Market Research Blog – Page 10319 – New Product Development

Retail E-Commerce Packaging Market is estimated at US$ 16.8 Bn in 2022

The retail e-commerce packaging market is anticipated to reach US$ 21.4 Bn by 2024 at a CAGR of 5.0% from 2022 to 2027, from an estimated value of US$ 16.8 Bn in 2022. According to FMI, the retail e-commerce packaging market would generate $16.0 billion in sales in 2021.

By the end of 2027, it is anticipated that the global retail e-commerce packaging market will increase by 1.3 times its current market value. Retail e-commerce packaging demand is expected to increase, with the top 3 nations expected to account for 35–40% of the industry by 2022.

In 2021, the retail e-commerce packaging market grew rapidly, with global revenues increasing by 4.9% compared to the previous year.

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Historic and Forecast Market Outlook for Retail E-Commerce Packaging

The global retail e-commerce packaging market is estimated to expand 1.3 times the current market value during the foreseeable period with consistent growth in the retail & e-commerce sector.

To ensure safe packaging and transport of various products, different type of packaging is used in the retail and e-commerce sector. The retail e-commerce packaging includes protective packaging, boxes, mailers, labels, tape, and others. These packaging solutions are used mainly as secondary packaging which helps in protecting the content from rigorous handling and damage during transportation and storage.

Global Market for Retail E-Commerce Packaging: Factors Influencing Growth

Several factors are pushing the growth of the global retail e-commerce packaging market. To name a few, aspects such as increasing cross-border shopping and parcel delivery driving the demand for retail e-commerce packaging products, increasing penetration of e-commerce in tier 2 and rural areas, increasing adoption of e-commerce by retail chains, medium business to consumer business as well as in small scale

B2C businesses, rising consumer preferences towards inexpensive and reusable components that are easy to load and reload and development of innovative packaging solutions driving the sales owing to increased customer satisfaction thus pushing the growth of e-commerce packaging are contributing to the growth of the global retail e-commerce packaging market.

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Competitive Landscape

The key players operating in the retail e-commerce packaging are focusing on expanding their product portfolio for retail & e-commerce packaging along with some innovation in the product that meets the current requirement of sustainable and recyclable packaging.

In August 2021, DS Smith plc announced the launch of 100% recyclable e-commerce packaging which will help the company to offer a glamorous appearance in online retail along with no plastic filling and 100 % corrugated cardboard.
In June 2021, Mondi plc. Announced the expansion of its plastic-free e-commerce packaging range. The company extended its MailerBAG range of sustainable paper solutions.

Key Companies Profiled

DS Smith plc
Intertape Polymer Group Inc.
Georgic-Pacific LLC
International Paper Company
Mondi plc.
Sealed Air Corporation
3M Company
WestRock Company
Pregis Corporation

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Retail E-Commerce Packaging Market by Category

By Product Type:

Protective Packaging
Boxes
Mailers
Labels
Tape
Others (Shrink & Stretch Films, Bags & Pouches, etc.)

By Merchandise Type:

Consumer Electronics
Fashion (Clothing, Footware, etc.)
Home Furnishings
Health, Personal Care & Beauty
Recreation Goods
Multimedia & Software
Food & Beverages
Homecare
Others (Books, Automotive Products, Gifts)

By Market Type:

Third Party Fulfillment & Logistics Companies
Brick & Mortar Retailers
Specialty Retailers
Others

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PE Resins Market is estimated to surpass a valuation of USD 152.3 Billion by 2022

According to estimates, the market for PE resins will be worth USD 152.3 billion in 2022 and is anticipated to grow to USD 181.5 billion by 2027 at a CAGR of 3.6%. According to the PE resins market description, 3.4% growth year-over-year (YoY) is predicted for the market’s volume in 2021–2022. The Asia Pacific region is estimated to dominate the PE resins market, accounting for a sizeable market share of around 41% in 2022.

The researcher predicts that the Indian PE resins market will grow by 5.4% on a yearly basis in 2021–2022. Total PE resin sales in the Asia Pacific region are anticipated to reach USD 61.7 billion in 2022.

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The research report covers analysis of various market segments across key regions in the globe, such as North America, Eastern Europe, Latin America, Western Europe, Asia Pacific excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The in-depth market segmentation coupled with historical data and future market projections from value and volume perspectives for a period of 10 years delivers a comprehensive research approach that the reader can use to establish a global footprint.

How will the Rise in Demand for PE Resins in Asia Pacific Supplement the Global Market Growth?

High concentration of resin manufacturers in Asia Pacific has made the market more competitive and is another factor boosting the expansion of polyethylene resin market in the region. On the back drop of physical properties such as high moisture, abrasion resistance the demand for different grades of PE polymer is expected to increase over the forecast period.

