Africa's hospitality boom forecast to reach $33. 54bn by 2029

IOL News

2 days ago

According to forecasts by Statista , the African travel and tourism market will be worth $33.54 billion by 2029.
Image: Tumi Pakkies/ Independent Newspapers
FUELLED in part by a surge in 'bleisure' (combined business and leisure) travel, the continent's hospitality sector is poised for significant growth in the next five years.
According to forecasts by Statista, the African travel and tourism market will be worth $33.54 billion (about 601bn) by 2029, benefiting from a post-pandemic recovery in trip-taking, improved international connectivity and strong demand for high-quality accommodation.
Hotels comprise the largest part of this, with an estimated market volume of $15bn by 2029.
'For local and international business owners, this is a prime opportunity to unlock growth,' according to Joshua Low, Vice President of dmg events South Africa. The company is organising the eighth edition of Hotel & Hospitality Expo Africa, which will take place at the Cape Town International Convention Centre from June 11 to 12 — its first time in the Mother City.
The move seeks to capitalise on Cape Town's robust tourism and hospitality industry.
'African hospitality is unparalleled,' Low said. 'We have a lot to offer the world, from unique gastronomic experiences to rich cultural heritage and the expert creation of welcoming home spaces away from home. Savvy professionals are positioning themselves as part of this and putting their enterprises on the map.'
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Hotel & Hospitality Expo Africa will welcome more than 150 exhibitors and 4 000 visitors from across the industry, including a large number of top-tier executives and other key decision-makers.
The event will provide an interactive platform to explore opportunities for investment and innovation, as well as keep abreast of the latest trends. It is part of dmg events' global hospitality showcase, which includes large-scale events in Dubai and Saudi Arabia.
In a value-adding move, Hotel & Hospitality Expo Africa will be co-located with the inaugural Africa Food Show, part of the acclaimed Gulfood series of international events.
'Our exhibitors stand to benefit from this strategic collaboration,' Low said. 'It provides an opportunity to showcase their products and services to a much wider, more diverse audience. The decision plays into the increased convergence we are seeing between the food, beverage and hospitality industries.'
In a first for the Hotel & Hospitality Expo Africa, the event will include HORECA Connect, a special hub for professionals from the hotel, restaurant and catering sector. This significantly broadens the scope of the event, as well as the opportunities for businesses looking to expand their reach.
With revenues exceeding $6bn in 2023 and more than 22.6 million diners served nationwide, the restaurant and bar sector is one of the fastest-growing in South Africa's hospitality market.
A highlight of the Hotel & Hospitality Expo Africa will be the much-anticipated launch of the 2025 African Hospitality Confidence Index report, which reveals research-based insights into market sentiment, challenges, trends and innovation.
It is considered a key planning tool in the industry. It will be launched at the Conference section of the event, which is supported by Santam.
Other learning opportunities include presentations and panels by a high-level line-up of speakers, featuring names like Jacques Stoltz, Director: Tourism, Department of Economic Development, Western Cape Government; Enver Duminy, Chief Executive Officer, Cape Town Tourism; ; Tshifhiwa Tshivhengwa, Chief Executive Officer, The Tourism Business Council of South Africa; Darryl Erasmus, Chief Operating Officer, South African Tourism; Neil Hughes, Managing Director, Providence Hospitality; and Geri Flanagan, Development Manager, Accor Hotels, among many others.
The Hotel & Hospitality Expo Africa will also spotlight new products and demonstrations in a dedicated area, adding to the interactive nature of the event.