Hospitality Industry In Maldives Market Size

Market Size of Hospitality Industry In Maldives

Hospitality Industry In Maldives Summary

Study Period	2020 - 2029
Base Year For Estimation	2023
Market Size (2024)	USD 609.17 Million
Market Size (2029)	USD 943.94 Million
CAGR (2024 - 2029)	9.15 %
Market Concentration	Medium
Major Players *Disclaimer: Major Players sorted in no particular order

Maldives Hospitality Market Analysis

The Hospitality Industry In Maldives Market size is estimated at USD 609.17 million in 2024, and is expected to reach USD 943.94 million by 2029, growing at a CAGR of 9.15% during the forecast period (2024-2029).

The hospitality industry in the Maldives has been developing on 'One Island, One Resort' and has become the best yielding market in Asia. With a greater number of the scheduled opening of new resorts and guesthouses with almost 2,000 new rooms/keys addition, the hospitality industry in the islands is attracting more investors. The supportive government policies in the hospitality industry in the Maldives has become one of the pillars of economic growth. With strong Tourism which is the largest sector which consists of almost 25% of the total Gross Domestic Product (GDP), the hospitality industry is gaining more significance.

Maldives Hospitality Industry Segmentation

"The hospitality industry is a broad category of fields within the service industry that includes lodging, food and beverage service, event planning, theme parks, travel agency, tourism, hotels, restaurants, and bars.

The hospitality industry in the Maldives is segmented by type and by segment. By type, the market is sub-segmented into chain hotels and independent hotels, and by segment, the market is sub-segmented into resorts/marinas, guesthouses, safari vessels, and hotels. The report offers market size and forecasts for the hospitality industry in the Maldives in value (USD) for all the above segments.

By Type
		Chain Hotels
		Independent Hotels

By Segment
		Resorts/Marinas
		Guesthouses
		Hotels

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Hospitality Industry In Maldives Size Summary

The Maldives hospitality industry is experiencing significant growth, driven by its unique 'One Island, One Resort' model, which has positioned it as a leading market in Asia. This growth is supported by the government's favorable policies and the sector's contribution to the national economy, particularly through tourism, which is a major component of the country's GDP. The industry is seeing an influx of investment, with numerous new resorts and guesthouses being established, adding thousands of new rooms to accommodate the increasing number of international visitors. The Maldives continues to attract a diverse range of tourists, with a notable rise in visitors from Europe, while maintaining a strong presence of international hotel brands and independent resorts.

The hospitality landscape in the Maldives is diverse, featuring over a thousand accommodation options, including luxury resorts, guesthouses, and safari vessels. The guesthouse segment offers a more affordable alternative for budget-conscious travelers, allowing them to experience the local culture and natural beauty. The industry is open to 100% foreign direct investment, attracting major global players such as Marriott International, Hilton Worldwide, and Hyatt Hotels Corporation. Recent developments include the launch of new lifestyle brands and the acquisition of luxury properties, further enhancing the Maldives' appeal as a premier tourist destination.

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