Thailand Hospitality Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.42 Billion |
| Market Size (2029) | USD 1.87 Billion |
| CAGR (2024 - 2029) | 5.67 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Thailand Hospitality Market Analysis
The Hospitality Industry In Thailand Market size is estimated at USD 1.42 billion in 2024, and is expected to reach USD 1.87 billion by 2029, growing at a CAGR of 5.67% during the forecast period (2024-2029).
Driven by its vibrant tourism industry, Thai hospitality is significant in its economy. Thailand's picturesque beaches, rich cultural heritage, and bustling urban centers entice millions of visitors annually. The market boasts diverse accommodations, from budget-friendly hostels and boutique hotels to opulent resorts. Alongside its lodging options, Thailand offers extensive culinary delights, entertainment avenues, and wellness activities, cementing its allure as a traveler's paradise. However, like other tourism-centric economies, Thailand's hospitality sector faces vulnerabilities, including global economic fluctuations, natural calamities, and health crises like the recent COVID-19 pandemic. Yet, undeterred by these challenges, Thailand's hospitality industry perseveres, showcasing its resilience and adaptability and emerging as a regional leader.
Thailand's hotel industry is keenly attuned to evolving consumer preferences and global trends. The sector now pivots toward sustainable tourism, emphasizing eco-friendly initiatives and wellness offerings. For instance, Six Senses Yao Noi in Phuket champions sustainability through eco-friendly measures and a strong emphasis on nature. Additionally, Thai hotels are embracing technology, rolling out digital solutions like contactless check-ins, mobile room keys, and virtual concierge services. These tech-driven enhancements cater to the evolving expectations of modern-day travelers.
The Thai hospitality industry is poised for further expansion, buoyed by a rising influx of domestic and international young travelers. A pivotal factor propelling this sector's growth is the heightened attention from the Thai government toward bolstering tourism. Notably, Thailand ranks ninth among the world's most visited countries. Key performance indicators for hotels revolve around visitor revenue and tourism-related earnings. The surge in hotel projects is a prominent catalyst propelling the market's momentum.
Thailand Hospitality Market Trends
Thailand's Tourism Sector Surges, Aiding Economic Recovery
According to the Ministry of Tourism and Sports, Thailand witnessed a surge in foreign tourist arrivals, crossing 27 million last year. In the previous year, Malaysia was the primary source market for tourists to Thailand, trailed by China, Singapore, and India. With a target of 36 million foreign visitors this year, the Thai government is increasing efforts to improve the nation's tourism infrastructure and promote it as a safe and attractive destination. The resurgence of Thailand's tourism sector bodes well for its economy and underscores its pivotal role in driving revenue and growth of hospitality and other domains. This growth trajectory is projected to persist in the coming years. The Thai government is proactively promoting the country as a hub for medical, MICE (meetings, incentives, conferences, and exhibitions), and green tourism.
Also, introducing new airline routes and increased flight frequencies to Thailand have bolstered foreign arrivals. Thailand's vibrant tourism and hospitality sector has increasingly become a linchpin of its economy. This year, international arrivals surpassed expectations, directly translating into a boost in the country's GDP.
Hotel Construction Project Pipeline is Anticipated to Meet the Increasing Demand in the Hospitality Industry
Thailand's hotel construction pipeline is set to match the surging demand in the country, bolstered by its thriving tourism industry. This sector has emerged as a key player in Thailand's economy, driving growth in hospitality and compensating for sluggishness in other sectors. The hospitality offerings, ranging from basic amenities to upscale options, consistently garner praise for their service quality. Moreover, compared to developed nations, Thailand's relatively affordable prices grant tourists wider access to high-end experiences in the hospitality sector. Last year, Thailand saw 155 hotel construction projects, totaling 37,955 rooms in the fourth quarter. Bangkok leads the pack in hotel construction, closely trailed by Phuket. Notably, Radisson Hotel Group aims to expand its Thai portfolio to 100 hotels and resorts by next year. Marriott International, on the other hand, plans to augment its hotel count in Thailand by 10, spanning various categories, by year-end.
