Market Size of Morocco Hospitality Industry
|2020 - 2029
|Base Year For Estimation
|Market Size (2024)
|USD 0.81 Billion
|Market Size (2029)
|USD 1.12 Billion
|CAGR (2024 - 2029)
*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 0.81 billion in 2024 to USD 1.12 billion by 2029, at a CAGR of 6.72% during the forecast period (2024-2029).
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.