The rise of travel and tourism to unique destinations and the increased focus on sustainability are driving the global ecotourism market.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, UNITED STATES, Sept. 10, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global ecotourism market earned $92.2 billion in 2019 and is estimated to which will generate $103.8 billion by 2027, manifesting a CAGR of 2.5% from 2021 to 2027. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s five forces analysis and competitive landscape .
The increase in travel and tourism to unique destinations, the inclination towards the exploration of wildlife, coral reefs and unspoiled and untouched natural areas, and the increased focus on sustainability are driving the global ecotourism market. However, the low availability of accommodation and the limited availability of hygienic and quality restaurants in the destinations make it difficult for the market to grow. On the other hand, public-private partnerships in the form of subsidies for air routes to remote tourist destinations, improvement of transport capacities and ease of access create new opportunities in the coming years.
The rise of travel and tourism to unique attractions, a preference for exploring wildlife, coral reefs and remote natural areas, and a focus on sustainability are driving the global ecotourism market. However, the lack of adequate accommodation and the scarcity of hygienic and quality restaurants in the destinations slows down the growth of the market.
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The global ecotourism market is segmented based on traveler type, age group, sales channel, and region.
Based on the type of traveler, the global market is divided into solo and group. On the basis of age group, the global market is studied into generation X, generation Y, and generation Z. By sales channel, the market is segmented into travel agent and direct. The global market is studied in North America, Europe, Asia Pacific and the LAMEA region, which consists of a market assessment for more than 20 countries.
Based on traveler type, the group segment contributed the largest market share, accounting for nearly four-fifths of the global ecotourism market in 2019, and will continue its leading status throughout the forecast period. This is due to safety concerns in new and unexplored destinations, low expenses when traveling in a group, and shared interest and experiences that allow people to connect very quickly.
By traveler type, the groups segment accounted for the largest market share, with nearly four-fifths of the total market share in 2019, and will maintain its leading position over the forecast period. However, the individual segment is projected to manifest the fastest CAGR of 15.9% from 2021 to 2027.
Depending on the region, North America is anticipated to witness the highest CAGR of 16.2% during the forecast period, due to the high number of environmentally conscious travelers and the rapid adoption of digital means to search and travel to new destinations. However, Asia-Pacific retained the largest share in terms of revenue in 2019, accounting for nearly two-fifths of the global ecotourism market, and will maintain its dominance in terms of revenue by 2027. This is attributed to the presence of a large number of millennial travelers. supported by higher disposable income and infrastructure expansion.
• Many tourist destinations and places were closed by governments to avoid the concentration of people and prevent the spread of the coronavirus.
• Travel restrictions around the world hampered the exploration of new destinations, remote places and tourist activities. Public transportation means such as buses, trains and air were banned during the lockdown.
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The main market players
• Travel Leaders Group, LLC
• Aracari Travel
• FROSCH International Travel, Inc.
• Undiscovered Mountains Ltd.
• Adventure Alternative
• Intrepid Group Limited
• Rickshaw tour group
• G Adventures
• Discovery of the steppes
• Small World Journeys Pty. Ltd.
Key Study Findings
• By region, Asia-Pacific dominates in terms of the global ecotourism market and is expected to maintain its dominance during the forecast period.
• By type of traveler, the group traveler segment led in terms of ecotourism market share, in 2019; however, the individual traveler segment is expected to gain market share in the coming years.
• By age group, the Generation Y segment accounted for more than half of the market share of the ecotourism market in 2019; however, Generation Z is projected to grow at the highest CAGR during the forecast period.
• By sales channel, the travel agent segment is expected to gain market share in the coming years and is estimated to grow at a CAGR of 14.7% during the forecast period.
• By region, the North America region is anticipated to grow at a strong CAGR of 16.2% over the forecast period.
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