Global Sports Hospitality Market to Reach $79.1 Billion by 2031 at 20.8% CAGR: Consistent Market Insights

BURLINGAME, March 26, 2024 (Globe Newswire) — Coherent Market Insights has published a report titled 'Global'. sports hospitality market Its size is estimated to increase from $17.45 billion in 2023 and is projected to reach $79.1 billion by 2031, at a CAGR of 20.8% from 2024 to 2031. The sports hospitality market is primarily driven by the increasing popularity of sporting events globally. As the fan base and interest in sports such as soccer, basketball and cricket grows, there is a growing demand for hospitality services during major sporting events. Additionally, increasing disposable income of individuals is also contributing to the growth of the sports hospitality market.

Market trend:

One of the key trends shaping the sports hospitality market is the integration of technology to improve the overall fan experience. From mobile ticketing to personalized service based on customer preferences, technology is playing a key role in transforming the sports hospitality sector. Another trend is a focus on sustainability and green practices within the industry. Sports venues and hospitality providers are increasingly adopting green initiatives to minimize their impact on the environment and appeal to environmentally conscious consumers.

Scope of the Sports Hospitality Market Report

The sports hospitality market is witnessing significant growth opportunities due to the increasing demand for premium hospitality services at sporting events. With increasing disposable income and a desire for unique and memorable experiences, more individuals and businesses are seeking upscale hospitality packages when attending sporting events. This trend is driving the market for food and beverage, lodging, events, and other premium services offered in the sports hospitality sector.

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Another market opportunity in the sports hospitality sector is the expansion of the sporting events and entertainment industry. The growing popularity of sports such as soccer, cricket, tennis, motorsport and golf has created a huge demand for hospitality services that enhance the overall experience for participants. This includes official hospitality packages, secondary market platforms, hospitality marquees and boxes, hotel packages and other channels that provide premium services to sports enthusiasts.

Read the complete market research report“Sports Hospitality Market, By Product Type, By Sporting Event, By Channel, By Participants, By Geography, Market Size and Share Analysis – Growth Trends and Forecast 2024-2031”, Published by Coherent Market Insights.

recent trends:

2023 France A brand new hospitality package line for the 2023 Rugby World Cup has been introduced by Keith Prowse.

In 2023, ATPI Ltd. and the All England Lawn Tennis Club have entered into a new relationship to provide hospitality packages for the Wimbledon Championships. A variety of alternatives are included in the package, including Center Court tickets, a private box, and strawberries and cream.

Key points in the market:

The sports hospitality market is anticipated to witness a CAGR of 20.8% during the forecast period 2024-2031 due to the expansion of the sports events and entertainment industry.

When it comes to sporting events, soccer is expected to dominate the market by drawing large numbers of participants and offering lucrative hospitality opportunities. The Events at Venue channel is expected to dominate, providing direct access to premium hospitality services at sports venues.

Catering to the rising demands of the market, major players in the market such as CSM Sports and Entertainment LLP, DTB Sports Hospitality and Event Management Limited, Honey & Co. Ltd are actively engaged in providing hospitality services for various sporting events. is.

Detailed segmentation:

By product type:

• food and drinks

• stay

• event

• others

By sporting event:

• football

• cricket

• tennis

• motorsport

• golf

• others

By channel:

• Events at the venue

• official hospitality package

• secondary market platform

• hospitality marquee and boxes

• hotel package

• Sports hospitality market Others

By attendees:

• For companies

• group

• family

• individual

By revenue stream:

• major hospitality

• secondary hospitality

• media rights

• sponsorship

• others

By region:

• North America

• latin america

  • Brazil

  • Mexico

  • Rest of Latin America

• Europe

  • Germany

  • England

  • Spain

  • France

  • Italy

  • Russia

  • rest of europe

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

  • Rest of Asia Pacific

• middle east and africa

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