Maldives Hospitality Market Size
| 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 Market Trends
The Growing Number of Tourists to the Maldives are Driving the Market
- The island nation, the Maldives, has been welcoming a growing number of visitors to the nation since 2010. The country welcomed more than 1.6 million international visitors in 2023, at a 13.9% year-on-year growth rate.
- According to the Ministry of Tourism, China constituted 6.3% of total international arrivals, followed by Germany, with 7.3% of the total share. Visitors from the United Kingdom, Italy, and India are on the rise, with 8.8%, 7.1%, and 11.9% year-on-year growth rates.
- Visitors from the European Union are on the rise and have been occupying the highest share since 2016. The decline in travelers from China made Asia lose its share. At the same time, the year-on-year increase in the number of visitors from Italy, Russia, and France citizens made European Union occupy first place.
The Guesthouse Segment is Dominating the Overall Industry
- There are more than 1000 accommodation establishments in the Maldives as of the first half of 2022 that can be categorized into resorts or marinas, hotels, guest houses, and safari vessels. The guesthouse segment occupies a high share of the total hospitality industry segment, with around 500 properties.
- The safari vessels and resorts occupy an equal share with around 150 properties each. In comparison to luxury resorts, guesthouses provide a more economical lodging choice. This allows budget-conscious visitors to appreciate the Maldives' natural beauty without breaking their wallets.
- Staying at guesthouses on nearby islands allows for cultural immersion. Travelers may learn about Maldivian culture, customs, and traditions, connect with friendly locals, and experience traditional Maldivian food.
Maldives Hospitality Industry Overview
The hospitality industry in Maldives combines international hotel brands that are expanded into the country and domestic chains and independently performing resorts. Maldives welcomes 100% foreign direct investment (FDI) in the Hospitality Industry and has been attracting a large number of investors in its territories. Some key players are Marriott International, Hilton Worldwide, InterContinental Hotels Group, AccorHotels, and Hyatt Hotels Corporation.
Maldives Hospitality Market Leaders
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Marriott International
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Hilton Worldwide
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InterContinental Hotels Group
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AccorHotels
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Hyatt Hotels Corporation
*Disclaimer: Major Players sorted in no particular order
Maldives Hospitality Market News
- May 2023: La Vie Hotels & Resorts, a leading independent hotel management company in the Asia Pacific region, officially announced the launch of its new lifestyle brand, NOOE, along with its first resort in the Maldives. NOOE aims to be a place where guests can experience great things, with lively lobbies, local-favorite restaurants, day-club-style pools, and gyms that inspire both work and relaxation. The resort features studios, suites, bungalows, and villas, all designed with balance in mind to promote creativity, rest, and relaxation.
- April 2022: Outrigger Hospitality Group announced the acquisition of the freshly refurbished five-star Maafushivaru Resort in the Maldives, adding yet another outstanding beach property to its growing worldwide portfolio. The luxurious resort will be dubbed Outrigger Maldives Maafushivaru Resort and will be located on a private island in the beautiful South Ari Atoll region, a 25-minute seaplane journey from Malé, providing guests with convenient access and views.
Maldives Hospitality Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Dynamics
4.3 Drivers
4.3.1 Diversification of Tourism Products
4.3.2 Government Support and Infrastructure Development
4.4 Restraints
4.4.1 High Dependency on Tourism
4.5 Opportunities
4.5.1 MICE Tourism has potential to boom market
4.6 Insights on Revenue Flows from Accommodation and Food and Beverage Sectors
4.7 Leading Cities in the Maldives with Respect to Number of Visitors
4.8 Investments (Real Estate, FDI and others) in the Hospitality Industry
4.9 Insights on Shared Living Spaces Impact on the Hospitality Industry
4.10 Insights on Other Economic Contributors to the Hospitality Industry
4.11 Value Chain Analysis
4.12 Porter's Five Forces Analysis
4.12.1
4.13 Technological Innovations in the Hospitality Industry
4.14 Impact of COVID-19 on 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 Resorts/Marinas
5.2.2 Guesthouses
5.2.3 Hotels
6. COMPETITVE INTELLIGENCE
6.1 Market Concentration
6.2 Company profiles
6.2.1 Marriott International
6.2.2 Hilton Worldwide
6.2.3 InterContinental Hotels Group
6.2.4 AccorHotels
6.2.5 Hyatt Hotels Corporation
6.2.6 Four Seasons Hotels and Resorts
6.2.7 Shangri-La Hotels and Resorts
6.2.8 Ritz-Carlton
6.2.9 The Emirates Group
6.2.10 Kuredu Resort & Spa *
- *List Not Exhaustive
7. FUTURE TRENDS
8. APPENDIX
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 |
Maldives Hospitality Market Research FAQs
How big is the Maldives Hospitality Market?
The Maldives Hospitality Market size is expected to reach USD 609.17 million in 2024 and grow at a CAGR of 9.15% to reach USD 943.94 million by 2029.
What is the current Maldives Hospitality Market size?
In 2024, the Maldives Hospitality Market size is expected to reach USD 609.17 million.
Who are the key players in Maldives Hospitality Market?
Marriott International, Hilton Worldwide, InterContinental Hotels Group, AccorHotels and Hyatt Hotels Corporation are the major companies operating in the Maldives Hospitality Market.
What years does this Maldives Hospitality Market cover, and what was the market size in 2023?
In 2023, the Maldives Hospitality Market size was estimated at USD 553.43 million. The report covers the Maldives Hospitality Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Maldives Hospitality Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Maldives Hospitality Industry Report
Statistics for the 2024 Maldives Hospitality market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Maldives 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.
