Maldives tourism industry valued at US$558 million

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The value of the Maldives hospitality industry is estimated at US$558.10 million in 2023, according to a market research report by Mordor Intelligence.

 The ‘Maldives Hospitality Market Report (2023-2028)’ predicted the tourism industry to reach US$864.81 million by 2028 with a Compound Annual Growth Rate (CAGR) of 9.15%

“The hospitality industry in the Maldives has been developing on “One Island, One Resort” and has become the best yielding market in Asia,” the report stated.

“With a greater number of the scheduled opening of new resorts and guesthouses with almost 2,000 new rooms/keys addition, the hospitality industry in the islands is attracting more investors. The supportive government policies in the hospitality industry in the Maldives has become one of the pillars of economic growth.”

Global hotel chains and brands Marriott International, Hilton Worldwide, InterContinental Hotels Group, AccorHotels, Hyatt Hotels Corporation, Four Seasons Hotels and Resorts, Shangri-La Hotels and Resorts, Ritz-Carlton and The Emirates Group were identified as key players in the industry.

The full report is available for purchase.