Exploring Greener Horizons: Ecotourism Market to Experience 15% CAGR, Reaching US$ 90.95 Billion by 2033 | FMI

The global ecotourism market size is set to reach US$ 22.48 billion in 2023. Overall sales of ecotourism are likely to surge at 15% CAGR, taking the forecasted market valuation to US$ 90.95 billion by the end of 2033.

The growth of the global ecotourism market can be attributed to the rising popularity of outdoor leisure activities, solo travel, and immersion travel in response to rising urbanization and incomes. Moreover, the best hotel chains are investing in social media marketing and using novel approaches to construct eco-lodges and camps, design trails, and organize excursions.

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They are studying the ecological and cultural impacts of ecotourism and working on projects that promote recycling, priorities energy efficiency, and reuse water to create jobs for locals. Because of this, the market is growing. Growth in the global ecotourism market is expected, in part because many national governments are actively promoting the industry through public education, training programs, data collection and analysis, and business partnerships.

Nepal, for example, which is at the forefront of unique sustainable tourism locations worldwide and which saw a remarkable 24% increase in passengers in 2020, totaling 1,172,052 at the end of the year, is one of the countries credited with providing the growth factors. Similarly, 2019 saw over two million tourists visit Kenya, a 35.7% increase from the previous year. Destinations like Costa Rica, the Galapagos Islands, and Panama are at the forefront of the sustainable tourism movement. Governments' newfound focus on tourist security has also contributed to an uptick in international visitors, which in turn has boosted the sustainable tourism industry.

Key Takeaways

Drivers:

Increasing demand for sustainable and responsible tourism practices.
Growing interest in nature-based tourism activities.
Rise of eco-conscious millennials and Gen Z travelers.

Opportunities:

Expansion of sustainable tourism to emerging markets.
Development of unique and authentic ecotourism experiences.
Embracing technology to reach a wider audience.

Restraints:

High initial investment costs.
Limited infrastructure and accessibility in some destinations.
Dependence on natural resources, which can be impacted by climate change.

Challenges:

Balancing sustainable tourism development with conservation efforts.
Ensuring sustainable practices throughout the entire tourism supply chain.
Dealing with the negative impacts of mass tourism in some destinations.

Competitive Landscape

Adventure Alternative Ltd, Aracari, Black Kite tour PLC, G Adventures, Frosch International Travel, Gondwana Ecotours, Discover Corps, ROW Adventures, Natural Habitat Adventuresm, and Cheesemans' Ecology Safaris are just a few of the major companies in the ecotourism industry. These major tour operators are making serious efforts to improve their standing in the industry and provide ecotourists around the world with genuine, in-depth adventures.

 Recent Developments

Wetravel, Inc. has teamed up with Tourism Cares to offer a new academy course titled Introduction to Sustainable Tourism in June 2022. The recently released training provides tourism businesses with an entry-level course that is expected to help them stay informed, actively participate, and advocate for change.

In July 2022, Rabbie's, a major UK tour operator, introduced two eco-friendly itineraries in Scotland. The newly introduced tours are a part of the company's 'We Care About There' initiative, which promotes responsible and sustainable tourism by providing a unique and meaningful experience for its customers.

Italian global cruise line MSC Cruises launched nearly 1,400 sustainability-themed summer tours in May 2022 to highlight the company's commitment to environmental responsibility. The new itinerary was created to promote "nature-positive" pursuits and lessen the negative effects of tourism.

Key Segments

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
Middle East and Africa

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