbados hotel chain with 7 properties.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
Â
BASE YEAR
2024
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2021-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Grupo Posadas, InterContinental Hotels Group, ATELIER de Hoteles, American Hotels Group, Acre Resort, Marriott International, Meliá Hotels International, NH Hotel Group, Grupo Vidanta, & Others
SEGMENTS COVERED
By Ownership
By Type
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