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Global Beach Tourism Market Opportunities and Growth Trends 2024
Beach Tourism Market Opportunities
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According to The Business Research Company's, The beach tourism market size has grown strongly in recent years. It will grow from $225.53 billion in 2023 to $240.03 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to climate and weather conditions, cultural significance and recreation activities, sustainable beach tourism on high rise, government initiatives toward the tourism sector, and environmental awareness.
The beach tourism market size is expected to see strong growth in the next few years. It will grow to $311.57 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rising investment in the tourism sector, growing penetration of social media among gen-z, gaining knowledge and understanding of different cultures, rising in booking for vacation rentals, and increasing in the recreational activities. Major trends in the forecast period include technological advancements, sustainable beach tourism, growth in beachfront and coastal sports, influence of social media, and cultural events and social activities.
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Market Drivers and Trends:
The increase in international tourism is expected to propel the growth of the beach tourism market going forward. International tourism refers to people traveling to and staying in places outside their usual environment and across national borders for leisure, business, or other purposes. The growth in international tourism is due to increased disposable income, improvements in air travel, high-speed trains, and other forms of transportation, and increased global trade and business activities. Beach tourism provides international tourists with a multifaceted experience combining relaxation, adventure, cultural exploration, and recreational activities in beautiful coastal environments. For instance, in August 2023, the International Trade Administration, a US-based government agency, the United States saw a total of 55.80 million international visitors in 2023, marking a 30.2% increase from 2022. Therefore, the increase in international tourism is driving the beach tourism market.
Major companies operating in the beach tourism market are focusing on sustainability initiatives such as eco-friendly accommodations to gain a competitive advantage. Eco-friendly accommodations prioritize environmental responsibility by using renewable resources, reducing waste, and promoting conservation efforts. For instance, in 2022, Accor, a France-based hospitality company, launched its Planet 21 program, emphasizing sustainable practices across its properties. Unique features of this initiative include the implementation of energy-efficient systems, partnerships with local conservation organizations, and the use of locally sourced materials in construction and operations. These efforts not only enhance the guest experience by aligning with the values of environmentally conscious travelers but also help mitigate the ecological impact of tourism. As consumers increasingly seek sustainable travel options, companies adopting such practices will likely capture a larger market share.
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Major Key Players of the Market:
Marriott International Inc., TUI AG, Expedia Group Inc., Booking.com B.V., Hilton Worldwide Holdings Inc., Airbnb Inc., Hyatt Hotels Corporation, Four Seasons Hotels and Resorts, Accor S.A., InterContinental Hotels Group PLC, Shangri-La International Hotel Management Limited, Melia Hotels International SA , TripAdvisor Inc., Wyndham Hotels & Resorts Inc., The Ritz-Carlton Hotel Company LLC , Apple leisure group, Mandarin Oriental International Limited, On the Beach Group plc, Thomas Cook Ltd., Fairmont Hotels and Resorts Inc., Dana Point, Safari & Beach, The Anaheim Tour Company, Cox & Kings Ltd, Kuoni travel group
Beach Tourism Market 2024 Key Insights:
• The beach tourism market size is expected to see strong growth in the next few years. It will grow to $311.57 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Surge In International Tourist Arrivals Drives Growth In Beach Tourism Market
• The Role Of Eco-Friendly Accommodations In Beach Tourism
• Europe was the largest region in the beach tourism market in 2023
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