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Singapore Hospitality Market By type (Chain hotels, Independent hotels); By segment (Service apartments, Budget, Economy hotels, Mid- and upper-mid-scale hotels, Luxury hotels) By Region – Growth, Future Prospects & Competitive Analysis, 2024 – 2032

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Hospitality Industry in Singapore Market Overview

The hospitality industry in Singapore is experiencing significant growth, fueled by a combination of positive influences. This vibrant market, valued at USD 1296.47 million in 2023, is projected to reach USD 2,045.99 million by 2032. This expansion reflects a compound annual growth rate (CAGR) of 5.20% over the next seven years, highlighting the strong growth potential of the sector.

This burgeoning sector is spearheaded by prominent industry players such as Marriott International, Far East Hospitality, InterContinental Hotels Group Plc, Pan Pacific Hotels Group, and Accor SA, each contributing significantly to the market’s vitality.

The hotel and accommodation segment, in particular, stands out as a fragmented yet vibrant part of the industry, featuring a mix of homegrown champions and international giants. This segment is poised to reach an impressive revenue threshold of US$1.32 billion by 2024, further accelerating at an annual growth rate of 5.2% from 2024 to 2032. Such growth is underpinned by the steady economic advancement in both developed and emerging economies, which is expected to continually fuel the expansion and diversification of the hotel industry in Singapore.

Moreover, the sector’s growth is bolstered by Singapore’s strategic position as a global hub for tourism and business, which attracts a diverse array of visitors. This influx of international and domestic travelers sustains demand for a range of hospitality services, fostering a competitive yet flourishing environment for both established and new market entrants. The government’s supportive policies and initiatives aimed at boosting tourism and infrastructure development further augment the industry’s potential. Additionally, the increasing trend of experiential travel and demand for personalized services are reshaping the hospitality landscape, prompting players to innovate and elevate their offerings to meet evolving consumer expectations. This confluence of factors makes the Singapore hospitality market a dynamic and promising arena for investment and growth.

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Singapore Hospitality Market Drivers and Trends

The Singapore hospitality market is driven by several key factors:

A principal factor in the expansion of the hotel industry in Singapore is the sustained economic growth observed in numerous industrialized and emerging nations. This economic stability is a magnet for an increasing number of tourists and business travelers to Singapore, subsequently heightening the demand for a variety of hospitality services.

The industry has also been influenced by fluctuations in commodity prices. The recent downturn in these prices has played a role in facilitating market expansion within the hospitality sector. As commodity prices rebound, the cost of providing services and goods escalates, potentially leading to augmented revenues for businesses in the hospitality domain.

The Singaporean government has been instrumental in fostering the growth of the hospitality sector through the implementation of various supportive policies and initiatives. These measures make Singapore an enticing prospect for investors. They encompass incentives geared towards hotel development, investment, and marketing efforts, all of which contribute significantly to the sector’s expansion.

Singapore’s status as a premier tourist destination continues to fuel a high demand for hotels and other hospitality services. This steady demand is driven by the city-state’s renowned safety and cleanliness, its strategic geographical position in Southeast Asia, and a diverse array of attractions and events appealing to a global audience.

The Meetings, Incentives, Conventions, and Exhibitions (MICE) market is a substantial driving force behind the Singapore hospitality industry. This segment not only attracts local but also international business travelers, bolstering hotel demand and contributing to revenue growth. The government’s active promotion of the MICE market further underscores its importance as a catalyst for the industry’s development.

Singapore has pioneered trends in hospitality industry technological innovation, leading to widespread adoption of advanced technologies in customer service, room automation, and marketing, while also prioritizing sustainable practices with hotels implementing eco-friendly initiatives. The country is repositioning itself as a wellness destination, with hospitality players offering wellness-focused amenities catering to new travel trends. The meetings, incentives, conventions, and exhibitions (MICE) market is a major growth driver, actively promoted by the government to increase hotel demand. However, a gap between slower 4.2% hotel room supply growth and rising visitor numbers has emerged, which Singapore aims to address by expanding its hotel construction pipeline. Additionally, the Singapore government actively pursues tourism incentives and initiatives, contributing to overall hospitality sector expansion.

