BRICS Tourism Market to cross US$ 688.31 Bn by 2032, Says Future Market Insights

As per a recent market analysis by Future Market Insights (FMI), the BRICS tourism market is poised to reach a valuation of US$ 465 Billion in 2022. Sales are projected to increase at a 4.0% CAGR, with the market size reaching US$688.31  Billion by 2032.

The topic of expanding intra-BRICS tourism was discussed recently in the BRICS Tourism Ministers’ Meeting, which was presided over by Shri G. Kishan Reddy, India’s minister of tourism. Representatives from all the member countries attended the meeting, which acknowledged the COVID-19 pandemic’s effects and produced a thorough Ministers’ Communiqué.

Shri G Kishan Reddy emphasized that ecotourism, cultural tourism, nature and wildlife tourism specific locations may be utilized to improve visitor influx after the BRICS alliance for Green Tourism was adopted. The Sustainable Development Goals and sustainability will form the cornerstone of the new tourism strategy. In accordance with this strategy, measures will be implemented to promote renewable energy, product development, information sharing, and policy reform.

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Each of the BRICS countries has been recognized for their ability to grow the tourist sector, and experts in the field believe that the strategic alliance may one day account for the majority of the world’s tourism. In addition, the infrastructure and inbound tourist capabilities of China have been recognized. Brazil’s rich biodiversity significantly enhances its appeal as a travel destination. Russia and India are known for their strengths in cultural and heritage tourism, whereas South Africa is known for its beautiful terrain.

Key Takeaways from the Film Tourism Market Study:

• Ratio of BRICS Tourism in global tourism market is 0.07%
• The Covid-19 pandemic had a 0.9% impact on the value of the BRICS tourism Market.
• Brazil, Russia, India, China and South Africa comes in BRICS Tourism Market
• Cultural & Heritage Tourism, Medical Tourism, Eco/Sustainable Tourism, Sports Tourism, Wellness Tourism are the most popular Tourism types in the Brics tourism market.
• Online booking channels lead the charts in Brics tourism market booking channel segmentation.

“The BRICS nations have decided to review their tourist policy, transition to renewable energy sources, and broaden information exchange which might impact on expenses from Tourists.” – FMI Analyst said.

Impact of COVID-19

The Travel & Tourism market has seen a decline in users and income as a result of the COVID-19 pandemic. Many travelers were discouraged from choosing foreign locations due to widespread ambiguity over infection and incidence rates as well as regional and/or national limitations. As a result, many began to travel within their own country, even if there was a general decline in the number of leisure trips. Many travel agencies provided free cancellations in an effort to lessen the pandemic’s detrimental effects. Currently, as nations begin to open up again, there are more options for both domestic and international travel. Within the following few years, we anticipate a modest market recovery.

Who is winning?

The top businesses are able to maintain their competitive advantage in the industry by offering all-inclusive packages and saving travellers the effort of browsing multiple channels for their trips. With the largest range of vacation packages, flights, hotels, vacation rentals, rental cars, cruises, activities, and attraction locations, it enables travellers to effortlessly plan and book their whole trip. Government investments and initiatives have helped enterprises improve their service offerings while also igniting the market.

The key players in the Brics tourism market are Thomas Cook, Cox and Kings, SOTC, Kesari Tours, Expedia, Signature Tours, Natripp and among others.

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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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