According to the report published by Allied Market Research, the global ecotourism market garnered $92.2 billion in 2019, and is estimated to 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.
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.
Surge in travel and tourism toward unique attractions, preference for exploration of wildlife, coral reefs, and remote natural areas, and focus on sustainability fuel the global ecotourism market. However, lack of proper accommodation and scarcity of quality and hygienic restaurants at destinations restrain the market growth.
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The global ecotourism market is segmented on the basis of type of traveler, age group, sales channel and region.
Based on type of traveler, the global market is bifurcated into solo and group. On the basis of age group, the global market is studied across generation X, generation Y and generation Z. By sales channel the market is segmented into travel agents and direct. The global market is studied across North America, Europe, Asia Pacific and LAMEA region which consists of market evaluation for more than 20 countries
Based on traveler type, the group segment contributed to the highest market share, accounting for nearly four-fifths of the global ecotourism market in 2019, and will continue its leadershipstatus throughout the forecast period. This is due tosecurity concerns at new and unexplored destinations, low expenses while traveling in a group and shared interest and experiencesthat enable people tobonding together very quickly.
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.
Based on region, North America is projected to witness the highest CAGR of 16.2% during the forecast period, owing tolarge number of environment-conscious travelers and rapid adoption of digital media to search and travel to new destinations. However, Asia-Pacific held 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 topresence of large number of millennial travelers supported by increased disposable income and expansion of infrastructure.
The Covid-19 pandemic has a vital impact on the growth of the global Ecotourism Market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global Ecotourism Market.
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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.
Key Findings Of The Study:
• By region, Asia-Pacific dominates in terms of global ecotourism market and is expected to retain its dominance during the forecast period.
• By traveler type, the group traveler segment led in terms of ecotourism market share, in 2019; however, the solo traveler segment is expected to gain market share in the upcoming years.
• By age group, the Generation Y segment accounted for more than half market share of the ecotourism market in 2019; however, the 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 upcoming years and is estimated to grow at a CAGR of 14.7% during the forecast period.
• By region, North America region is anticipated to grow with robust CAGR of 16.2% during the forecast period.
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