Ecotourism is a form of tourism that involves travel to natural areas with the specific purpose of observing and interacting with the local environment and its wildlife. Ecotourism is typically geared towards small-scale, sustainable tourism that has a low impact on the environment. As awareness of the importance of conservation and sustainable development grows, so too does the market for ecotourism.
According to a recent report, the global ecotourism market is expected to reach 17 Bn by 2021, And is projected to grow by 15% CAGR between 2021 and 2031 with North America and the Asia Pacific region leading the way in terms of growth. This growth is being driven by an increase in travel and tourism to unique destinations, a desire to explore biodiversity, and a need for sustainable development. With more and more travellers.
For instance, according to the India Brand Equity Foundation, the Ministry of Tourism in India has announced sanctioning US$ 26.3 million for an ecotourism project in Sultanpur National Park and Morni-Pinjore Hills in Haryana.
In addition, countries such as the U.S., Germany, the UAE, India, France, and Oman are focusing on resorting their heritage and upgrading their hospitality & transport infrastructure to enhance tourist experiences, which is in turn, boosting the market.
These investment initiatives and developments are anticipated to spur the sales of ecotourism at an impressive 15% CAGR during the forecast period from 2021 and 2031.
On the basis of age group, the 26-35 years segment is projected to account for a significant share of the market over the assessment period. Growing adoption of green practices and surging demand for sustainable accommodation to decrease the environmental impact among millennials and Gen-Z’s is facilitating the growth in the segment.
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Key Takeaways from Ecotourism Market Study
- The U.S. is projected to account for the largest share in the North America market, favored by the growing trend of travel and leisure amongst the population.
- Europe is estimated to emerge as a highly remunerate market, owing to the presence of attractive historic infrastructures across Netherlands, Germany, and the U.K
- India is forecast to register swift growth in the South Asia market, on the back of increasing government initiatives to promote ecotourism in the country.
- China is expected to contribute maximum revenue share in East Asia, driven by the growing emphasis on restoration of historic infrastructure.
- Based on tourist type, the international segment is anticipated to hold the lion’s share, owing to the growing demand to visit various parts of the world.
Key Drivers
- Presence of historic landmarks, natural wonders, national parks, sunny beaches, and ice-covered mountains in the U.S. and Canada is increasing the footfall of tourists, which is in turn, driving the growth in the North America market.
- Increasing demand for adventure activities such as trekking, caving, bird watching, and sailing across the globe is fueling the sales in the nature & and wildlife segment.
Key Restraints
- Rising concerns regarding security due to increasing terrorism activities across the countries such as China, India, the U.S., and Pakistan is hindering the sales of ecotourism.
- Unavailability of proper public transport infrastructure in the countries such as Qatar, Saudi Arabia, and Oman is restraining the growth in the Middle East and Africa market.
Competitive Landscape
Leading companies in the global ecotourism market are focusing on launching online-booking websites to promote their available ecotourism packages and increasing their customer base. Some of the players are engaging in strategic partnerships and collaborations to gain a competitive advantage in the market. For instance,
- In March 2018, Big Five Tours & Expeditions Inc., a leading travel and tourism company, announced launching a number of websites for sustainable travel around the world such as safaritours.com for Africa. This will assist the company to expand its customer base in Africa.
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Some of the key players operating in the market profiled by FMI are:
- Eco Travel and Tourism LLC
- Big Five Tours & Expeditions Inc.
- G Adventures
- Praxis Holidays LLP
- Greenloons LLC
- Responsible Travel
- Steppes Travel
- Windmill Holidays
- Frosch International Travel
- Aracari
- Midnight Sun Travel,
- Adventure Alternative Ltd
- Farhat Tours & Transfers S.P.C.
- Tropical Rainforest Education and Exploration
- Intrepid Travel
- GeTS Holidays
- Royal Arabian Destination Management
- TRUE ECUADOR TRAVEL
- Great Canadian Trails
- Others
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