The destination market size is poised to reach a valuation of US$ 120Bn in 2022. Sales are projected to increase at ~ 13% CAGR, with the market size reaching US$ 407.35 Bn by 2032.
The Destination Marketing is forecasted to grow at a consistent growth rate during the forecast period. This is majorly attributed to the growing popularity of global content and the trend of cultural integration. People interested in understanding culture from different regions and experiencing them are likely to visit these places. The natural beauty and the landscapes around the regions are attracting adventure seeking tourists and nature lovers.
Overall, the Destination Marketing is attracting more and more tourists each year and make them come back for experiencing more. the services provided by local businesses and the tour companies are leaving positive impression on tourists about the Destination Marketing.
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Key Takeaways from the Destination Marketing Market Study:
- The North America, Europe and Asia Pacific regions hold a market share of ~26%, ~24% and ~30% respectively.
- The two main marketing channels for tourism advertisements are social media and search engines.
- COVID-19 affected 30% to the market.
- Many regional governments are set to promote tourism, to revive the tourism sector after COVID pandemic.
“Tourists are in Search of unexplored and far-flung destinations for vacations, and marketing companies are promoting such locations, reviving tourism in many countries.” – FMI Analyst said.
Impact of COVID-19
Tourism sector in various regions all around the world were one of the best performing sectors. For economic development and progress, tourism was essential in many countries. As COVID-19 pandemic was declared, many countries closed their border and initiated lockdown to avoid spread of the virus. There were restrictions on travelling and only essential services like food and medical were operating during pandemic.
Tourism sector suffered a lot because of the pandemic. As everyone was in their house in lockdown and transportation was halted, there were no visitors to tourist destinations. As the tourism sector was closed, marketing sector for these destinations were also out of business.
Now, as the tourism sector is reviving itself steadily, tourists are searching for new destinations to explore. Many tour agencies are now offering tour to the places which are remote, with less crowds. The marketing companies are also focusing on promoting such places, and ensuring safe travel to tourists.
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Who is winning?
The key players in destination marketing sector are Amadeus Destination Marketing, Accord, MMGY global, DANA, DCI, Digitalcoconut, OP Worldwide, LLC, Sagittarius, VERB, OnlyTravel, etc.
The Destination Marketing Sector By Category
By Advertisement Media:
- Magazines
- Newspapers
- Television
- Emails
- Others
By Attraction Type:
- Natural
- Festivals
- Cultural
- Artificial
- Other
By Tourist Type:
- Domestic
- International
By Tour Type:
- Independent Traveler
- Tour Group & Package Traveler
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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