Turkey Hospitality Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 5.58 Billion |
| Market Size (2029) | USD 6.83 Billion |
| CAGR (2024 - 2029) | 4.12 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Turkey Hospitality Market Analysis
The Hospitality Industry In Turkey Market size is estimated at USD 5.58 billion in 2024, and is expected to reach USD 6.83 billion by 2029, growing at a CAGR of 4.12% during the forecast period (2024-2029).
Hospitality refers to guests, visitors, or strangers' friendly and generous reception and entertainment. It is a broad term encompassing various industries and services that provide individuals with a positive and welcoming experience. Critical sectors within the hospitality industry include hotels, restaurants, travel and tourism, event planning, and more.
Tourists in Turkey frequently experience the warmth and friendliness of the Turkish people, who willingly go the extra mile to offer assistance and engage in pleasant conversations. Turkey is known for its rich history, stunning landscapes, and unique culture, attracting millions of tourists annually. The hospitality industry in Turkey encompasses a wide range of businesses, including hotels, restaurants, cafes, and tour operators. Regarding accommodation, Turkey offers many options to suit every budget and preference, from luxury hotels and resorts to budget-friendly guesthouses and hostels. The country's cuisine is also a significant draw for tourists, with its diverse flavors and dishes that reflect its rich culinary history.
Turkey Hospitality Market Trends
Investment in Hotel and Tourisum Sector Drive the Market
Investments in the hotel and tourism sector play an important role in driving economic growth and contributing to a country's GDP. In Turkey, such investments have been instrumental in fueling the development of the tourism industry, which has significantly impacted the overall economy.
The hotel and tourism sector makes a substantial contribution to Turkey's GDP. As the industry grows, iGDP share increases, reflecting tourism's importance as a critical economic driver. This includes direct contributions from hotels, restaurants, and travel agencies and indirect contributions from related industries. Overall, Turkey's appeal as a tourist destination, strategic location, diverse attractions, and supportive investment environment make it a compelling choice for investors looking to capitalize on the booming hospitality industry in the region.
Rise in Tourism Sector Propels Growth in Turkey's Hospitality Industry
Tourist arrivals surged, driving tourism revenues, a key source of hard currency, reaching USD 54.3 billion, up 16.9% from the previous year, according to Turkish Statistical Institute (TÜİK) data. This growth reflects the tourism sector's robust expansion in Turkey's hospitality industry. The government's initiatives, such as visa liberalization and investment incentives, have played a crucial role. Significant investments in tourism infrastructure, including hotels, resorts, and transportation networks, have enhanced Turkey's appeal to tourists. Turkey offers diverse experiences, from beach resorts to cultural tours and gastronomic adventures, and caters to various interests, contributing to its success in its tourism sector.
Turkey Hospitality Industry Overview
The hospitality market in Turkey is highly fragmented, with the presence of many players. Hospitality companies employ various strategies, including delivering exceptional customer service and crafting memorable experiences to encourage repeat business and positive word-of-mouth. They also offer diverse accommodation options, spanning from budget-friendly to luxury, to meet the varied preferences of different market segments. The key players include Accor SA, InterContinental Hotels Group, Marriott International Inc., Wyndham Hotels & Resorts Inc., and Rixos Hotels.
Turkey Hospitality Market Leaders
-
Accor SA
-
InterContinental Hotels Group
-
Marriott International, Inc
-
Wyndham Hotels & Resorts Inc
-
Rixos Hotels
*Disclaimer: Major Players sorted in no particular order
Turkey Hospitality Market News
- December 2023: Choice Hotels International Inc. announced an exchange offer to acquire Wyndham Hotels & Resorts Inc. The exchange offer gives Wyndham shareholders the option to choose between receiving the consideration entirely in cash, entirely in shares, or a combination of both, with a customary proration mechanism in place.
- July 2022: Accor finalized an agreement with Salter Brothers to incorporate nine Mercure hotels into its expanding portfolio. The inclusion of these nine Mercure hotels expands the Mercure brand from 44 properties to 53 in Australia. This growth solidifies Mercure's position as the largest and fastest-growing global midscale brand in the country.
Turkey Hospitality Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
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 Market Drivers
4.3.1 Government's Efforts to Promote Tourism and Invest in Infrastructure
4.3.2 Popular Destination for Tourists Impact the demand for the Hospitality Market
4.4 Market Restraints
4.4.1 Political Instability and Security Issues Led to Safety Concerns among Tourists
4.4.2 Fluctuations in Currency Exchange Rates Affect the Cost of Travel for International Tourists
4.5 Market Opportunities
4.5.1 Rise in Digital Technology and Online Platforms to Promote Turkey as a Tourist Destination
4.6 Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Investments (Real Estate, FDI, and Others) in the Hospitality Industry
4.8 Impact of COVID-19 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. COMPETITVE INTELLIGENCE
6.1 Market Concentration
6.2 Company Profiles
6.2.1 Wyndham Hotels & Resorts Inc.
6.2.2 Hilton Worldwide Holdings Inc.
6.2.3 Accor SA
6.2.4 Marriott International Inc.
6.2.5 InterContinental Hotels Group
6.2.6 Rixos Hotels
6.2.7 Anemon
6.2.8 Divan Group
6.2.9 Dedeman Hotels & Resorts International
6.2.10 Kaya Hotels & Resorts *
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Turkey Hospitality Industry Segmentation
Hospitality encompasses the warm and generous reception and the entertainment of guests, visitors, or strangers. This practice involves serving guests across diverse sectors, including hotels, restaurants, bars, and the broader hospitality industry. The hospitality in Turkey market forecast is segmented by type and segmentation. By type, the market is segmented into chain hotels and independent hotels. By segment, the market is segmented into service apartments, budget and economy hotels, mid and upper-mid-scale hotels, and luxury hotels. The report offers the market size of hospitality in Turkey in value terms in USD for all the abovementioned segments.
| By Type | |
| Chain Hotels | |
| Independent Hotels |
| By Segment | |
| Service Apartments | |
| Budget and Economy Hotels | |
| Mid and Upper Mid-scale Hotels | |
| Luxury Hotels |
Turkey Hospitality Market Research FAQs
How big is the Hospitality Industry In Turkey Market?
The Hospitality Industry In Turkey Market size is expected to reach USD 5.58 billion in 2024 and grow at a CAGR of 4.12% to reach USD 6.83 billion by 2029.
What is the current Hospitality Industry In Turkey Market size?
In 2024, the Hospitality Industry In Turkey Market size is expected to reach USD 5.58 billion.
Who are the key players in Hospitality Industry In Turkey Market?
Accor SA, InterContinental Hotels Group, Marriott International, Inc, Wyndham Hotels & Resorts Inc and Rixos Hotels are the major companies operating in the Hospitality Industry In Turkey Market.
What years does this Hospitality Industry In Turkey Market cover, and what was the market size in 2023?
In 2023, the Hospitality Industry In Turkey Market size was estimated at USD 5.35 billion. The report covers the Hospitality Industry In Turkey Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Hospitality Industry In Turkey Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hospitality in Turkey Industry Report
Statistics for the 2024 Hospitality in Turkey market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hospitality in Turkey analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Hospitality in Turkey Market Report Snapshots
