Global Ecotourism Market to Generate $103.8 Billion by 2027: AMR
Surge in travel and tourism toward unique attractions, preference for exploration of wildlife, coral reefs, and remote natural areas, and focus on sustainability fuel the global ecotourism market. Asia-Pacific held the highest market share in 2019, and will maintain its lead position by 2027. Travel ban across the world stopped exploration activities for new destinations and sightseeing. The public transportation means including buses, trains, and air have been banned.
Portland, OR, Jan. 18, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, theglobal ecotourism market garnered $92.2 billion in 2019, and is estimated to generate $103.8 billion by 2027, manifesting a CAGR of 2.5% from 2021 to 2027.The report offers anextensive analysis of changing market trends, key segments, top investment pockets, regional scenario, Porter’s Five Forces, and competitive scenario.
Surge in travel and tourism toward unique attractions, preference for exploration of wildlife, coral reefs, and remote natural areas, and focus on sustainability fuel the global ecotourism market. However, lack of proper accommodation and scarcity of quality and hygienic restaurants at destinations restrain the market growth. On the other hand, improvement of transport capabilities, formation of public-private partnerships for subsidizing air routes to remote destinations, and offering ease of access present new opportunities in the coming years.
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Covid-19 Scenario:
- Travel ban across the world stopped exploration activities for new destinations and sightseeing. The public transportation means including buses, trains, and air have been banned during the lockdown as well as specific duration of post-lockdown.
- There have been restrictions at many popular destinations and tourist spots to prevent gathering of people and the spread of the coronavirus.
- Many countries have been trying to build a resilient tourism system along with making structural transformation and offering financial backing to support the tourism sector.
The report offers detailed segmentation of the global ecotourism market based on traveler type, age group, sales channel, and region.
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By traveler type, the group segment accounted for the largest market share, contributing to nearly four-fifths of the total market share in 2019, and will maintain its lead position during the forecast period. However, the solo segment is projected to manifest the fastest CAGR of 15.9% from 2021 to 2027.
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By age group, the generation Y segment contributed to the highest share in 2019, accounting for nearly three-fifths of the global ecotourism market, and is expected to maintain its dominance in terms of revenue during the forecast period. However, the generation Z segment is projected to register the largest CAGR of 15.6% from 2021 to 2027.
Geographically, North America is estimated to portray the highest CAGR of 16.2% during the forecast period. However, Asia-Pacific held the highest market share in 2019, contributing to nearly two-fifths of the market, and will maintain its lead position by 2027.
Leading players of the global ecotourism market analyzed in the research includeTravel Leaders Group, LLC, FROSCH International Travel, Inc., Aracari Travel,Adventure Alternative, Undiscovered Mountains Ltd., Intrepid Group Limited, G Adventures, Rickshaw Travel Group, Steppes Travel, and Small World Journeys Pty Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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