According to United Nations, APAC is home to 60% of world’s youth due to which this region is one of the key contributors to growth of the global consumer electronics industry, as millennial generation is more inclined to purchase latest developed technologies and remain up to date with trends.

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Global Market Study on PE Resins: Competitive Analysis

The research report on the global PE resins market covers an in-depth analysis on the key players operating in the market. These include companies such as

Exxon Mobil Corp.,
E.I. du Pont de Nemours & Co.,
LyondellBasell Industries NV,
LG Chem Ltd.,
Formosa Plastics Corporation,
The Dow Chemical Company,
Braskem S.A,
Saudi Arabia Basic Industries Corporation,
Ineos Group Limited,
LANXESS Corporation,
Chevron Phillips Chemical Co. LLC,
Saudi International Petrochemical Company – Sipchem, Borouge,
Versalis S.p.A.,
NOVA Chemicals Corporation and
BASF SE.

The market intelligence on these players covers aspects such as SWOT analysis, product portfolio analysis, key developments, innovations, geographical spread, marketing strategies, pricing analysis and other key financials.

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Global Market Study on PE Resins: Segmental Snapshot

The global PE resins market is segmented on the basis of resin type, end use and region.

By resin type, HDPE is largely used in various applications. The HDPE segment is the largest and is expected to dominate the market in the coming years with a high market valuation of around US$ 82 Mn by the end of the year of assessment. The LLDPE segment also shows high potential for growth and is the second largest segment with the highest value CAGR throughout the period of forecast.
By end use, packaging segment is the most attractive and is expected to lead the market with a high market share. The consumer goods segment is projected to grow at a high value CAGR of 4.0% during the forecast period, 2022-2027.
By region, Asia Pacific excluding Japan is the most lucrative owing to the presence of major players in the emerging economies in this region. The PE resins market in APEJ is projected to grow at the highest CAGR of 5.0% during the said period to attain a higher market valuation by the end of the year of assessment (2027).

PE Resins Market by Category

By Resin Type:

HDPE
LDPE
LLDPE

By End-Use:

Packaging
- Flexible Packaging
- Rigid Packaging
Consumer Goods
Automotive & Transport
Building & Construction
Textiles
Agriculture & Horticulture
Electricals & Electronics

By Region:

North America
Asia Pacific
Western Europe
Eastern Europe
Latin America
Middle East and Africa (MEA)

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Consumer Electronics Packaging Market is expected to represent a total incremental opportunity of US$ 13.2 Bn during the forecast period

The global consumer electronics packaging market is evaluated to reach US$ 22.2 Bn in 2022 and is projected to reach US$ 35.4 Bn by 2027, at a CAGR of 9.8% from 2022 to 2027. According to FMI analysis, the consumer electronics packaging market revenue totaled US$ 20.2 Bn for 2021. The overall consumer electronics packaging market is expected to expand 1.6x times the current market value by the end of 2027.

The consumer electronics packaging market witnessed lucrative growth in 2021 2021 with worldwide revenues up 9.9% year over year. According to the latest FMI forecast, it is estimated that the consumer electronics packaging market is anticipated to create an incredible opportunity of US$ 13.2 Bn during the forecasted period.

Future Market Insights predict a comparison and review analysis of the dynamics of the consumer electronics packaging market, which is principally subjected to an array of industry factors combined with a few definite influences concerning the use of PVC polymer material as it can deteriorate at high temperatures and damage the goods.

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Key Takeaways

Technological advances in the packaging industry include innovative packaging solutions with a new, unique, vibrant and memorable design with minimal aesthetics that is driving the growth of the market.
The market for consumer electronics packaging is estimated to increase by 40 basis share points (BPS) in H1-2022 (O) against comparison with H1-2021, according to an FMI analysis. However, when comparing the H1-2022 projected and H1-2022 outlook period, a rise in BPS change by 20 BPS has been noticed.
The prospects of the consumer electronics packaging market to prosper over the forecast years are skyrocketing accounting for the adoption of electronic devices in smart homes boosting the demand for consumer electronics packaging.
The expansion of consumer electronics packaging is projected throughout the forecast period because the advanced prevents the product from physical damage, electrostatic discharge, mechanical damage and others.
The Asia Pacific region followed by the North American region is projected to hold approximately 57% of the global consumer electronics packaging market by the end of 2027.

More Insights into the Consumer Electronics Packaging Market

According to National Investment Promotion & Facilitation Agency (NIPFA), India has witnessed an opulent increase in demand for electronic products that has led to a significant rise in the consumer electronics packaging market with sales of around US$ 756 Mn in the year 2021 and is expected to reach around US$ 1515.0 Mn by the year 2027.

