(Entertainment-NewsWire.com, July 02, 2018 ) The hospitality industry covers lodging and dining services. It comprises businesses that provide customers with lodging, prepared meals, snacks and beverages for immediate consumption. It includes both accommodation and food service establishments as these two activities are often combined at the same establishment.
The reason for the valuation of hospitality industry at almost $6 trillion in 2017 is economic growth in developed nations and technological development.
Asia Pacific was the largest region in the hospitality market in 2017, accounting for almost half of the market share. This is due to high demand for food and beverage services, hotel and motels in countries such as China, Japan and India.
The hospitality industry is split into segments: food and beverage services and non-residential accommodation services.
China was the largest country in market in 2017, accounting for close to one-fourth of the market share.
Compass Group PLC was the largest competitor in the market, followed by McDonald's and Starbucks Corporation. Compass Group PLC provides contract foodservice, cleaning, and property management and support services. The company is headquartered in Chertsey, Surrey, UK and has operations in over 50 countries.
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