Global Ecotourism Market Revenue To Register Robust Growth Rate During 2021–2027 | COVID-19 Scenario Analysis
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.
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The global ecotourism market across North America is projected to exhibit the fastest CAGR throughout the forecast period.
The market across Asia-Pacific dominated with the largest revenue share in 2019, owing to the presence of large number of millennial travelers in the region. At the same time, North America would grow at the fastest CAGR throughout the forecast period. This is due to large number of environment-conscious travelers and rapid adoption of digital media to travel to new destinations.
The global ecotourism market is analyzed across traveler type, age group, sales channel, and region. Based on traveler type, the group segment accounted for nearly four-fifths of the total market share in 2019, and would retain its dominance during the forecast period. Several security concerns at new and unexplored destinations encourage people to travel in a group. This factor drives the segment growth. At the same time, the solo segment would portray the fastest CAGR of 15.9% from 2021 to 2027. This is attributed to the benefits of being in charge of the whole travel schedule, possibility of gathering new experiences, prospects to meet new people, and gaining a sense of empowerment altogether.
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Based on age group, the generation Y segment contributed to the major share in 2019, generating nearly three-fifths of the global market, owing to high environmental consciousness and growing preference toward spending on unique experiences than on that of materialistic things. Simultaneously, the generation Z segment would portray the fastest CAGR of 15.6% from 2021 to 2027.
Improvement of digital marketing strategies to attract customers and unique, interactive, and social experiences sought by travelers propel the segment growth.
The global ecotourism market report includes a comprehensive analysis of the major market players such as Aracari Travel, FROSCH International Travel, Inc., Adventure Alternative, Travel Leaders Group, LLC, Steppes discovery, Small World Journeys Pty Ltd., Intrepid Group Limited, RICKSHAW TRAVEL GROUP, G Adventures, and Undiscovered Mountains Ltd.
“The rise of travel and tourism to unique destinations has shown significant resilience globally. Iceland, Kenya, Palau, and Nepal are the trending hotspots in unique eco-tourism destinations travelled across.”
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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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