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 By Ownership (Chained, Standalone), By Type (Non-Residential Accommodation Services, Food and Beverages Services), And Forecast
Mexico Hospitality Market Size And Forecast
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
The relationship between a host and a visitor is referred to as the act of hospitality. In addition to dealing with issues like providing services and entertainment, the process also includes the host welcoming the visitor in exchange for some kind of goodwill. The hospitality industry, in contrast to many business areas, encompasses almost any organization that deals with customer satisfaction and is geared towards fulfilling leisurely requirements rather than basic ones. Some identifying characteristics are crucial to comprehend given the diverse nature of this sector. The hospitality industry, which encompasses a wide range of fields and is an essential part of the service sector, includes lodging, event planning, theme parks, travel, cruise lines, and other areas of the tourism industry.
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.
Comprehensive marketing strategies are one of the primary means by which Mexico encourages tourism. The Mexican government works with tourism boards and other industry participants to develop focused marketing campaigns that promote the nation’s distinctive tourist attractions, cultural legacy, and wide range of offerings. These commercials frequently aim to appeal to niche target audiences like adventure travelers, beach lovers, or cultural explorers. Mexico’s natural beauty, historical monuments, vibrant cities, gastronomic delights, and friendly people are highlighted in the marketing messages, which also highlight the nation’s distinctive selling characteristics. According to the Mexican government’s secretary of tourism, hotel occupancy in the 70 centers tracked by DataTur was 60.5% in the first quarter of 2023, representing 9.5 percentage points more than in 2022. During the same period at beach centers, an average of 142,685 occupied rooms were recorded, up from 124,300 in 2022, a 14.8% rise. Additionally, 114,311 rooms were occupied in city destinations, an increase of 24.8% from the first quarter of 2022.
Mexico is a popular travel destination for people visiting the beach due to its geographical placement on the Pacific and Caribbean seaboard. Beautiful coasts, tropical rainforests, mountains, and historic archaeological sites are just a few of the many landscapes that the nation has to offer. Mexico’s natural beauty and rich cultural legacy attract tourists and stimulate the hospitality industry. Mexico, for instance, was the second-most popular tourist destination in the world in 2021. The country is home to 34 UNESCO World Heritage Sites, more than 100 charming towns, and around 200 significant historical locations. More than 11,000 km of coastline provide for beach vacations, which is another factor that is anticipated to support the Mexico hospitality industry during the forecast period.
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
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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
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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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