The Indian electronic manufacturing sector is anticipated to reach US$ 220 billion by 2025, due to strong policy support, massive investments by multiple stakeholders, and a surge in demand for electronic products.

Massive sales were witnessed for paper and paperboard boxes-based packaging solutions in China, the country is expected to represent a US$ 4.0 Bn incremental opportunity for consumer electronics packaging paper manufacturers during the forecast period of 2022-2027.

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Key players of the paper and paperboard manufacturers and producers have made significant investments in the modernization and expansion of their facilities. Owing to an incredible rise in electronics, the consumer electronics packaging market is anticipated to showcase exponential growth in the near future.

A notable increase in domestic demand, technological advancements and increased production of high-quality products have been the primary drivers of industry growth in China. Such large-scale production of paper and paperboard in China is creating lucrative opportunities for consumer electronics packaging.

Competitive Landscape

DS Smith Plc,
Mondi Group,
International Paper Company,
Sonoco Products Company,
Sealed Air Corporation,
Huhtamaki Oyj,
Smurfit Kappa Group PLC,
WestRock Company,
UFP Technologies, Inc.,
Stora Enso Oyi,
Pregis Corporation,
Shenzhen Hoichow Packing Manufacturing Ltd.,

Dordan Manufacturing Company, Hangzhou Xunda Packaging Co., Dunapack Packaging Group, JJX Packaging LLC are some of the key companies profiled in the full version of the report.

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Barrier Shrink Bags Market is estimated at US$ 2.1 Bn in 2022

The barrier shrink bags market is estimated at US$ 2.1 Bn in 2022 and is projected to reach US$ 2.8 Bn by 2027, at a CAGR of 5.7% from 2022 to 2027. The barrier shrink bags market constitute around 1-2% of the global food packaging market worth US$ 310 Bn in 2021.

The barrier shrink bags market revenue totaled US$ 2.0 Bn for 2021, according to FMI. The overall barrier shrink bags market is projected to expand 1.4 times the current market value by the end of 2027. The demand for barrier shrink bags will accelerate with the top 5 companies estimated to hold 40-45% of the barrier shrink bags market in 2022.

The barrier shrink bags market saw upward growth trend in 2021 with revenues up 5.6% Y-O-Y. A new forecast by FMI estimates that barrier shrink bags revenues will rise during 2022-2027 with creating an absolute incremental opportunity of US$ 793 Mn during the foreseeable period.

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Global Barrier Shrink Bags Market: Segmental Highlights

The global market is segmented on the basis of product type, material type, barrier type, thickness, application and abuse strength.

By product type, the side sealed segment is expected to lead the market with a value share of more than 45% throughout the forecast period.
By material type, Polyethylene and EVOH are the most attractive segments in the barrier shrink bags market. The EVOH Segment is expected to gain 70 basis points in market share between 2017 and 2027.
Among the barrier type segments, the high barrier segment is the fastest growing segment with a market valuation of about US$ 1,381 Mn in 2017, reaching a revenue of over US$ 2,600 Mn by the end of 2027, growing at a CAGR of 6.8% during the forecast period. High barrier shrink bags are commonly used for the packaging of meat, poultry and seafood products.
Among the segments based on thickness, the 50 to 70 Microns segment stands out with the highest expected market value of just under US$ 996 Mn in 2017, growing at a CAGR of 6.8% during the forecast period.
In the segmentation based on application of barrier shrink bags, the food segment is the dominating segment with meat contributing the most to the segment’s growth. The food segment is anticipated to hold a market value of just under US$ 2,160 Mn in 2017.
In the segmentation based on abuse strength, high abuse is the dominant segment in the global market, anticipated to reach a valuation of over US$ 2,600 Mn by the end of 2027, growing at a CAGR of 6.9% during the forecast period.

How the Trend of Customized & Consumer Convenient Packaging Solution Propel the Growth for Barrier Shrink Bags Market?

Leading food companies are focusing on adopting value-added products such as barrier shrink bags which helps in elevating their brand value and luring end consumers. With added convenience features, such as an excellent puncture resistance barrier shrink bags offer immense benefits to companies.

Printing on barrier shrink bags as effective techniques help brand owners to differentiate their products from competitive products already available in the market. It also improves the look of the products and gains the attention of consumers towards the product.

