Global Sports Hospitality Market to Hit $79.10 Billion by 2031 at 20.8% CAGR: Coherent Market Insights
Burlingame, March 26, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, the global sports hospitality market size is estimated to grow from $17.45 Billion in 2023 and is forecast to reach a value of $79.10 Billion by 2031 at a CAGR of 20.8% between 2024 and 2031. The Sports Hospitality Market is being primarily driven by the increasing popularity of sports events globally. With a growing fan base and interest in sports such as football, basketball, cricket, and others, there is a higher demand for hospitality services during major sporting events. Additionally, the rising disposable income of individuals has also contributed to the growth of the sports hospitality market.
Market Trends:
One key trend shaping the Sports Hospitality Market is the integration of technology to enhance the overall fan experience. From mobile ticketing to personalized services based on customer preferences, technology is playing a crucial role in transforming the sports hospitality sector. Another trend is the focus on sustainability and eco-friendly practices within the industry. Sports venues and hospitality providers are increasingly adopting green initiatives to minimize their environmental impact and appeal to environmentally conscious consumers.
Sports Hospitality Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2022 | $17.45 billion |
| Estimated Value by 2030 | $79.10 billion |
| Growth Rate | Poised to grow at a CAGR of 20.8% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Sports Event, By Channel, By Attendee, By Revenue Stream: |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growth of Sports Leagues and Events • Increasing Popularity of Sports Tourism • Growth of Fan Engagement Models • Increase in High Net Worth Individual Spending |
| Restraints & Challenges | • High Costs Involved • Health and Safety Risks • Ambush Marketing Threats |
The sports hospitality market is experiencing a significant growth opportunity due to the increasing demand for premium hospitality services at sporting events. With the rise in disposable income and the desire for unique and memorable experiences, more individuals and corporations are seeking high-end hospitality packages when attending sporting events. This trend is driving the market for food & beverage, lodging, events, and other premium services offered in the sports hospitality sector.
Another market opportunity in the sports hospitality sector is the expansion of sports events and the entertainment industry. With the growing popularity of sports such as football, cricket, tennis, motorsports, and golf, there is a significant demand for hospitality services that enhance the overall experience for attendees. This includes official hospitality packages, secondary market platforms, hospitality marquees & boxes, hotel packages, and other channels that provide premium services to sports enthusiasts.
Read complete market research report, "Sports Hospitality Market, By Product Type, By Sports Event, By Channel, By Attendee, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Recent Developments:
In 2023, a brand-new line of hospitality packages for the France 2023 Rugby World Cups was introduced by Keith Prowse.
In 2023, in order to provide hospitality packages for the Wimbledon Championships, ATPI Ltd., and the All England Lawn Tennis Club have formed a new relationship. A range of alternatives, including tickets to Centre Court, private boxes, and strawberries & cream, are included in the packages.
Key Market Takeaways:
The sports hospitality market is anticipated to witness a CAGR of 20.8% during the forecast period 2024-2031, driven by the expansion of sports events and the entertainment industry.
In terms of sports events, football is expected to dominate the market, attracting a large number of attendees and offering lucrative hospitality opportunities. The events at venue channel is expected to hold a dominant position, offering direct access to premium hospitality services at sports venues.
Key players in the market such as CSM Sports and Entertainment LLP, DTB Sports Hospitality and Event Management Limited, and Honey & Co. Ltd are actively involved in providing hospitality services for various sports events, catering to the growing demand in the market.
Detailed Segmentation:
By Product Type:
- Food & Beverage
- Lodging
- Events
- Others
By Sports Event:
- Football
- Cricket
- Tennis
- Motorsports
- Golf
- Others
By Channel:
- Events at Venue
- Official Hospitality Packages
- Secondary Market Platforms
- Hospitality Marquees & Boxes
- Hotel Packages
- Sports Hospitality Market Others
By Attendee:
- Corporate
- Groups
- Families
- Individuals
By Revenue Stream:
- Primary Hospitality
- Secondary Hospitality
- Media Rights
- Sponsorships
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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