Global Ecotourism Market Overview
The key driver impacting the ecotourism market is the expanding trend of ecotourism toward unique attractions. For instance, As per the UN World Tourism Organization, it is estimated that approximately 57% of international tourist arrivals will be in developing economies in 2030. Also, in 2017 and 2018, developing and emerging economies are predicted to grow 4.8 and 4.5%, respectively, outpacing the expected 4.1% expansion in 2016. , the UN’s 2017 International Year evidently recognizes that sustainable tourism is a significant tool for growth, most prominently in poor countries and poor communities. In addition, as per the Sustainable Travel International with Mandala Research, it shows that the US alone has 60% of leisure travelers; that is, 105.3 million Americans have taken a “sustainable” trip during the time period 2015-2017. They spent considerably on an average of $600 per trip and took around seven days compared to four days trip. Around three-fifths think that they have a great deal of responsibility for ensuring their trips do not harm a destination’s environment, economy, and people. Also, the rising trend of Eco-mmodation among millennials is positively impacting the market growth. Moreover, the growing liking for the exploration of wildlife, coral reefs, and remote natural areas contributes to ecotourism market demand in the coming years.
According to Value Market Research, the global Ecotourism market size was valued at about USD 335 billion in 2020 and is estimated to have a CAGR of around 14.5% during the forecast period 2021 to 2027.
The increasing consciousness about global warming and the destruction of the charm by the tourist will likely augment the need for ecotourism in the forecast period. However, lack of proper accommodation and dearth of quality and hygienic restaurants at destinations hampers the market in the long run. In addition, the limited accessibility and availability are negatively impacting the market growth. In addition, the monopoly of few tourist guides with less availability of trained and certified tourist guides raises the risk of exploitation of tourists. Nevertheless, the industry trends, including improvement of transport capabilities, formation of public-private partnerships for subsidizing air routes to remote destinations, and offering ease of access present, might provide massive market opportunities to the key players of the market.
The Ecotourism market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players taken in the report are Travel Leaders Group, LLC, FROSCH International Travel, Inc, Undiscovered Mountains Ltd, Aracari Travel, Adventure Alternative, Intrepid Group Limited, Rickshaw Travel Group, Adventure Alternative, G Adventures, Small World Journeys Pty Ltd., and Steppes discovery.
In this research report, the Ecotourism market is segmented by traveler type, age group, and region.
Analysis by Traveler Type:
By Traveler Type, the report is categorized into solo and group. The group segment dominates the traveler-type segment with over 75% share in 2020. It is due to the growing preference of travelers to go in a group. Moreover, the traveler agent provides contributes to the wearable robots segment's growth in the forecast period.
Analysis by Age Group:
By age group, the report is segmented into Generation X, Generation Y, and Generation Z. The generation Y segment dominates the age group segment with over 55% share in 2020. It is due to the growing trend of solo trips among Y generation people. Moreover, the Y tourists are passionate about experiencing unique facilities, visiting new sites, and always search for enjoying special and new activities in each and every trip, which contributed to the growth of the generation Y segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Ecotourism market, the Asia-Pacific region is expected to hold a market share of around 35% in the forecast period. It is due to the growing promotion of tourism by the government of India and China. Moreover, the presence of various tourist destinations across the region contributes to the tremendous market growth across Asia-Pacific.
Market Segmentation covered in the Report:
By Traveler Type
By Age Group
- Generation X
- Generation Y
- Generation Z
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.