Travel & Tourism - Morocco | Statista Market Forecast

The Travel & Tourism market in Morocco is expected to generate a revenue of US$2.12bn in 2024, with an anticipated compound annual growth rate (CAGR 2024-2029) of 4.61%.
This growth is expected to result in a market volume of US$2.65bn by 2029.
The Package Holidays market is anticipated to be the largest in the market, with a projected market volume of US$994.20m in 2024.
By 2029, it is expected that the number of users in this market will reach 6.52m users.
The user penetration is expected to increase from 22.2% in 2024 to 25.7% by 2029.
The average revenue per user (ARPU) is expected to remain at US$250.00.
Online sales are expected to account for 82% of the total revenue generated in the Travel & Tourism market of Morocco by 2029.
It is important to note that United States is expected to generate the majority of revenue compared to other countries, with a projected revenue of US$214bn in 2024.
Morocco's Travel & Tourism industry has seen a rise in popularity due to its rich cultural heritage and diverse landscapes.

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

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Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

Business trips
Other forms of trips (e.g. excursions, etc.)

Morocco's Travel & Tourism market is experiencing significant growth and development, driven by various factors shaping consumer preferences and the local tourism landscape.

Customer preferences: Travelers in Morocco are increasingly seeking authentic cultural experiences, such as exploring historic cities like Marrakech and Fez, and immersing themselves in the rich traditions of the country. Additionally, there is a growing demand for eco-friendly and sustainable tourism practices, with tourists showing interest in exploring Morocco's diverse natural landscapes, including the Atlas Mountains and the Sahara Desert.

Trends in the market: One notable trend in Morocco's Travel & Tourism market is the rise of digital platforms and online booking services, making it easier for travelers to plan their trips and discover unique experiences in the country. Moreover, the government's efforts to improve infrastructure and promote tourism have led to an increase in international arrivals, particularly from Europe and other regions.

Local special circumstances: Morocco's strategic location at the crossroads of Africa, Europe, and the Middle East has positioned it as a key travel destination, offering a blend of cultures, cuisines, and landscapes. The country's diverse attractions, from bustling souks to tranquil beaches, appeal to a wide range of tourists seeking memorable experiences.

Underlying macroeconomic factors: The stability of Morocco's economy, coupled with government initiatives to boost the tourism sector, has created a favorable environment for investment and growth in the Travel & Tourism market. Additionally, the country's focus on promoting sustainable tourism practices aligns with global trends towards responsible travel, attracting conscientious travelers looking to minimize their environmental impact.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

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Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.