USD 2.54 Trillion
Report ID:
SQMIG25O2018 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|
Tables:
168 |
Figures:
72
Global Sustainable Tourism Market size was valued at USD 2.54 Trillion in 2022 and is poised to grow from USD 2.94 Trillion in 2023 to USD 6.80 Trillion by 2031, growing at a CAGR of 14.94% during the forecast period (2024-2031).
The growth of the global Sustainable tourism market is mostly being driven by the availability of inexpensive flights, increased urbanization, and the growing appeal of solo travel, immersive travel, and outdoor recreational activities. Ecotourism is expanding because of government initiatives and the increased awareness of the negative effects of tourism on the environment, including habitat loss, soil erosion, and water pollution. Sustainable tourism travellers are also driving this expansion.
The World Tourism Organization (UNWTO) has released a historic analysis that predicts that by 2030, emissions from the tourism sector related to transportation might account for as much as 5.3% of all emissions from human activity. To support its promise to expedite the decarburization process and adopt environmental sustainability, the tourism industry must now collaborate closely with the transportation sector and government groups. The anticipated outcome of this is to propel the expansion of the worldwide market and elevate customer enthusiasm for environmentally conscious travel.
Governments and associations, however, redefined travel and tourism rules, and as a result, the industry began to perform well because of the governments lowering travel and tourist limits. In the upcoming years, there will likely be significant increase in the global industry due to the aging population's growing desire for nature-based travel and a paradigm shift in consumer behaviour toward sustainability.
Over the last ten years, tourists, particularly younger ones, have become more and more interested in sustainable tourism. Customers are becoming more interested in sustainable travel as they become aware of the negative impacts of overtourism. Tour operators operating in various places have begun endorsing regenerative tourism as the way forward with regards to changing their vacation packages, having recognized the negative effects of unrestrained mass tourism.
Over half (55%) of all travellers worldwide have made the decision to travel sustainably and are choosing sustainable travel options in 2019, according to study data released by Booking.com. The information demonstrates how consumer perceptions of the negative effects of mass tourism have evolved over time and how the impact of climate change is now a significant factor to be considered when purchasing travel packages.
Government agencies like the United Nations Educational, Scientific, and Cultural Organization (UNESCO) and the World Tourism Organization (WTO) are pushing the tourism sector to draw travellers from all over the world. Nations such as the United Arab Emirates (UAE) have initiated several sustainability programs and initiatives to save the environment and position themselves as worldwide leaders in environmentally conscious travel destinations.
To promote ecotourism and regional travel, for example, the Kingdom of Saudi Arabia initiated several programs in March 2021. For tourism in the region to contribute 10% of Saudi Arabia's GDP by 2030, the nation wants to lessen its reliance on oil. Through improved transit capacity and easier access to remote tourist destinations, public-private partnerships will lead to market development and financial opportunities for the local stakeholders.
Global Market Size
USD 2.54 Trillion
Largest Segment
Nature & Wildlife
Fastest Growth
Nature & Wildlife
Growth Rate
14.94% CAGR
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The Global Sustainable tourism market is segmented on the basis of type, by traveller type, age group, sales channel, consumer orientation, and tourist type. By type, the market is segmented into nature & wildlife, cultural and rural. By traveller type, the market is segmented into solo and group. By age group, the market is segmented generation X, generation Y, generation Z. By sales channel, the market is segmented into travel agents and direct. By consumer orientation, the market is segmented into men, women and children. By tourist type, the market is segmented into domestic and international.
Analysis By Type
Travelers who travel alone and those who travel in groups make up the two market segments. When it comes to the growth of the global market, group travellers hold the highest part. 2021 saw a market revenue estimate of USD 1,19, 993 million. It takes planning, lodging, and transportation for group reservations. Because meals, transportation, activities, and housing are shared, group travel is less expensive than solo travel. It is more affordable, safer, and easier to travel in groups.
