Global Hotel Toiletries Market to Reach $50.5 Billion, by 2031 at 10.8% CAGR: Allied Market Research
The global hotel toiletries market is driven by the rise in the hospitality sector and the surge in the number of travelers across the globe.
May 16, 2023 01:56 ET| Source: Allied Market Research
Portland,OR, May 16, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Hotel Toiletries Market by Type (Single-use toiletries, Dispensers), by Application (Small and medium hotels, Luxury hotels): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the Global hotel toiletries industry generated $17.9 billion in 2021 and is anticipated to generate $50.5 billion by 2031, witnessing a CAGR of 10.8% from 2022 to 2031.
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Prime determinants of growth
The global hotel toiletries market is driven by the rise in the hospitality sector, rise in Small and medium-sized enterprises (SMEs), improved hygiene standards, and the surge in the number of travelers across the globe. However, increased plastic waste and fragmented market nature hamper the growth of the market. Furthermore, development of environmental-friendly packaging and innovation in product offerings are expected to provide lucrative growth opportunities for the market during the forecast period.
Report coverage & details:
The hotel toiletries market is one of the hardest-hit industries due to the outbreak of COVID-19 in 2020, as the massive cancellation of tours, events, and hotel reservations has impacted its demand among hoteliers negatively.
The decline in reservations and hotel occupancy rates led to unprecedented drops in the demand for hotel amenities and toiletries. The impact is expected to normalize in the next couple of years.
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The single-use toiletries segment to maintain its leadership status throughout the forecast period
Based on type, the single-use toiletries segment dominated the market and accounted for more than three-fifths of the global hotel toiletries market share in 2021 and is expected to retain its dominance during the hotel toiletries market forecast period. This segment is projected to manifest the highest CAGR of 11.1% from 2022 to 2031. The single-use toiletries are gaining huge popularity as customers are becoming more specific in terms of their traveling preferences and stays. They are looking for more convenient and pleasant stays and hotels to reduce their efforts while traveling. Thus, hoteliers are intensively focusing on providing single-use toiletries to their guests.
The luxury hotels segment to maintain its lead position during the forecast period
Based on the application, the luxury hotels segment dominated the market and accounted for nearly three-fifths of the global toiletries market in 2021 and is expected to retain its dominance during the hotel toiletries market forecast period owing to the premium products offered at the properties. However, the small and medium hotels segment is projected to manifest the highest CAGR of 11.3% from 2022 to 2031, since they are more affordable for travelers, making it more attractive for budget-conscious tourists and business travelers. Furthermore, many small and medium-sized hotels provide unique and personalized experiences that larger hotel corporations do not provide.
Europe to maintain its lead position during the forecast period
Based on region, Europe accounted for more than one-third of the share of the global hotel toiletries market and is expected to retain its dominance in terms of revenue during the forecast period, owing to the emergence of new properties and SMEs. Hotel toiletries include bathroom amenities such as shampoo, conditioner, soap, body wash, lotion, and other personal care items that are provided to guests during their stay in the hotels. However, Asia-Pacific is projected to manifest a CAGR of 12.1% from 2022 to 2031, since the region is home to some of the world's fastest-growing economies and has a rapidly expanding tourism industry, which has led to an increased demand for hotel toiletries.
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Leading Market Players: -
Accent Amenities, Inc.
Hancey Cosmetics Co.,Ltd.
SR Herbal Care
SKW Poshline Sdn Bhd
StyleVision Hotel Supplies GmbH
Exotika Guest Amenities
Kimirica Hunter International LLP
Pieper Biokosmetik Manufaktur GmbH
The report provides a detailed analysis of these key players in the global hotel toiletries market. These players have adopted different strategies such as acquisition, partnerships, and new product launch to increase their market share and maintain dominant shares in Brazil. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have on Consumer Goods Industry:
• Bathtub Market is estimated to reach $8.9 billion by 2027 • Laundry Detergent Market is estimated to reach $98,139.7 million by 2030 • U.S. Hotel Toiletries Market Opportunity Analysis and Industry Forecast, 2021-2031 • Canada Hotel Toiletries Market Opportunity Analysis and Industry Forecast, 2021-2031 • Europe Hotel Toiletries Market Opportunity Analysis and Industry Forecast, 2021-2031
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Original article can be found here, https://www.globenewswire.com/en/news-release/2023/05/16/2669549/0/en/Global-Hotel-Toiletries-Market-to-Reach-50-5-Billion-by-2031-at-10-8-CAGR-Allied-Market-Research.html