Singapore Hospitality Market Challenges and Restraint Factors

The Singapore hospitality market faces several challenges and restraints:

The hospitality industry in Singapore is facing a complex array of challenges and trends. There is a noticeable supply-demand gap, with the growth in hotel room supply not keeping pace with the increasing number of visitors, leading to potential capacity issues. The sector has also been significantly impacted by the COVID-19 pandemic, resulting in a decline in tourism and hotel revenues, though recovery is expected. Rising commodity prices are another concern, potentially increasing operating costs and impacting profitability and pricing strategies for hospitality businesses. Additionally, the industry is characterized by moderate market concentration and fragmentation, creating a highly competitive landscape that can challenge individual businesses in terms of market share and profitability. Sustainability and regulatory compliance have also become key focus areas, with the shift towards eco-friendly practices likely leading to increased compliance costs and the need for investments in green technologies. Furthermore, global and regional economic uncertainties continue to influence consumer spending and travel patterns, affecting the overall demand for hospitality services in Singapore. This complex environment requires businesses to remain adaptable and strategic in their operations.

Opportunities in Hospitality Industry in Singapore Market

  • The hotel sector in Singapore is set to benefit from the sustained economic growth being observed in many industrialized and emerging countries. This economic stability is attracting a larger influx of tourists and business travelers to the city-state, which in turn is fueling an increased demand for hospitality services.
  • Interestingly, the hospitality industry has experienced a phase of market expansion following a recent decline in commodity prices. However, as these prices begin to rise again, the cost of providing services and goods is likely to increase. This change could potentially lead to higher revenues for hospitality businesses, although it also presents challenges in terms of cost management.
  • The Singaporean government has been proactive in fostering the growth of the hospitality sector through various policies and initiatives. These measures, aimed at making Singapore an attractive destination for investors, include incentives for hotel development, investment, and marketing. Such government support has been instrumental in the sector’s growth trajectory.
  • Singapore’s appeal as a tourist destination continues to drive high demand for hotels and other hospitality services. This sustained interest is bolstered by Singapore’s reputation as a safe and clean destination, its strategic location in Southeast Asia, and its rich variety of attractions and events, catering to a diverse range of preferences.
  • The Meetings, Incentives, Conventions, and Exhibitions (MICE) market plays a significant role in driving the hospitality industry in Singapore. It attracts a mix of local and international business travelers, thereby boosting hotel demand and contributing to revenue growth. The government’s active promotion of the MICE sector underscores its significance as a key component of the industry’s overall expansion.

Interesting Facts About the Singapore Hospitality Market

  • Singapore, a vibrant cosmopolitan country, boasts a diverse population of over 5.6 million residents, with a significant one-third comprising the international community. This multicultural environment contributes to the nation’s unique character and appeal.
  • Renowned for its ease of doing business, Singapore stands out as an attractive hub for investors globally. This business-friendly climate is a cornerstone of its economic success and global connectivity.
  • In the realm of tourism and hospitality, Singapore’s industry is experiencing robust growth, with a projected compound annual growth rate (CAGR) of over 7.4% in the next seven years. This growth trajectory reflects the country’s increasing popularity as a destination for both leisure and business travel.
  • Tourism in Singapore reached a pinnacle in 2019, with a record influx of 19.1 million visitors, generating an impressive $27.7 billion in revenue. This statistic underscores Singapore’s status as a sought-after tourist destination on the global stage.
  • The hospitality industry in Singapore is notably international, attracting visitors from across the globe. This wide-ranging appeal is a testament to the country’s inclusive and global approach to tourism and hospitality.
  • Singapore is also celebrated for its exceptional food industry and hotels. The nation’s hospitality and tourism sectors are thriving, largely due to the high quality and diversity of culinary experiences, ranging from luxurious dining to local street food.
  • Innovation is at the forefront of Singapore’s hospitality sector. The country has been a trailblazer in adopting technological advancements, promoting sustainability, and emphasizing holistic wellness within the industry, setting trends that resonate worldwide.
  • Singapore is one of the top countries for expats, with around 1.5 million expats, equally divided between corporate workers and blue-collar workers. The country is known for its public services, low taxes, minimal corruption, and high competition.

