According to a new report, The ecotourism market size was $181.1 billion in 2019, and is projected reach $333.8 billion by 2027, registering a CAGR of 14.3% from 2021 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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.
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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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.
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.
? 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.
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Key Findings Of The Study
1) By region, Asia-Pacific dominates in terms of global ecotourism market and is expected to retain its dominance during the forecast period.
2) By age group, the Generation Y segment accounted for more than half market share of the ecotourism market in 2019; however, the Generation Z is projected to grow at the highest CAGR during the forecast period.
3) By sales channel, the travel agent segment is expected to gain market share in the upcoming years and is estimated to grow at a CAGR of 14.7% during the forecast period.
4) By traveler type, the group traveler segment led in terms of ecotourism market share, in 2019; however, the solo traveler segment is expected to gain market share in the upcoming years.
5) By region, North America region is anticipated to grow with robust CAGR of 16.2% during the forecast period.
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