Mountain and Snow Tourism Market Expected to Reach USD 8 Billion by 2033, with a 5% CAGR | FMI

According to the latest data from Future Market Insights (FMI), mountain and snow tourism reached a valuation of USD 4.9 billion in 2023 and is anticipated to climb to USD 8 billion by 2033, marking a steady compound annual growth rate (CAGR) of 5% from 2023 to 2033.

Many tourists are opting for snow-clad mountains to beat the summer heat. Tour agencies are introducing innovative amusement categories for tourists, such as sled rides and snow scooter rides, to create memorable experiences for visitors.

Tourism drives rural growth, preserving and promoting the local culture and values. The proliferation of mountain and snow tourism also stimulates the social structure of the respective place for the better by generating employment opportunities for those living therein.

Customers are positively responding to the tours and packages curated by tour agencies, with good numbers of tourists showing up for a vacation in the mountains.

Over the next ten years, the tourism industry is projected to shift toward a more sustainable approach, keeping in mind an area’s social, environmental, and economic aspects.

Mountain tourism is prioritizing the promotion and growth of wellness and gastronomy. Additionally, the requirement to regulate tourism in the mountains and better manage the resources and waste produced while accounting for destinations’ carrying capacity and authorizing mountain communities is projected to expand market growth prospects.

Snow-clad mountains offer the experience of aesthetic appeal, diverse topography, local traditions, pure air and climate, and snow sports. Therefore, a large count of travelers are traveling to the mountains.

Top Highlights from the FMI’s Analysis of the Mountain and Snow Tourism Market: 

• The North American mountain and snow tourism industry accounted for 26% market share in the global market in 2022.
• The European mountain and snow tourism industry recorded a value share of 22% in the global market in 2022.
• In the historical period, the United States mountain and snow tourism industry represented 3% of the market.
• Germany accounted for 4% of the global market share in 2022.
• Japan’s mountain and snow tourism industry accounted for a 4.7% value share in 2022.
• Australia’s mountain and snow tourism industry recorded a 5.5% market share in 2022.
• China’s mountain and snow tourism industry is projected to expand at a CAGR of 5.9% from 2023 to 2033.
• The Indian mountain and snow tourism industry is expected to experience a stellar CAGR of 6% in the upcoming years.
• The United Kingdom’s mountain and snow tourism industry is expected to expand at a CAGR of 5.1% over the upcoming period.
• Based on service type, the trekking segment accounted for 19% market share in 2022.
• Based on the booking channel, the online booking segment represents a 25% value share.

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How are Mountain and Snow Tour Service Providers Gaining a Large Footing in the Market?

Tour agencies and planners are concentrating on promotional tactics, enhancement, and technological advancements within the mountain and snow tourism industry. New merger strategies are also employed to drive more demand for mountains and snow tourism.

Growing focus on sustainable tourism is also projected to impact the market considerably. Companies are coming up with new projects to enhance tourist services, branch out with new categories and offers, and optimize the experience of tourists.

Key Players

• Veena World
• Epic Snow
• Snow Tours
• Thomas Cook India
• Trip Advisor
• Travel Triangle
• Make My Trip
• Bookmoutain Tours
• Flying Fox
• White Magic Adventure Travel
• Mountain Watch Travel