Competitive Analysis

The top key players in the Singapore hospitality market include:

  1. Marriott International
  2. Far East Hospitality
  3. InterContinental Hotels Group plc
  4. Pan Pacific Hotels Group
  5. Accor SA
  6. Shangri-La Hotels and Resorts
  7. The Ascott Limited
  8. Hilton Worldwide
  9. Hyatt Hotels Corporation
  10. The Ritz-Carlton Hotel Company

These companies are prominent in the development and production of Singapore hospitality, and their competitive positioning is reflected in factors such as production, value, price, gross margin, and product portfolio. Their contributions play a significant role in shaping the global Singapore hospitality market.

Recent Developments

In September 2023, the Marina Bay Sands in Singapore launched a groundbreaking virtual reality (VR) culinary experience. In this unique dining event, guests wear VR headsets to embark on a virtual journey around the world while tasting dishes inspired by the destinations they “visit.” This multisensory experience combines the flavors of international cuisine with stunning visual and auditory elements, enhancing the overall dining experience.

In December 2023, the Fullerton Hotel Singapore introduced a state-of-the-art robot concierge service. These AI-powered robots are designed to assist guests with a variety of tasks, ranging from delivering room service to providing information about local attractions. This initiative represents a significant step in integrating advanced technology into the hospitality industry, offering guests a blend of convenience and futuristic charm.

In January 2023, the Ritz-Carlton Millennia Singapore embarked on an innovative journey by introducing an augmented reality (AR) hotel art tour. This cutting-edge experience allows visitors to engage virtually with ten prominent artworks from the hotel’s esteemed collection. Enhanced with computer-generated graphics and sound, each piece is accompanied by insightful written or audio narratives, offering a deeper understanding of both the artwork and the artist.

In May 2022, Raffles Hotel Singapore pioneered an immersive virtual experience for its guests. This engaging initiative featured an interactive treasure hunt that seamlessly blended virtual and physical gameplay elements. During their stay, guests were invited to participate in this unique adventure, offering a memorable and interactive dimension to their visit.

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Segmentation

By type

  • Chain hotels
  • Independent hotels

By segment

  • Service apartments
  • Budget
  • Economy hotels
  • Mid- and upper-mid-scale hotels
  • Luxury hotels

