Rural Tourism Industry: Valuation of USD 198.3 Billion in 2033 – Adverse Impact of Urbanization and Industrialization Bringing Rise to the Rural Development Market

Rural Tourism Industry
Rural Tourism Industry

According to a recent report by Future Market Insights (FMI), the rural tourism market is anticipated to surpass a valuation of USD 102.7 billion by 2023. Sales are expected to grow at a strong 6.8% CAGR, putting the company’s market value at USD 198.3 billion in 2033.

Activities conducted in areas with lower population densities are commonly known as rural tourism. These regions are often near farms, agricultural lands, and boast stunning natural beauty. Rural tourism experiences significant seasonal variations and is closely tied to local cultural activities.

The highly participatory rural tourist market is anticipated to improve people’s social and economic well-being. The growing popularity of rural tourism has led to the establishment of several local businesses in recent times.

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However, rural tourism development is facing several challenges. For instance, waste is increasing across rural regions in the world where tourism is escalating. These regions do not have the infrastructure to manage waste. As a result, most of the waste is being dumped in the open.

Players in the market for rural tourism need to find ways of reducing the burden of waste. Governments should also get involved to make people aware of the damage to the environment being done through poor waste disposal practices. Green tourism, a particular sub-segment of rural travel, is picking up pace as a result.

Local players responsible for accommodation, food, and activities for tourists should step up to ensure that visitors follow sustainable practices. They should also maintain a fine balance between profitability and sustainability.

  • The global market for rural tourism reached a valuation of US$ 96.9 billion in 2022.
  • In 2023, the global market is likely to reach a US$ 102.7 billion
  • Between 2023 and 2033, the global market is poised to register a healthy 8% CAGR.
  • From 2018 to 2022, the global market recorded a slow CAGR of 9%.
  • By booking channel, the online segment is anticipated to hold a noteworthy share of 70% in the rural tourism industry.
  • The online segment is set to accelerate at an impressive 4% CAGR in the coming years.
  • Elderly people between the age group of 55 to 59 should reflect a CAGR of 5% and drive market expansion.

Key Players:

  • Village Ways
  • Himalayan Ark
  • Butterfield & Robinson
  • World Expeditions
  • Condor Airlines
  • Lufthansa
  • Singapore Airlines
  • Martin Randall Exodus Travel
  • Beaches of Normandy Tours

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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