Ecotourism Market size is projected reach $333.8 billion by 2027

According to a new report published by Report Ocean, 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.

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The Global Ecotourism Network (GEN) defines ecotourism as ""responsible travel to natural areas that conserves the environment, sustains the well-being of the local people, and creates knowledge and understanding through interpretation and education of all involved (visitors, staff and the visited)"". Ecotourism is a form of tourism that unites communities, conservation, and sustainable travel. Ecotourism involves travelling to remote and pristine destinations where the fauna, flora, and cultural heritage are the center of attractions.

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.

FDI in tourism industry has grown multifold in the last five years. With about $20 billion in capital investment in 2015 to $60 billion in 2019. Globally accommodation remains the largest subsector of tourism FDI projects globally. With around 1,200 tourism FDI projects for accommodation announced between 2015 and 2019. The increasing FDI along with supportive government policies is likely to create new ecotourism market opportunities in the upcoming years.

The global tourism industry is getting impacted profoundly amidst the outbreak of the coronavirus. The outbreak started in China resulting in lockdown and widespread restrictions across the country. The international departures have nosedived across the world owing to stringent air travel restrictions and lockdowns across the world. Furthermore, recent developments in resurgence of second wave of corona virus in Europe and North America are one of the major challenges the industry is expected to face in the upcoming days.

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

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.
Some of the major players profiled for in the ecotourism market analysis includes 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 and Small World Journeys Pty Ltd.

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This release was published on openPR.