Table of Content

Chapter No. 1 :………. Introduction.. 14

1.1.      Report Description. 14

1.1.1.    Purpose of the Report 14

1.1.2.    USP & Key Offerings. 14

1.2.      Key Benefits for Stakeholders. 14

1.3.      Target Audience. 15

1.4.      Report Scope  16

Chapter No. 2 :………. Executive Summary. 17

2.1.      Hospitality Market Snapshot. 17

2.2.      Singapore Hospitality Market, 2018 – 2032 (USD Million) 18

2.1.      Insights from Primary Respondents. 18

Chapter No. 3 :………. Hospitality Market – Industry Analysis. 19

3.1.      Introduction  19

3.2.      Market Drivers  20

3.2.1.    Driving Factor 1 Analysis. 20

3.2.2.    Driving Factor 2 Analysis. 21

3.3.      Market Restraints. 22

3.3.1.    Restraining Factor Analysis. 22

3.4.      Market Opportunities. 23

3.4.1.    Market Opportunity Analysis. 23

3.5.      Porter’s Five Forces Analysis. 24

Chapter No. 4 :………. Competitive Landscape Analysis. 25

4.1.      Company Market Share Analysis – 2023. 25

4.1.1.    Singapore Hospitality Market: Company Market Share, by Revenue, 2023. 25

4.1.2.    Singapore Hospitality Market: Top 6 Company Market Share, by Revenue, 2023. 25

4.1.3.    Singapore Hospitality Market: Top 3 Company Market Share, by Revenue, 2023. 26

4.1.      Singapore Hospitality Market Company Revenue Market Share, 2023  27

4.2.      Company Assessment Metrics, 2022. 28

4.2.1.    Stars  28

4.2.2.    Emerging Leaders. 28

4.2.3.    Pervasive Players. 28

4.2.4.    Participants. 28

4.3.      Strategic Developments. 29

4.3.1.    Acquisitions & Mergers. 29

4.3.2.    New Product Launch. 29

4.3.3.    Regional Expansion. 29

4.4.      Key Players Product Matrix. 30

Chapter No. 5 :………. PESTEL & Adjacent Market Analysis. 31

5.1.      PESTEL  31

5.1.1.    Political Factors. 31

5.1.2.    Economic Factors. 31

5.1.3.    Social Factors. 31

5.1.4.    Technological Factors. 31

5.1.5.    Environmental Factors. 31

5.1.6.    Legal Factors. 31

5.2.      Adjacent Market Analysis. 31

Chapter No. 6 :………. Hospitality Market – By Type Segment Analysis. 32

6.1.      Hospitality Market Overview, by Type Segment. 32

6.1.1.    Hospitality Market Revenue Share, By Type, 2023 & 2032  33

6.1.2.    Hospitality Market Attractiveness Analysis, By Type. 34

6.1.3.    Incremental Revenue Growth Opportunity, by Type, 2024 – 2032. 34

6.1.4.    Hospitality Market Revenue, By Type, 2018, 2023, 2027 & 2032. 35

6.2.      Hotels and Accommodation. 36

6.3.      Food and Beverage. 37

6.4.      Others  38

Chapter No. 7 :………. Hospitality Market – By Hotels and Accommodation Segment Analysis. 39

7.1.      Hospitality Market Overview, by Hotels and Accommodation Segment  39

7.1.1.    Hospitality Market Revenue Share, By Hotels and Accommodation, 2023 & 2032. 40

7.1.2.    Hospitality Market Attractiveness Analysis, By Hotels and Accommodation. 41

7.1.3.    Incremental Revenue Growth Opportunity, by Hotels and Accommodation, 2024 – 2032. 41

7.1.4.    Hospitality Market Revenue, By Hotels and Accommodation, 2018, 2023, 2027 & 2032. 42

7.2.      Luxury Hotels  43

7.3.      Mid-Range Hotels. 44

7.4.      Budget Hotels  45

7.5.      Convention Centers. 46

7.6.      Event Management Services. 47

Chapter No. 8 :………. Hospitality Market – By Food and Beverage Segment Analysis. 48

