Hospitality Industry in Morocco - Growth, Trends, and Forecasts (2020 - 2025)
The increasing tourist arrivals to Morocco since 2016 have made the tourism industry in the country the second-highest contributor to the country’s GDP. To accommodate the growing number of tourists, the number of classified bed capacity reached a total of 251,206 beds in 2017, which was 8,499 more than the total size that Morocco had in 2016. The country has also registered a growing number of three-, four-, and five-star accommodation units. W Hospitality Group, in its 11th annual survey released in 2019, ranked Morocco the top five among the top countries that have a high number of hotel construction projects in the pipeline. With the ranking given by Forbes magazine as the country with the second-largest number of highest rated vacation properties in the Middle-East and North Africa (MENA) region, the country has been attracting more tourists and became one among the sources of generating foreign currency. Several international brands are expanding their footprint in the country and are focusing on the rapid expansion of their brands and chains in Morocco.
Key Market Trends
Rising Tourist Arrivals to Morocco is Driving the Market
The successful implementation of policies proposed by the government as a part of Vision 2020 that aims at recording 20 million tourist arrivals by 2020 and to develop the tourism sector to become one among the top – 20 destinations of the world resulted in the growing number of the tourism sector in Morocco. The sector has been witnessing growth in arrivals since 2016. It registered an 8.3% growth rate in 2018, when compared to 2017, which was preceded by several years of weak performance, where the arrivals were up by 1.5% in 2016 and a decline by 1%, in 2015. The total tourist arrivals were 12.3 million which was 11.35 million in 2017.
Morocco is Attracting More Investments Even with Dynamic Key Performance Indicators Values
Despite the dynamic occupancy rate and average room revenue that Morocco has been registering, the country has more than 36 hotel construction projects in the pipeline that are aiming to be open on or before 2022 and are going to add more than 6,300 rooms to the supply that the country currently holds. Morocco registered a 7.6% drop in occupancy rate in the first half of 2019 where the average daily revenue also declined by 6.4% and settled at MAD 989.65 resulting in fell of Revenue per available room by 13.5%. Though the overall key indicates are recording dynamic values in Morocco, the key cities are recording a growing number of percentages and are attracting investments.
The hospitality industry in Morocco is a combination of domestic independent hotels and international hotels, their brand chains. In 2018, around 14 deals were signed which are going to add more than 2,400 rooms or keys to the existing supply. The international brands are strategically located yet mostly restricted to the top cities whereas the domestic independent hotels are widely spread within the country.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook