Morocco Hospitality Market Size
|Study Period||2018- 2028|
|Base Year For Estimation||2022|
|Market Size (2023)||USD 0.76 Billion|
|Market Size (2028)||USD 1.05 Billion|
|CAGR (2023 - 2028)||6.72 %|
*Disclaimer: Major Players sorted in no particular order
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Morocco Hospitality Market Analysis
The Morocco Hospitality Industry is expected to grow from USD 0.76 billion in 2023 to USD 1.05 billion by 2028, at a CAGR of 6.72% during the forecast period (2023-2028).
The Morocco Hospitality Market size is expected to grow from USD 0.76 billion in 2023 to USD 1.05 billion by 2028, at a CAGR of 6.72% during the forecast period (2023-2028).
In 2020, when COVID-19 broke out for the first time, it caused a chain reaction that affected many people and had a big effect on some market segments. Due to the COVID-19 outbreak, Morocco had to reopen its borders to business travel on February 7, 2022. On April 8, 2022, the Moroccan government also made it possible for ferries to run across its sea borders. All visitors from China, regardless of their nationality, are currently prohibited from entering Morocco. For those who left China seven days prior to arriving in Morocco, this ban does not apply.
The increasing number of tourist arrivals to Morocco since 2016 made the tourism industry in the country the second-highest contributor to the country's GDP. The country has also registered a growing number of three-, four-, and five-star accommodation units. W Hospitality Group, in its 11th annual survey, ranked Morocco in the top five among the top countries that have a high number of hotel construction projects in the pipeline.
With the ranking given by Forbes magazine as the country with the second-largest number of highest-rated vacation properties in the Middle East and North Africa (MENA) region, the country has been attracting more tourists and has become one of the sources of generating foreign currency. Several big international brands are growing in Morocco and putting a lot of effort into making their brands and chains grow quickly there.
Morocco Hospitality Market Trends
Rising Tourist Arrivals to Morocco is Driving the Market
The successful implementation of policies proposed by the government as a part of Vision 2020, which recorded 20 million tourist arrivals in 2020 and developed the tourism sector to become one of the top 20 destinations in the world, resulted in the growing number of tourists visiting Morocco.
The GDP share of Morocco's tourist industry is expected to fall in the years 2026, 2027, and 2028, despite long-term projections for an increase of 2.7 percentage points between 2023 and 2028. In 2028, the share is projected to be 11.86 percent. Although a large growth in the share is anticipated over the next few years, this increase will now be slower.
In total, 4.4 million more arrivals (+85.11 percent) of foreign tourists are expected to arrive in Morocco between 2023 and 2028, according to predictions. In 2028, there will likely be 9.56 million arrivals, according to estimates. The number of foreign visitors arriving is shown. This, according to the World Bank, is when travelers visit a nation that is not their regular abode, with the primary goal being leisure rather than business and the anticipated visitation length not exceeding a year.
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Morocco is Attracting more Investments even with Dynamic Key Performance Indicators Values
Despite the dynamic occupancy rate and average room revenue that Morocco has been registering, the country has more than 36 hotel construction projects in the pipeline that are aiming to be open until or before 2024 and are going to add more than 6,300 rooms to the supply that the country currently holds. Many tourists are turning away from conventional tourism and toward more genuine local experiences.
They are putting more of an emphasis on getting to know the local people and their cultures, which is one of the most important parts of the hospitality business in Morocco. Instead of purchasing souvenirs, these tourists choose to purchase local goods and go on adventurous journeys using public transportation. Dinner at a restaurant that serves zero-kilometer food, including locally sourced, low-impact core components like meat, cheese, and honey, is another option. Since travelers are becoming more aware of how their trips affect the environment, this new kind of tourism is likely to become more popular, which will help the market grow over the next few years. Though the overall key indicates that Morocco is recording dynamic values, the key cities are recording a growing number of percentages and are attracting investments.
Morocco Hospitality Industry Overview
The hospitality industry in Morocco is a combination of domestic independent hotels and international hotels and their brand chains. The international brands are strategically located yet mostly restricted to the top cities, whereas the domestic independent hotels are widely spread throughout the country. Some major players are Accor SA, Louvre Hotels Group, Wyndham Hotels and Resorts, Kenzi Hotel Group, and Marriott International, Inc.
Morocco Hospitality Market Leaders
Louvre Hotels Group
Wyndham Hotels and Resorts
Kenzi Hotel Group
Marriott International, Inc.
*Disclaimer: Major Players sorted in no particular order
Morocco Hospitality Market News
- December 2022: The launch of Conrad Rabat Arzana, the brand's first establishment in Morocco, was announced by Hilton. The modern architecture and design of the 120-room hotel give guests a new take on modern hospitality, fine dining, and personalized service. The hotel's ideal location near the city's cultural hub, north of Harhoura, provides easy access to a variety of tourist destinations, including the Mausoleum Med V, Old Medina, Moorish Gardens, and the Zoo of Rabat.
- October 2022: In order to build the new Fairmont Tazi Palace Tangier in the northern region of Morocco, Katara Hospitality, a hotel owner, developer, and operator with headquarters in Qatar, strengthens its cooperation with Accor. Accor manages 41 properties (6,215 keys) in Morocco, and there are another 4 properties (768 keys) in the works.
Morocco Hospitality Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Insights of Technology Innovations in the Market
4.6 Insights on Government Regulations and Industry Policies
4.7 Impact of COVID-19 on the Market
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. COMPETITVE INTELLIGENCE
6.1 Market Concentration
6.2 Company Profiles
6.2.1 Accor SA
6.2.2 Louvre Hotels Group
6.2.3 Wyndham Hotels and Resorts
6.2.4 Kenzi Hotel Group
6.2.5 Marriott International, Inc.
6.2.6 Melia Hotels International
6.2.7 Onomo Hotels
6.2.8 Radisson Hotel Group
6.2.9 Rotana Hotels & Resorts
6.2.10 Hyatt Hotels Corporation*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Morocco Hospitality Market Research FAQs
How big is the Morocco Hospitality Market?
The Morocco Hospitality Market size is expected to reach USD 0.76 billion in 2023 and grow at a CAGR of 6.72% to reach USD 1.05 billion by 2028.
What is the current Morocco Hospitality Market size?
In 2023, the Morocco Hospitality Market size is expected to reach USD 0.76 billion.
Who are the key players in Morocco Hospitality Market?
Accor SA, Louvre Hotels Group, Wyndham Hotels and Resorts, Kenzi Hotel Group and Marriott International, Inc. are the major companies operating in the Morocco Hospitality Market.
Morocco Hospitality Industry Report
Statistics for the 2023 Morocco Hospitality market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Morocco Hospitality analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.