8.1.      Hospitality Market Overview, by Food and Beverage Segment. 48

8.1.1.    Hospitality Market Revenue Share, By Food and Beverage, 2023 & 2032. 49

8.1.2.    Hospitality Market Attractiveness Analysis, By Food and Beverage. 50

8.1.3.    Incremental Revenue Growth Opportunity, by Food and Beverage, 2024 – 2032. 50

8.1.4.    Hospitality Market Revenue, By Food and Beverage, 2018, 2023, 2027 & 2032. 51

8.2.      Restaurants  52

8.3.      Cafes and Coffee Shops. 53

8.4.      Bars and Nightclubs. 54

Chapter No. 9 :………. Hospitality Market – By Others Segment Analysis. 55

9.1.      Hospitality Market Overview, by Others Segment. 55

9.1.1.    Hospitality Market Revenue Share, By Others, 2023 & 2032  56

9.1.2.    Hospitality Market Attractiveness Analysis, By Others  57

9.1.3.    Incremental Revenue Growth Opportunity, by Others, 2024 – 2032. 57

9.1.4.    Hospitality Market Revenue, By Others, 2018, 2023, 2027 & 2032. 58

9.2.      Tour Operators  59

9.3.      Online Travel Agencies. 60

Chapter No. 10 :…….. Company Profiles. 61

10.1.    Marina Bay Sands. 61

10.1.1.  Company Overview.. 61

10.1.2.  Product Portfolio. 61

10.1.3.  Swot Analysis. 61

10.1.4.  Business Strategy. 62

10.1.5.  Financial Overview.. 62

10.2.    The Ritz-Carlton, Millenia Singapore. 63

10.3.    Shangri-La Hotels and Resorts. 63

10.4.    Pan Pacific Hotels Group. 63

10.5.    Raffles Hotel Singapore. 63

10.6.    The Fullerton Hotel Singapore. 63

10.7.    Capella Singapore. 63

10.8.    BreadTalk Group. 63

10.9.    Jumbo Group  63

10.10. Timbre Group  63

10.11. Suntec Singapore Convention & Exhibition Centre. 63

10.12. Sands Expo and Convention Centre (Marina Bay Sands) 63

Chapter No. 11 :…….. Research Methodology. 64

11.1.    Research Methodology. 64

11.2.    Phase I – Secondary Research. 65

11.3.    Phase II – Data Modeling. 65

11.3.1.  Company Share Analysis Model 66

11.3.2.  Revenue Based Modeling. 66

11.4.    Phase III – Primary Research. 67

11.5.    Research Limitations. 68

11.5.1.  Assumptions. 68

 

List of Figures

FIG NO. 1……….. Singapore Hospitality Market Revenue, 2018 – 2032 (USD Million) 19

FIG NO. 2……….. Porter’s Five Forces Analysis for Singapore Hospitality Market 25

FIG NO. 3……….. Company Share Analysis, 2023. 26

FIG NO. 4……….. Company Share Analysis, 2023. 26

FIG NO. 5……….. Company Share Analysis, 2023. 27

FIG NO. 6……….. Hospitality Market – Company Revenue Market Share, 2023. 28

FIG NO. 7……….. Hospitality Market Revenue Share, By Type, 2023 & 2032. 34

FIG NO. 8……….. Market Attractiveness Analysis, By Type. 35

FIG NO. 9……….. Incremental Revenue Growth Opportunity by Type, 2024 – 2032. 35

FIG NO. 10……… Hospitality Market Revenue, By Type, 2018, 2023, 2027 & 2032. 36

FIG NO. 11……… Singapore Hospitality Market for Hotels and Accommodation, Revenue (USD Million) 2018 – 2032. 37

FIG NO. 12……… Singapore Hospitality Market for Food and Beverage, Revenue (USD Million) 2018 – 2032. 38

FIG NO. 13……… Singapore Hospitality Market for Others, Revenue (USD Million) 2018 – 2032. 39

FIG NO. 14……… Hospitality Market Revenue Share, By Hotels and Accommodation, 2023 & 2032. 41

FIG NO. 15……… Market Attractiveness Analysis, By Hotels and Accommodation. 42

FIG NO. 16……… Incremental Revenue Growth Opportunity by Hotels and Accommodation, 2024 – 2032. 42

FIG NO. 17……… Hospitality Market Revenue, By Hotels and Accommodation, 2018, 2023, 2027 & 2032. 43

FIG NO. 18……… Singapore Hospitality Market for Luxury Hotels, Revenue (USD Million) 2018 – 2032. 44

FIG NO. 19……… Singapore Hospitality Market for Mid-Range Hotels, Revenue (USD Million) 2018 – 2032. 45

FIG NO. 20……… Singapore Hospitality Market for Budget Hotels, Revenue (USD Million) 2018 – 2032. 46

FIG NO. 21……… Singapore Hospitality Market for Convention Centers, Revenue (USD Million) 2018 – 2032. 47

