Ecotourism Market is Expected to Reach an Industry Valuation of USD 9,79,128.7 Million in the Year 2034 | Future Market Insights Inc.
NEWARK, Del, Aug. 26, 2024 (GLOBE NEWSWIRE) -- As per newly released data, the global ecotourism Industry is expected to be worth USD 2,51,188.1 million in 2024 and USD 9,79,128.7 million by 2034, growing at 14.6% CAGR from 2024 to 2034 primarily driven by the increasing awareness of the negative impacts of mass tourism on the environment and the growing demand for sustainable travel options.
Travelers are increasingly seeking sustainable travel options, they are drawn to experiences that promote conservation, community empowerment, and authentic cultural exchanges. Government policies at various levels also play a crucial role, as many initiatives encourage sustainable tourism practices and the preservation of natural and cultural heritage. Additionally, the demand for environmentally friendly travel experiences that connect individuals with nature and local cultures further fuels market growth. This trend is particularly evident among younger generations, such as Millennials, who prioritize responsible travel and are influenced by social media in their travel choices.
The market is also supported by government initiatives promoting sustainable tourism and the development of eco-friendly infrastructure. The economic benefits of ecotourism, including job creation and local economic development, provide additional incentives for communities to adopt sustainable practices, enhancing the overall appeal of ecotourism as a viable market segment.
Short term (2024 to 2026): Consumers are becoming more aware of the negative environmental impact that tourism can have, including issues such as climate change, pollution, and wildlife conservation. As a result, many travelers are looking for responsible travel experiences that align with their values while also allowing them to reduce their environmental impact.
Medium-term (2026 to 2029): Many businesses are recognizing the value of social responsibility and sustainability in their operations and incorporating these values into their tourism offerings. This includes eco-friendly lodging, carbon offset programs, and responsible travel practices that prioritize the local community and environment. These initiatives can help businesses appeal to socially conscious travelers while also distinguishing themselves from competitors.
Long-term (2020 to 2034): Ecotourism is being promoted by many governments as a means of fostering long-term financial growth and protecting natural environments. Infrastructure funding, financial incentives for businesses to adopt sustainable practices, and publicity campaigns for sustainable tourism hotspots are all examples of the types of help that can be provided. Costa Rica is a good example of a country that has successfully promoted ecotourism as a means to support conservation efforts; the country now has more than 25% of its land area set aside as protected areas.
How is Eco-Longing Tourism Contributing Towards Ecotourism Market Growth?
Tourists can enjoy Eco tours in many forms. There are many ways to make the trip more sustainable. For instance, eco-lodging tourism is expanding its penetration in the market. Eco-tourists choose accommodations that are built by keeping sustainability and environment-friendly attributes in mind. In eco-lodging tourism, one can enjoy staying at various locations from eco-resorts to natural settings or from hostels to hotels made with sustainable materials. Even there is a good opportunity for them to enjoy various ecotourism activities such as hiking, kayaking, or bird watching for the tourists.
People are better aware of sustainable tourism owing to improved access to information via the Internet and various awareness campaigns launched by governments. Ecotourism allows the preservation of the natural environment while facilitating sustainable development for the local communities.
Also, many countries are converting their respective cities into sustainable tourism destinations that not only generate job opportunities but also preserve nature, local culture, and wildlife. Examples of some of these are Dubai, Doha, and Manama.
In the coming years, the demand for eco-longing tourism is expected to rise, creating a conducive environment for ecotourism market growth.
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How Will Improvement in Regional Infrastructure Drive Ecotourism Industry?
Many countries such as the United Kingdom, UAE, the USA, Qatar, France, Oman, and others are investing in upgrading their airports to prepare for the arrival/departure of a large number of tourists in the future.
Moreover, these countries have been working to restore some of their heritage sites, along with infrastructure. Art galleries in Qatar and the UAE have also been working on bringing novel works and exhibits. Such types of developments are intended to attract tourists and are expected to aid the ecotourism market growth.
Historical sites are among the most popular attractions for eco-tourists. The Saudi Geological Survey revealed that some of the historical caves in the region are 30 million years old. 250 caves have been discovered in Saudi Arabia, which is propelling sustainable tourism in the country.
How are the Public Transportation and Security Challenges Affecting the Growth of the Ecotourism Market?
Public transport systems in many countries are inferior as compared to developed countries. However, the countries like Saudi Arabia, Qatar, Oman, and others are working to address this issue through some large-scale investments.
On the other hand, security challenges remain the key concern for these countries. However, the governments of many nations have started addressing this issue since it directly affects the number of tourists visiting the country.
Key Takeaways from the Ecotourism Market Study
- Ecotourism emphasizes the preservation of biodiversity and natural ecosystems, offering travelers opportunities to explore and appreciate unique flora and fauna in their natural habitats.
- Increase in tourism results in a proportionate increase in the other sectors of the economy such as retail and construction.
- Major countries in the Global region, such as the UAE, Saudi Arabia, and Qatar, are undertaking initiatives to transform themselves into ecotourism locations.
- The growth of the ecotourism market is likely to create thousands of new job opportunities for the locals as well as immigrant population. Moreover, growth in ecotourism will indirectly create jobs in supporting business such as hotels, resorts, and transport companies.
- Increased Public-Private Partnerships also provide economic stability in the region. It fosters economic growth through infrastructure development and job creation opportunities.
“Ecotourism often involves cultural exchange and community engagement, providing travelers with authentic experiences while supporting local economies and indigenous communities,” says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Who is winning?
Some of the key players operating in the Ecotourism market are China CYTS Tours Holding, Farm To Farm Tours, Royal Arabian Destination Management, A.C.T. Tours, AAA Travel, AGRILYS Voyages, Agriturismo France, AL VERNETO, Altour, American Express Global Business Travel, Bay Farm Tours, BCD Travel, Big Five Tours & Expeditions Inc., Carlson Wagonlit Travel, China Travel, Corporate Travel Management, Direct Travel, Domiruth PeruTravel, Eco Travel and Tourism LLC, Expedia Group and among others.
Companies operating in the industry are increasingly offering unique and immersive experiences, such as wildlife safaris and cultural tours, to attract eco-conscious travelers. Sustainability initiatives, including partnerships with local communities and conservation efforts, are central to their strategies.
Global Ecotourism Market by Category
By Type:
- Nature & Wildlife
- Cultural
- Rural
By Tour Type:
- Independent Traveler
- Tour Group
- Package Traveler
By Tourist Type:
- Domestic
- International
By Consumer Orientation:
- Men
- Women
- Children
By Age Group:
- 15 to 25 Years
- 26 to 35 Years
- 36 to 45 Years
- 46 to 55 Years
- 56 to 65 Years
- 66 to 75 Years
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Old Source: Ecotourism Market is estimated to be worth US$ 90.95 Billion by 2033 end, growing at a CAGR of 15% | Get Recent Data Analysis by Future Market Insights, Inc.
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Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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