Philippines Tourism & Hotel Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.75 Billion |
| Market Size (2029) | USD 3.37 Billion |
| CAGR (2024 - 2029) | 4.15 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Philippines Tourism & Hotel Market Analysis
The Philippines Tourism And Hotel Market size is estimated at USD 2.75 billion in 2024, and is expected to reach USD 3.37 billion by 2029, growing at a CAGR of 4.15% during the forecast period (2024-2029).
The Philippine economy depends heavily on the tourism industry. The hotel industry is essential to the growth of the Philippine tourism sector. It saw a steady increase in the demand for rooms from tourists from both local and foreign countries who come for leisure and business, post-pandemic recovery. A thorough infrastructural plan and a strong marketing campaign contributed to the rise in visitor arrivals over the past few years. The Philippines' hospitality and tourism industries are experiencing a boom in domestic and overseas travelers. The top four preferred destinations for domestic travel are Boracay, Baguio, Palawan, and Siargao, which are seeing an influx of visitors. The demand for hotels will rise due to the travel industry's expansion.
The Philippines offers a wide variety of experiences as an ecotourism destination. Based on the type of visitors to the Philippines, the domestic tourism market will continue to be profitable. The country's international tourist industry benefited from transforming airport terminals into global gateways, with many visitors arriving by air. With the modernization of the airports in Davao and Iloilo City, direct charter flights from Singapore are now possible.
Philippines Tourism & Hotel Market Trends
Expanding Airways Network in Philippines
Air travel benefits the economy as a whole and consumers by enabling quick connectivity between places. The essential drivers of economic growth, the flows of people, capital, goods, and ideas, are made possible by these virtual bridges in the sky. During the busiest travel season, which runs from March to April, there is an extraordinary demand from tourists and expats for travel between the United Arab Emirates and popular places in the Philippines, such as Manila, Cebu, and Clark. Travel agencies in the industry claim that increased traffic from the United Arab Emirates resulted from the start of the super-peak tourist season during Holy Week/Easter. Additionally, carriers in the Philippines and the United Arab Emirates are working hard to capitalize on the seasonal demand.
By collaborating with Philippine Airlines, Emirates will be able to increase its presence in East Asia and create new channels for trade and tourism that will bring in more visitors. In the upcoming months, they want to grow the partnership by adding more points via Cebu and providing the partner airline's customers with more travel options to Emirates destinations in the Americas, Europe, and the Middle East.
Increase in Sales in the Food and Beverages Sector
In the Philippines, the food and beverage industry is a rapidly expanding sector that makes a substantial economic contribution. It encompasses a variety of companies, ranging from tiny food carts to large international enterprises. Jobs in the industry range from those for cooks and waiters to those in marketing and sales. One of the main drivers of the Philippine economy is the quickly expanding food and beverage sector, which accounts for roughly half of the country's manufacturing sector. Food production in the Philippines is among the highest in Asia, with the food processing industry. For the food and beverage business in particular, brand reputation is crucial due to rising brand consciousness, worries about food safety, and the comparatively high rate of counterfeiting in the nation.
The food and beverage business is growing rapidly as a result of the rise in restaurants, fast-food franchises, and meal delivery applications like Grub Hub, Caviar, and others that increase customer access. In addition, one of the main factors predicted to boost demand for the food and beverage market is consumers' growing desire for fresh, natural, and organic foods as a result of growing health consciousness.
Philippines Tourism & Hotel Industry Overview
The Hospitality Industry in the Philippines is moderately fragmented. The report covers major international players operating in the tourism and hotel industry in the Philippines. In terms of market share, few of the major players currently dominate the market. However, with factors such as technological advancements and service innovation, infrastructure development by local government and other facilities is attracting businesses and tourists. The major players dominating the market are Ascott International, Baymont Inn & Suites, Best Western, Citadines, and Crown Regency Hotels & Resorts.
Philippines Tourism & Hotel Market Leaders
Ascott International
Baymont Inn & Suites
Best Western
Citadines
Crown Regency Hotels & Resorts
*Disclaimer: Major Players sorted in no particular order
Philippines Tourism & Hotel Market News
- June 2023: BWH Hotels expanded its presence in North America and Europe, as well as in Africa and Asia. The BWH hotels are now available in Austria, Canada, Dubai, the United Arab Emirates, Ethiopia, France, India, Japan, the Netherlands, Saudi Arabia, Sweden, Tanzania, and the United States.