FIG NO. 22……… Singapore Hospitality Market for Event Management Services, Revenue (USD Million) 2018 – 2032. 48

FIG NO. 23……… Hospitality Market Revenue Share, By Food and Beverage, 2023 & 2032. 50

FIG NO. 24……… Market Attractiveness Analysis, By Food and Beverage. 51

FIG NO. 25……… Incremental Revenue Growth Opportunity by Food and Beverage, 2024 – 2032. 51

FIG NO. 26……… Hospitality Market Revenue, By Food and Beverage, 2018, 2023, 2027 & 2032. 52

FIG NO. 27……… Singapore Hospitality Market for Restaurants, Revenue (USD Million) 2018 – 2032. 53

FIG NO. 28……… Singapore Hospitality Market for Cafes and Coffee Shops, Revenue (USD Million) 2018 – 2032. 54

FIG NO. 29……… Singapore Hospitality Market for Bars and Nightclubs, Revenue (USD Million) 2018 – 2032. 55

FIG NO. 30……… Hospitality Market Revenue Share, By Others, 2023 & 2032. 57

FIG NO. 31……… Market Attractiveness Analysis, By Others. 58

FIG NO. 32……… Incremental Revenue Growth Opportunity by Others, 2024 – 2032. 58

FIG NO. 33……… Hospitality Market Revenue, By Others, 2018, 2023, 2027 & 2032. 59

FIG NO. 34……… Singapore Hospitality Market for Tour Operators, Revenue (USD Million) 2018 – 2032. 60

FIG NO. 35……… Singapore Hospitality Market for Online Travel Agencies, Revenue (USD Million) 2018 – 2032. 61

FIG NO. 36……… Research Methodology – Detailed View.. 65

FIG NO. 37……… Research Methodology. 66

List of Tables

TABLE NO. 1. :…. Singapore Hospitality Market: Snapshot 20

TABLE NO. 2. :…. Drivers for the Hospitality Market: Impact Analysis. 24

TABLE NO. 3. :…. Restraints for the Hospitality Market: Impact Analysis. 26

TABLE NO. 4. :…. Singapore Hospitality Market Revenue, By Region, 2018 – 2023 (Kilo Tons) 35

TABLE NO. 5. :…. Singapore Hospitality Market Revenue, By Type, 2018 – 2023. 36

TABLE NO. 6. :…. Key Raw Materials & Suppliers. 37

 

What is the projected growth rate of the hospitality sector in Singapore, and what are the driving factors?

The hospitality industry in Singapore is experiencing significant growth, fueled by a combination of positive influences. This vibrant market, valued at USD 1296.47 million in 2023, is projected to reach USD 2,045.99 million by 2032. This impressive growth is driven by various factors, including the country’s strategic position as a global hub for tourism and business, the influx of international and domestic travelers, supportive government policies, and a trend towards experiential travel and personalized services.

Who are the key players in the Singapore hospitality market?

The Singapore hospitality market is led by prominent industry players such as Marriott International, Far East Hospitality, InterContinental Hotels Group Plc, Pan Pacific Hotels Group, and Accor SA. These major entities play a significant role in contributing to the market’s vitality and competitiveness.

How is the hotel and accommodation segment performing in Singapore’s hospitality industry?

The hotel and accommodation segment in Singapore is a fragmented yet vibrant part of the industry. It is expected to reach a revenue of US$1.32 billion by 2024 and is projected to grow at an annual rate of 5.2% from 2024 to 2032. This growth is supported by steady economic advancement in both developed and emerging economies.

How are changing consumer trends impacting the hospitality industry in Singapore?

The increasing demand for experiential travel and personalized services is reshaping the hospitality landscape in Singapore. This shift in consumer preferences is prompting industry players to innovate and elevate their offerings, leading to a more dynamic and competitive market. Hospitality businesses are adapting to these trends by offering unique, customized experiences to meet evolving consumer expectations.

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