Mexico Hospitality Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 22.96 Billion |
| Market Size (2029) | USD 30.12 Billion |
| CAGR (2024 - 2029) | 5.57 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Hospitality Market Analysis
The Hospitality Industry In Mexico Market size is estimated at USD 22.96 billion in 2024, and is expected to reach USD 30.12 billion by 2029, growing at a CAGR of 5.57% during the forecast period (2024-2029).
The rise in the number of tourists entering the country for vacation and business travels supports the growth of the hospitality market in Mexico. The demand for hospitality services in Mexico increased due to factors such as growth of GDP, rising employment rates, increasing disposable income, and changes in consumer spending. Since there is considerable encouragement for travel and tourism in Mexico, it contributes toward the growth of the country's hospitality sector.
The critical factor in the expansion of the Mexican hospitality industry is the rise in marketing and promotion of tourism. The Mexican government and tourism boards actively engage in various programs and strategies to promote tourism. Thus, due to the strong advertisement and marketing-supported growth of the hospitality industry in Mexico.
The Mexican government and the tourist sector are investing a lot to make all the tourist spots attractive. The Mexican tourism industry has continuously worked to grow the hotel industry. By inviting all the largest hotel companies to the country in the past few years, the hospitality industry in Mexico shifted to the next level.
Mexico Hospitality Market Trends
Rising Number of Tourists In Mexico are Driving the Market
Social media has influenced the growth of the tourism industry in Mexico. Travel brands use social media to build relationships, foster loyalty, and offer virtual tours and experiences. The features provided by social commerce allow users to book flights, hotels, and activities through the online platform according to their travel plans. Hence, these features provided by the social platforms contribute to the tourism sector's growth in Mexico.
Increased Hotel Occupancy In Mexico
The Secretary of Tourism, Miguel Torruco Marqués, announced that the percentage of hotel occupancy for January-July was 55.5% in 70 selected tourist destinations. The hotel industry in Mexico plays a vital role in the nation’s economy, contributing significantly to its GDP and providing extensive employment opportunities. The sector comprises various accommodations, from luxury resorts to budget-friendly hotels catering for domestic and international travelers.
With its strong cultural heritage, beautiful landscapes, and diverse attractions, Mexico has become a favored destination for tourists worldwide. The country’s vibrant cities, pristine beaches, historical sites, and culinary delights attract a wide array of tourists, driving the demand for accommodations and fueling the growth of the hotel industry.
Mexico Hospitality Industry Overview
The hospitality market in Mexico is fragmented. Despite the robust presence of international chains, the hospitality sector in Mexico is predominantly influenced by local entities. The country features a rich array of approximately 180 brands, encompassing both international and domestic names. Grupo Posadas stands out as the industry leader, with an expansive portfolio of over 140 hotels across Mexico's diverse regions. The major players dominating the market are Grupo Posadas, InterContinental Hotels Group, Marriott International, Cityexpress Hoteles, and Grupo Real Turismo.
Mexico Hospitality Market Leaders
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Grupo Posadas
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InterContinental Hotels Group
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Marriott International
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Cityexpress Hoteles
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Grupo Real Turismo
*Disclaimer: Major Players sorted in no particular order
Mexico Hospitality Market News
- September 2023: IHG Hotels & Resorts, a prominent player in cloud-based solutions and a major player in the global hotel industry, unveiled an enhanced digital booking platform. Harnessing the capabilities of cloud technology, IHG is revolutionizing the hospitality landscape, offering guests a more streamlined, user-friendly, and expeditious booking process with added options for personalization.
- November 2022: Marriott International announced the expansion of its luxury portfolio in Mexico through multi-brand, all-inclusive signing agreements with the international developer AB Living Group.
Hospitality Industry in Mexico Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions & Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Growth In The Tourist Attractions Driving The Market
- 4.1.2 Increased Investments In hotels, Restaurants And Cafes Drives The Market
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4.2 Market Restraints
- 4.2.1 Changing Consumer Preferences And Demands
- 4.2.2 Digital Skills Gap
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4.3 Market Opportunities
- 4.3.1 Rise In Consumer Preferences For Luxury Hotels And Stays
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Impact of COVID-19 on the market
- 4.6 Insights on Revenue Flows from Accommodation and Food and Beverage Sectors
- 4.7 Insights on leading Cities in the Mexico with respect to number of visitors
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Chain Hotels
- 5.1.2 Independent Hotels
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5.2 By Segment
- 5.2.1 Service Apartments
- 5.2.2 Budget and Economy Hotels
- 5.2.3 Mid and Upper mid scale Hotels
- 5.2.4 Luxury Hotels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Grupo Posadas
- 6.2.2 InterContinental Hotels Group
- 6.2.3 Marriott International
- 6.2.4 Cityexpress Hoteles
- 6.2.5 Grupo Real Turismo
- 6.2.6 AIM Resorts
- 6.2.7 RIU Hotels & Resorts
- 6.2.8 Grupo Real Turismo
- 6.2.9 Palace Resorts
- 6.2.10 Hoteles Mision*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityMexico Hospitality Industry Segmentation
Hospitality is the practice of welcoming travelers or providing a place to stay. The hospitality and tourism industry encompasses all economic activities that contribute directly or indirectly to or depend on, such as travel and tourism.
The hospitality industry in Mexico is segmented into types and segments. By type, the market is segmented into chain hotels and independent hotels. The market is segmented into service apartments, budget and economy hotels, mid- and upper-mid-scale hotels, and luxury hotels. The report offers market size and forecasts for the hospitality market in Mexico in terms of values (USD) for all the above segments.
| By Type | Chain Hotels |
| Independent Hotels | |
| By Segment | Service Apartments |
| Budget and Economy Hotels | |
| Mid and Upper mid scale Hotels | |
| Luxury Hotels |
Hospitality Industry in Mexico Market Research Faqs
How big is the Hospitality Industry In Mexico Market?
The Hospitality Industry In Mexico Market size is expected to reach USD 22.96 billion in 2024 and grow at a CAGR of 5.57% to reach USD 30.12 billion by 2029.
What is the current Hospitality Industry In Mexico Market size?
In 2024, the Hospitality Industry In Mexico Market size is expected to reach USD 22.96 billion.
Who are the key players in Hospitality Industry In Mexico Market?
Grupo Posadas, InterContinental Hotels Group, Marriott International, Cityexpress Hoteles and Grupo Real Turismo are the major companies operating in the Hospitality Industry In Mexico Market.
What years does this Hospitality Industry In Mexico Market cover, and what was the market size in 2023?
In 2023, the Hospitality Industry In Mexico Market size was estimated at USD 21.68 billion. The report covers the Hospitality Industry In Mexico Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Hospitality Industry In Mexico Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hospitality Industry in Mexico Industry Report
Statistics for the 2024 Hospitality Industry in Mexico market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hospitality Industry in Mexico analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
