According to a new report published by Allied Market Research, titled, “Ecotourism Market by Traveler Type, Age Group and Sales Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” the ecotourism market size was $181.1 billion in 2019, and is projected reach $333.8 billion by 2027, registering a CAGR of 14.3% from 2021 to 2027.
Increase in travel and tourism to unique destinations, inclination toward exploration of wildlife, coral reefs, and pristine undisturbed natural areas, and surge in focus on sustainability drive the global ecotourism market. However, low availability of accommodation and limited availability of quality and hygienic restaurants at destinations hinder the market growth. On the other hand, public-private partnerships in the form of subsidizing air routes to remote tourist destinations, improvement of transport capabilities, and providing ease of access create new opportunities in the coming years.
Recent years have seen increased popularity of eco-tourism around the world. The global tourism industry is undergoing paradigm shift with increased environmental consciousness. As a result, stakeholders across the industry are promoting natural, unadulterated and pristine destinations to lure tourists. Preserving natural resources along with accommodating large tourists with minimal impact on the environment remains core objective for the engaged stakeholders.
The report focuses on the ecotourism market growth prospects, restraints, and opportunities of the global ecotourism market. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the ecotourism market.
By traveler type, the group segment accounted for the largest market share, contributing to nearly four-fifths of the total market share in 2019, and will maintain its lead position during the forecast period. However, the solo segment is projected to manifest the fastest CAGR of 15.9% from 2021 to 2027.
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Based on age group, the generation Y segment accounted for the largest share in 2019, holding nearly three-fifths of the global ecotourism market, and is projected to maintain its lead position during the forecast period. This is due to preference toward spending on unique experiences rather than materialistic things and high environmental consciousness. However, the generation Z segment is expected to witness the highest CAGR of 15.6% from 2021 to 2027. This is attributed toimprovement of online channelsand digital marketing strategies to attract customers and unique, interactive, and social experiences sought by travelers.
Geographically, North America is estimated to portray the highest CAGR of 16.2% during the forecast period. However, Asia-Pacific held the highest market share in 2019, contributing to nearly two-fifths of the market, and will maintain its lead position by 2027.
Leading players of the global ecotourism market analyzed in the research includeTravel Leaders Group, LLC, FROSCH International Travel, Inc., Aracari Travel,Adventure Alternative, Undiscovered Mountains Ltd., Intrepid Group Limited, G Adventures, Rickshaw Travel Group, Steppes Travel, and Small World Journeys Pty Ltd.
Covid-19 Scenario
• Many destinations and tourist spots were closed down by governments to avoid gathering of people and prevent the spread of the coronavirus.
• Travel restrictions across the world hindered the exploration of new destinations, remote places, and sightseeing activities. The means ofpublic transportation such as buses, trains, and air were banned during the lockdown.
• Countries across the world have been building a more resilient tourism system during the post-Covid-19 pandemic period. Governments have been implementing structural transformation and offering financial stimulus for supporting the tourism sector.
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