Thailand Hospitality Industry Overview
The Thai hospitality industry is fragmented and combines international and domestic brands and chain hotels. The industry's majority of the hotels/chains are independent or homegrown brand chains. The brand penetration rate is also growing, increasing Thailand's domestic and international tourist activities. Accor SA, InterContinental Hotels Group, Centara Hotels, Radisson Hotel Group, Hyatt, and Marriott International, Inc. are a few of the leading companies in the industry.
Thailand Hospitality Market Leaders
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Centara Hotels
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Accor SA聽
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InterContinental Hotels Group
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Marriott International, Inc聽
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Hyatt
*Disclaimer: Major Players sorted in no particular order
Thailand Hospitality Market News
- November 2023: IHG Hotels & Resorts expanded its collaboration with Dinso Resort Co. Ltd. The 166-room Dinso Resort & Villas Koh Chang, Vignette Collection is set to open in 2024, joining Dinso Resort & Villas Phuket, Vignette Collection and Sindhorn Midtown Bangkok, Vignette Collection as part of IHG's initial collection brand in Thailand.
- September 2023: Marriott International launched its 50th hotel in Thailand, the Madi Paidi Bangkok, Autograph Collection, a boutique hotel with 56 rooms and suites in Bangkok's Thong Lor area.
Hospitality Industry In Thailand 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
4.1 Market Drivers
4.1.1 Government Initiatives to Attract Tourism
4.1.2 Growth in Tourism is Driving the Market
4.2 Market Restraints
4.2.1 Sustainability and Competition Threaten Industry Success
4.2.2 Lack Of Skilled Labour Is A Challenge For The Market
4.3 Market Opportunities
4.3.1 Online Marketing can be Leveraged to Expand the Customer Base
4.3.2 Opportunity To Develop And Establish Luxury Hotels And Boutique Properties
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
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 Shared Living Spaces Impact on the Hospitality Industry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Chain Hotels
5.1.2 Independent Hotels
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
6.2 Company Profiles
6.2.1 Accor SA
6.2.2 Marriott International
6.2.3 InterContnental Hotel Group
6.2.4 Centara Hotels
6.2.5 Hyatt Hotels & Resorts
6.2.6 Radisson Hotel Group
6.2.7 Eastin Grand Hotel
6.2.8 Cape & Kantary Hotels
6.2.9 Compass Hospitality
6.2.10 Dusit Hotels & Resorts
6.2.11 Centre Point Hospitality
6.2.12 Imperial Hotels & Resorts*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER AND ABOUT US
Thailand Hospitality Industry Segmentation
Hospitality refers to the dynamic between a host and a guest, wherein the host extends goodwill by welcoming and entertaining guests, visitors, or even strangers. The report covers a complete background analysis of Thailand's hospitality industry, including an assessment of the industry associations, the overall economy, emerging market trends by segments, significant changes in the market dynamics, and a market overview.
The Thai hospitality industry is segmented by type and segment. By type, the market is segmented as chain hotels and independent hotels. By segment, it is divided into service apartments, budget and economy hotels, mid- and upper mid-scale hotels, and luxury hotels. The market sizes and forecasts regarding value (USD) for all the above segments are provided.
| 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 Thailand Market Research Faqs
How big is the Hospitality Industry In Thailand Market?
The Hospitality Industry In Thailand Market size is expected to reach USD 1.42 billion in 2024 and grow at a CAGR of 5.67% to reach USD 1.87 billion by 2029.
What is the current Hospitality Industry In Thailand Market size?
In 2024, the Hospitality Industry In Thailand Market size is expected to reach USD 1.42 billion.
Who are the key players in Hospitality Industry In Thailand Market?
Centara Hotels, Accor SA, InterContinental Hotels Group, Marriott International, Inc and Hyatt are the major companies operating in the Hospitality Industry In Thailand Market.
What years does this Hospitality Industry In Thailand Market cover, and what was the market size in 2023?
In 2023, the Hospitality Industry In Thailand Market size was estimated at USD 1.34 billion. The report covers the Hospitality Industry In Thailand Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Hospitality Industry In Thailand Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hospitality Industry In Thailand Industry Report
Statistics for the 2024 Thailand Hospitality market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Thailand Hospitality analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