- March 2023: Wyndham Hotels & Resorts, the world's largest hotel franchisor with 9,100 hotels in more than 95 countries, announced a new partnership with Groups360. It will allow for immediate online multiroom booking of rooms.
Philippines Tourism And Hotel 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 DYNAMICS
4.1 Market Drivers
4.1.1 Rise in the Number of Social Media Influencers is Driving the Growth in the Market
4.1.2 Increasing the Recreational Activities Boost the Tourism Industry
4.2 Market Restraints
4.2.1 Language Barriers for International Tourists
4.2.2 Labor Shortages
4.3 Market Opportunities
4.3.1 Government Initiatives are Anticipated to Increase the Philippines' Tourism Industry
4.3.2 Providing Affordable Airfare Options to Consumers
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of COVID-19 on the market
4.6 Insights on Leading Cities in Philippines with respect to Number of Visitors
4.7 Insights on Shared Living Spaces Impact on the Hospitality Industry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Business Tourism
5.1.2 Vacation Tourism
5.1.3 Eco-Tourism
5.1.4 Cultural Tourism
5.1.5 Adventure Tourism
5.1.6 Event Tourism
5.2 By Tourists
5.2.1 Domestic
5.2.2 International
5.3 By Booking Channel
5.3.1 Phone Booking
5.3.2 In-Person Booking
5.3.3 Online Booking
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Ascott International
6.2.2 Baymont Inn & Suites
6.2.3 Best Western
6.2.4 Citadines
6.2.5 Crown Regency Hotels & Resorts
6.2.6 Scorpio Travel and Tours Inc
6.2.7 Baron Travel
6.2.8 Vansol Travel & Tours
6.2.9 Marriott International
6.2.10 GoldenSky Travel and Tours*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER AND ABOUT US
Philippines Tourism & Hotel Industry Segmentation
Hospitality is a term used to describe a wide range of services in the service industry. Lodging, food and beverage services, event management, theme parks, and transportation are all part of the hospitality industry, which encompasses hotels, restaurants, and bars. The hospitality industry in the Philippines is segmented by type, tourist, and booking channel. By type, the market is segmented into business tourism, vacation tourism, eco-tourism, cultural tourism, adventure tourism, event tourism, cruise tourism, and medical tourism. By tourists, the market is segmented into domestic and international. By booking channel, the market is segmented into phone booking, in-person booking, and online booking. The report offers market size and forecasts for the Tourism and Hotel Industry in the Philippines in value (USD) for all the above segments.
| By Type | |
| Business Tourism | |
| Vacation Tourism | |
| Eco-Tourism | |
| Cultural Tourism | |
| Adventure Tourism | |
| Event Tourism |
| By Tourists | |
| Domestic | |
| International |
| By Booking Channel | |
| Phone Booking | |
| In-Person Booking | |
| Online Booking |
Philippines Tourism And Hotel Market Research Faqs
How big is the Philippines Tourism And Hotel Market?
The Philippines Tourism And Hotel Market size is expected to reach USD 2.75 billion in 2024 and grow at a CAGR of 4.15% to reach USD 3.37 billion by 2029.
What is the current Philippines Tourism And Hotel Market size?
In 2024, the Philippines Tourism And Hotel Market size is expected to reach USD 2.75 billion.
Who are the key players in Philippines Tourism And Hotel Market?
Ascott International, Baymont Inn & Suites, Best Western, Citadines and Crown Regency Hotels & Resorts are the major companies operating in the Philippines Tourism And Hotel Market.
What years does this Philippines Tourism And Hotel Market cover, and what was the market size in 2023?
In 2023, the Philippines Tourism And Hotel Market size was estimated at USD 2.64 billion. The report covers the Philippines Tourism And Hotel Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Philippines Tourism And Hotel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Philippines Tourism And Hotel Industry Report
Statistics for the 2024 Hotel in the Philippines market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hotel in the Philippines analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
