Eco Tourism Market Size Growing at 16.38% CAGR Set to Reach
Newark, Dec. 20, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 193.62 Billion in 2022 eco tourism market will reach USD 882.53 Billion by 2032. The main causes of this increase are the increased popularity of solo travel, immersive travel, outdoor recreation, and fast urbanisation. Ecotourism has flourished due to increased public and government awareness of the detrimental consequences of tourism on the environment, such as soil erosion, water pollution, and habitat loss.
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Key Insight of the Eco Tourism Market
Asia Pacific is anticipated to expand at the highest CAGR of 18.73% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 18.73% over the forecast period. An increasing number of travellers in Asia are reconsidering their travel plans in an effort to make their travels more morally sound in order to decrease the negative economic and social consequences that they have on the residents and the environment in the places they visit. In an effort to reduce their carbon footprint within the travel ecosystem, airlines, lodging facilities, and transportation providers are reacting to the need for sustainable tourism.
The solo segment is expected to register the highest CAGR of 19.38% over the projected period in the eco tourism market.
The solo segment is anticipated to grow at the highest CAGR of 19.38% in the eco tourism market. Over the past ten years, the number of people wanting to travel alone has increased dramatically as more people seek to embrace their independence and have immersive travel experiences. American women led the way in the frequency of their solo travels, with 72% of them going it alone. Tour operators and holiday companies have even begun to specialise in serving lone travellers due to the growing popularity of solo travel.
Over the projected period, the marketplace booking segment is expected to register the highest CAGR of 19.73% in the eco tourism market.
Over the forecasted period, the marketplace booking segment is anticipated to grow at the highest CAGR of 19.73% in the eco tourism market. Most tour businesses currently display their service portfolios online and on marketplaces, allowing buyers to evaluate products at the one-stop shop before completing a transaction. Fast travel and hotel reservations, as well as the engaging client experiences provided by marketplace booking channels, are the main drivers of the expansion. The manner that travellers book their hotels and tours has changed as a result of the increased use of cellphones, the internet, and social media.
Market Dynamics
Driver: Increasing awareness and concern among travellers on social and environmental issues
The market for ecotourism is driven by several important aspects. First of all, travellers are growing increasingly aware of and concerned about environmental and social issues. Many tourists these days are searching for travel options that promote conservation, sustainability, and community empowerment. Second, international, regional, and local government initiatives and laws that promote environmentally friendly travel practises and the conservation of cultural and natural heritage are helping to foster the growth of ecotourism. Thirdly, the demand for authentic, meaningful travel experiences that promote relationships with regional cultures and the environment is fueling the growth of ecotourism. Along with growing consumer preferences for sustainable and ethical travel, other factors driving demand for ecotourism include the growing influence of social and environmental advocacy groups. Lastly, ecotourism’s positive economic effects—such as more job possibilities, local economic advantages, and community development—are also driving the market’s expansion since it provides incentives for destinations and communities to adopt sustainable tourism practises.
Restraint: Absence of uniform certifications and standards for ecotourism
The ecotourism market is likewise subject to certain restrictions. One of the biggest challenges is the potential for “greenwashing,” where certain travel businesses overstate their ecological consciousness or take part in practises that harm the environment and neighbouring communities. Another obstacle that might confuse travellers and obstruct the expansion of genuine ecotourism operations is the lack of established standards and certifications for ecotourism. The expansion of ecotourism may be hampered by a number of factors, including poor infrastructure, limited access to capital and resources, and regulatory obstacles in some areas.
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Some of the major players operating in the Eco Tourism market are:
• Aracari
• G Adventures
• Gondwana Ecotours
• ROW Adventures
• Cheesemans’ Ecology Safaris
• Adventure Alternative Ltd
• Frosch International Travel
• Natural Habitat Adventures
• Black Kite tour PLC
• Discover Corps
Key Segments cover in the market:
By Traveler Type:
• Groups
• Solo
By Booking Mode:
• Travel Agent
• Direct
• Marketplace Booking
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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