Market Size of Hospitality Industry In Argentina
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.35 Billion |
| Market Size (2029) | USD 3.87 Billion |
| CAGR (2024 - 2029) | 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hospitality Industry In Argentina Market Analysis
The Hospitality Industry In Argentina Market size is estimated at USD 3.35 billion in 2024, and is expected to reach USD 3.87 billion by 2029, growing at a CAGR of 3% during the forecast period (2024-2029).
The hospitality industry in Argentina is growing steadily, with international market leaders expanding their footprint in the region. It became the top tourist destination in South America. The tourism sector is one of the top five revenue generators in the country. With the increasing number of travelers to Argentina, the capital, Buenos Aires, has become an investor-attractive region. Most of the international leaders already have their presence in this region. International brands, like Wyndham and Marriott, are rapidly expanding in the region and introducing their brands one after another.
Specialized travel agencies, seniors-only hotels, as well as extended-stay hotels are just some examples of hospitality players positioning themselves for aging travelers. Argentina particularly targets this segment due to government subsidies and programs.
COVID-19 had a huge impact on the hospitality industry of Argentina. The inbound, outbound, and domestic tourism was severely impacted due to COVID-19. The contribution of hotels and restaurants towards the GDP of Argentina was recorded to be meagre. Post-COVID-19, the tourism sector of Argentina recorded huge growth, which in turn had a positive growth on the hospitality industry of Argentina.