The group travel market is predicted to be driven by these factors. Popular reasons to travel alone include self-identity, empowerment, meeting new people, experiencing new things, and having complete control over the itinerary. Individualized and exclusive trips for single people have increased the demand for solo ecotourism. Because of these factors, the travel industry is seeing tremendous growth.
Analysis By Age Group
The tourist sector is benefiting from the growing tendency of millennials toward sustainable tourism. Given the industry's total impact, millennial tourists are increasingly demanding sustainable tourism and placing a premium on unique experiences. It is anticipated that this market would grow profitably in the upcoming years.
In 2021, the segment belonging to Generation Y held the highest revenue share, surpassing 60.0%. The values of millennials and their outlook on life and travel have been shaped by the emergence of social media and technology. US Millennials spent $200 billion on travel in 2021, and 55% of them desired to take more travels, according to research released by Condor Ferries Ltd.
The European Travel Commission states that young tourists are more likely to use technology when traveling, find new locations to explore, and both profit from and contribute to the local cultures. Furthermore, social media is home to an increasing number of travel blogs and videos, which is expected to have a big influence on Gen Z travellers' purchasing decisions.
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In 2021, Europe accounted for the greatest revenue share, mostly due to an increase in desire for nature-based experiences, mass tourist dissatisfaction, and growing environmental concerns. To attract tourists while preserving their natural surroundings, several places are launching eco-friendlier destination packages in response to the growing demand for environmentally conscious travel and activities.
The CBI (Ministry of Foreign Affairs) reports that 15% of German tourists cite the presence of nature as their top attraction. Governments and tourists in Europe have begun to focus more on sustainability issues such as plastic pollution, climate change, air and water pollution, land and water usage, and the detrimental effects of overtourism on host communities. Moreover, growing disposable income, an increase in millennials and young people's preference for ecotourism, and the expansion of leisure travel.
conditions under which operations are conducted in Africa require flexible and dependable power solutions that allow it to grow even more. The Middle East and Africa are also one of the main regions that stand out as very promising with significant opportunities in terms of growth potentials for military power solutions market.
Over the course of the projection period, Asia Pacific is anticipated to grow at the quickest CAGR of 16.0%. An increasing number of Travellers in Asia are reconsidering their travel plans to make their travels more morally sound to decrease the negative economic and social consequences that they have on the residents and the environment in the places they visit. To reduce their carbon footprint within the travel ecosystem, airlines, lodging facilities, and transportation providers are reacting to the need for sustainable tourism.
The Global Sustainable Tourism Council (GSTC) conducted a study, and 57.6% of the participants said it was vital to them that their travels do not contribute to overtourism. The COVID-19 regulations and ecological concerns have been important factors in shaping the sustainable tourism paradigm. As a result, in the upcoming years, there should be a significant demand for sustainable tourism in the local market.
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Drivers
Rising Demand for Sustainable Travel Options
Restraints
Cost implications
Sustainable Tourism and Financial Realisms in Balance
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The players are primarily involved in setting a new benchmark for environmentally friendly travel. In addition, other stakeholders are employing diverse marketing tactics to promote the same, like informing the Global Sustainable Tourism Council about sustainable practices, methodologies, and resources.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis on global ecotourism market is expected to experience significant growth in the coming years, driven years by increasing demand for sustainable and responsible tourism experience. The rise in environmental concerns and awareness of the negative impacts of traditional tourism on local communities and ecosystems is driving demand for ecotourism. Additionally, the growth of leisure tourism, increasing disposable income, and rising number of millennials and youth showing interest in ecotourism expected to further fuel the growth of the market. However, obstacles including the high price of eco-friendly travel and inadequate infrastructure in some places can impede market expansion. In general, the market is anticipated to keep expanding as more tourists look for morally and environmentally conscious travel experiences, and businesses react by coming up with creative solutions and programs that put social responsibility and environmental preservation first.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.54 Trillion |
Market size value in 2031 | USD 6.80 Trillion |
Growth Rate | 14.94% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Trillion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Sustainable Tourism Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sustainable Tourism Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Sustainable Tourism Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Sustainable Tourism Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG25O2018