Increasing awareness of environmental issues among travelers
has created a desire for sustainable and ethical tourist practices,
resulting in a move towards experiences that have a low
environmental effect, propelling the expansion of the ecotourism
industry.
PORTLAND, Ore., May 23, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Ecotourism Market by
Age Group (Generation X, Generation Y, Generation Z), Traveler Type
(Solo, Group), and Sales Channel (Travel Agents, Direct): Global
Opportunity Analysis and Industry Forecast, 2024-2035".
According to the report, the "ecotourism market" was valued at
$210.4 billion in 2023, and is
estimated to reach $829.8 billion by
2035, growing at a CAGR of 11.7% from 2024 to 2035.
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Prime determinants of growth
The ecotourism market is driven by factors such as popularity of
sustainable tourism among youths and mobile applications, big data
analytics, and artificial intelligence evolving together amidst
proliferating tourism industry. However, inadequate support
infrastructure challenging market expansion and sustainability is a
long-term challenge for ecotourism which restrict the market
growth. Furthermore, public-private partnerships are expected to
offer new opportunities in the coming years.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2035
|
Base Year
|
2023
|
Market Size in
2023
|
$210.4
Billion
|
Market Size in
2035
|
$829.8
Billion
|
CAGR
|
11.7 %
|
No. of Pages in
Report
|
230
|
Segments
covered
|
Traveler Type, Age
Group, Sales Channel, and Region
|
Regional
Scope
|
North America, Europe,
Asia-Pacific, Latin America, and LAMEA
|
Country
Scope
|
U.S., Canada, Mexico,
Germany, UK, France, Italy, Spain, China, Japan, India, Australia,
Malaysia, Thailand, Indonesia, Saudi Arabia, UAE, Brazil,
Argentina, and South Africa
|
Drivers
|
Eco-mmodation—trending
among millennials
Unique destinations
gaining high traction among tourists.
Mobile applications,
big data analytics, and artificial intelligence evolving together
amidst proliferating tourism industry.
Rise of social media
positively impacting the travel industry
|
Opportunities
|
Public-private
partnerships to create lucrative opportunities for
destinations
|
Restraints
|
Inadequate support
infrastructure challenging market expansion
Sustainability a
long-term challenge for ecotourism
|
The group segment to maintain its leadership status
throughout the forecast period.
By traveler type, the group segment dominated the market in 2023
and is expected to continue this trend during the forecast period.
Tourists prefer travelling in groups owing to security concerns at
new and unexplored destinations. Furthermore, low expenses while
travelling in a group lures tourists to opt for the same. In
addition, shared interest and experience assist in bonding people
together very quickly. Group traveling is hassle free, provides a
sense of security, and is much more economical when compared to
other counterparts.
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The Generation Y segment is expected to maintain its lead
position during the forecast period.
On the basis of the age group, the Generation Y segment led the
market in 2023 and is expected to maintain this trend during the
forecast period. Generation Y are avid travelers comprising large
number of people traveling worldwide. Generation Y tends to travel
in groups, however, solo travelling to remote destinations is
trending amongst millennials. Furthermore, they generally look for
cultural and leisure breaks. Millennials are driven by wanderlust
and breaking life's monotony; these group of youngsters prefer
short trips to countries having naturally rich heritage.
The travel agent segment is expected to maintain its lead
position during the forecast period.
On the basis of the sales channel, the travel agent segment led
the market in 2023 and is expected to maintain this trend during
the forecast period. Travel agents are the front runners for
devising customized tours. These operators are experienced
consultants, who have a deep knowledge of a particular region, and
hence, offer first-hand experience and recommendations for
designing tailor made tours. These operators also work very closely
with a local agent in the destination country. The increase in the
trend of tailor-made tours has resulted in increased demand for
tour operators and agencies in recent years.
The Asia-Pacific region to
maintain its lead position during the forecast period.
On the basis of the region, Asia-Pacific dominated the market in 2023 and
is expected to dominate the market during the forecast period.
Asia-Pacific has been known for
its diverse culture and attractive destinations. China, Japan,
Australia, and India have the highest outbound trip
concentration among the higher household income brackets. Based on
the household income, households earning above $10,000 account for more than 73% of all outbound
travel. This can be attributed to the rapidly growing economy and
new job opportunities promoting an increase in household income in
the Asia-Pacific region.
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Leading Market Players: -
- Travel Leaders Group, LLC
- Aracari Travel
- FROSCH International Travel, Inc.
- Undiscovered Mountains Ltd
- Adventure Alternative
- Intrepid Group Limited
- RICKSHAW TRAVEL GROUP
- G Adventures
- Steppes Discovery
- Small World Journeys Pty Ltd.
The report provides a detailed analysis of these key players in
the ecotourism market. These players have adopted different
strategies such as acquisition, partnerships, and new product
launches to increase their market share and maintain dominant
shares in the market. The report is valuable in highlighting
business performance, operating segments, product portfolio, and
strategic moves of market players to showcase the competitive
scenario.
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