Jan 26, 2021, 08:20 ET
PORTLAND, Ore., Jan. 26, 2021 /PRNewswire/ -- Allied Market Research published a report, titled,"Ecotourism Market by Traveler Type (Solo and Group), Age Group (Generation X, Generation Y and Generation Z), and Sales Channel (Travel Agents and Direct): Global Opportunity Analysis and Industry Forecast, 2021–2027."According to the report, the global ecotourism industry generated $181.1 billion in 2019, and is projected to garner $333.8 billion by 2027, witnessing a CAGR of 14.3% from 2021 to 2027.
Drivers, restraints, and opportunities
Increase in travel and tourism to unique destinations, inclination toward exploration of wildlife, coral reefs, and pristine undisturbed natural areas, and surge in focus on sustainability drive the global ecotourism market. However, low availability of accommodation and limited availability of quality and hygienic restaurants at destinations hinder the market growth. On the other hand, public-private partnerships in the form of subsidizing air routes to remote tourist destinations, improvement of transport capabilities, and providing ease of access create new opportunities in the coming years.
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- Travel restrictions across the world hindered the exploration of new destinations, remote places, and sightseeing activities. The means ofpublic transportation such as buses, trains, and air were banned during the lockdown.
- Many destinations and tourist spots were closed down by governments to avoid gathering of people and prevent the spread of the coronavirus.
- Countries across the world have been building a more resilient tourism system during the post-Covid-19 pandemic period. Governments have been implementing structural transformation and offering financial stimulus for supporting the tourism sector.
The group segment to continue its leadership status throughout the forecast period
Based on traveler type, the group segment contributed to the highest market share, accounting for nearly four-fifths of the global ecotourism market in 2019, and will continue its leadershipstatus throughout the forecast period. This is due tosecurity concerns at new and unexplored destinations, low expenses while traveling in a group and shared interest and experiencesthat enable people tobonding together very quickly.However, the solo segment is expected to manifest the fastest CAGR of 15.9% from 2021 to 2027, owing tobenefits 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.
The generation Y segment to maintain its lead position during the forecast period
Based on age group, the generation Y segment accounted for the largest share in 2019, holding nearly three-fifths of the global ecotourism market, and is projected to maintain its lead position during the forecast period. This is due to preference toward spending on unique experiences rather than materialistic things and high environmental consciousness. However, the generation Z segment is expected to witness the highest CAGR of 15.6% from 2021 to 2027. This is attributed toimprovement of online channelsand digital marketing strategies to attract customers and unique, interactive, and social experiences sought by travelers.
North America to grow at the fastest CAGR
Based on region, North America is projected to witness the highest CAGR of 16.2% during the forecast period, owing tolarge number of environment-conscious travelers and rapid adoption of digital media to search and travel to new destinations. However, Asia-Pacific held the largest share in terms of revenue in 2019, accounting for nearly two-fifths of the global ecotourism market, and will maintain its dominance in terms of revenue by 2027. This is attributed topresence of large number of millennial travelers supported by increased disposable income and expansion of infrastructure.
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Leading market players
- 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
- Small World Journeys Pty. Ltd.
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