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| Sports Hospitality Market Growth |
Sports hospitality involves providing hospitality facilities and services to sports fans and participants during sporting events. Some key products and services offered in this market include tickets for sporting events, food and beverages for spectators and players, sponsorships, transportation and accommodation facilities near sporting stadiums and arenas. With rising health awareness and growing participation in sports and fitness activities globally, the demand for sports hospitality services has increased substantially in recent years. The global Sports Hospitality Market is estimated to be valued at US$ 17.45 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the global sports hospitality
market is the rising participation in sports and fitness activities across the
world. As public interest in sports events rises, the demand for associated
hospitality services is also increasing. According to data, over 3.8 billion
people participated in sports worldwide in 2020, both as recreational players
and also as spectators. The growing popularity of international sports leagues
such as the National Football League (NFL), English Premier League (EPL),
National Basketball Association (NBA) etc. has significantly boosted the demand
for sports hospitality facilities in recent years. With increasing health
awareness, many countries are also investing heavily on sports infrastructure
development which is attracting more participants and viewers, thereby
propelling the sports hospitality market forward.
Segment Analysis
The sports hospitality market is segmented based on services offered namely,
catering services, accommodation/lodging, transportation/shuttle services,
tour/hospitality management services and others. Among these, catering services
dominate the market with around 35% share as quality food and beverage service
is an important aspect of sports hospitality packages offered to fans and
viewers. Catering services ensures personalized catering for VIP guests,
exclusive sports lounges and provides customized options for special diets.
Key Takeaways
The global Sports
Hospitality Market Growth is expected to witness high growth over the
forecast period of 2023-2030. Regional analysis indicates that North America
dominates the market currently with around 30% share owing to high popularity
of sports leagues like NBA, NFL, MLB etc. in the region. However, Asia Pacific
is expected to witness the fastest growth rate over the coming years led by
investments in sports infrastructure and hosting of major international sports
events in countries like India and China.
Key players operating in the Sports Hospitality Market are Sabra Dental,
Collagen Matrix, Cologenesis Healthcare Pvt. Ltd, Novabone, Kerr Dental, Acteon
Group, Jorgen Kruuse A/S, Axio Biosolutions Private Limited, Zimmer Biomet,
Lynch Biologics,LLC, Nobel Biocare Services AG, Salvin Dental Specialties,
Neoss Limited, Unicare Biomedical, Citagenix Inc.
Regional analysis
North America currently dominates the global sports hospitality market led by
countries like United States and Canada. Events like Super Bowl, NBA Finals
attract huge sports fans annually in countries like US driving the demand for
sports hospitality services. However, Asia Pacific region is expected to
witness the fastest growth over the forecast period led by investments in
sports infrastructure and government initiatives to promote sports tourism in
countries like India and China. Countries like India have emerged as hub for
hosting major international cricket and field hockey events in recent years
augmenting the sports hospitality industry.
Key players
Key players operating in the Sports Hospitality Market are Sabra Dental,
Collagen Matrix, Cologenesis Healthcare Pvt. Ltd, Novabone, Kerr Dental, Acteon
Group, Jorgen Kruuse A/S, Axio Biosolutions Private Limited, Zimmer Biomet,
Lynch Biologics,LLC, Nobel Biocare Services AG, Salvin Dental Specialties,
Neoss Limited, Unicare Biomedical, Citagenix Inc. These players are focusing on
expansion of services and offerings to diversify revenue sources.
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