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Barrier Shrink Bags Market by Category

By Barrier Type:

High Barrier Shrink Bags
Ultra High Barrier Shrink Bags

By Application:

Meat
Seafood
Poultry
Cheese & Dairy Products
Other Foods

By Product Type:

Round Bottom Sealed
Straight Bottom Sealed
Side Sealed

By Material Type:

Polyethylene
- Low Density Polyethylene (LDPE)
- Linear Low Density Polyethylene (LLDPE)
Polypropylene
Polyamide
Ethylene Vinyl Alcohol (EVOH)
Polyvinylidene Chloride (PVDC)
Others

By Thickness:

Up to 50 microns
51 to 70 microns
71 to 90 microns
91 to 110 microns
Above 110 microns

By Abuse Strength:

High Abuse
Low Abuse

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Duct Tapes Market is projected to expand at a CAGR of 5.3% by 2031

The global duct tapes market is projected to register year-on-year (YoY) growth of 4.6% in 2021 to total 2.4 billion square meters. The duct tapes market value totaled US$ 4.0 billion in 2020, according to Future Market Insights (FMI). The global sales of duct tapes are poised to reach US$ 6.9 billion by 2031, growing at a CAGR of 5.2% for 2021-31.

With duct tape applications forecast to soar across diverse industries, the overall demand for duct tapes will represent nearly 9% of sales in the US$ 42 Bn worth global tapes market in 2021. FMI also forecasts the top 5 duct tape producers to account for 15% of sales in the global duct tapes market in 2021.

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Duct tapes also are available in different colors which are used for indicating some safety information or for coding or for sorting. The different colors make it easy for industries to provide information. Also, it can be used as a marketing & advertising tool which is an added benefit for end users. On the back of these factors, the demand for duct tapes is anticipated to grow during the forecast period.

Key Takeaways from Duct Tapes Market

By product type, the professional grade duct tapes segment is anticipated to remain the leading segment, accounting for around 37% of the market share by the end of 2031.
Based on adhesive type, the natural rubber based adhesives segment is projected to register a CAGR of 5.7% during 2021-2031.
Cloth segment by backing type is estimated to create the highest incremental opportunity of US$ ~1.4 Bn during 2021-2031.
By application, sealing segment followed by waterproofing segment and repairing segment are forecast to hold around 68% of the market share.
10 to 15 Mil segment under thickness is estimated to expand 1.9x times the current market value in the next ten.
By end-use industry, the HVAC segment and building & construction segment are anticipated to expand at a CAGR of 5.8% and 6.4% respectively during 2021-2031.
North America, Europe, and East Asia will register highest demand for duct tapes. These regions together are projected to hold approximately 68% of the market share by the end of 2031.

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“The need for strong sealing & repairing solutions among the various industries such as building & construction, shipping & logistics, HVAC, and others is fuelling the demand for adhesive tapes such as duct tapes,” says an FMI analyst.

Professional Grade Duct Tapes to Register High Demand

Manufacturers engaged in the production of duct tapes are offering various types of professional-grade duct tapes, which are helpful for a variety of household and industrial uses. Professional grade duct tapes offer excellent durability and increased holding power as compared to other filament tape alternatives, making them the most preferred adhesive tape type in the market. The increase in demand for duct tapes can be related to increased repair & maintenance works across all industries.

Duct Tapes Market Landscape

3M Company,
Intertape Polymer Group Inc.,
Shurtape Technologies, LLC,
Berry Global Group Inc.,
Tesa SE Group,
SICAD S.p.A.,
PPM Industries S.P.A.,
Pro Tapes & Specialties, Inc.,
Scapa Group plc.

are the top players operating in the target market. Furthermore,

Ajit Industries Private Limited (AIPL),
Supertape BV, and
Vibac Group S.p.A.,

are leading players in the market. The Tier 1 players in the market hold 05-10% in the global market for duct tapes.

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Duct Tapes Market by Category

By Product Type:

Removable Duct Tapes
Professional Grade Duct Tapes
Utility Duct Tapes
Specialized High Strength Duct Tapes

By Adhesive Type:

Natural Rubber based Adhesives
Synthetic Rubber based Adhesives

By Backing Type:

Plastic
- Polyethylene
- Polyvinyl Chloride
- Polyester
Foil
Cloth

By Application:

Sealing
Repairing
Holding
Waterproofing

Customized Duct Tapes to Remain Highly Sought-after

Customization and personalization are major trends prevailing in duct tapes market. Along with industries, customers are also attracted towards the product that have the company’s brand name, logo or some other unique identification marks.

To meet the advanced needs of globally renowned brands, the trend of customization is largely followed in the duct tape market. Manufacturers of duct tapes are offering customized duct tapes to large corporate clients as per requirements, having a brand name or logo printed on the tapes. Also, they market it as a cost-effective marketing tool as compared to printed boxes and other packaging materials.

The customization trend is anticipated to grow over the forecast period and offer growth opportunities to duct tape market players.

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Ecotels Tourism Market Forecast to increase at a robust 12% CAGR in 2032 | FMI

The ecotel tourism market is expected to reach US$ 470 Billion in 2022. As per the report, sales are forecast to increase at a robust 12% CAGR, with the market valuation reaching US$ 1459.75 Billion by 2032.

The Ecotel is a new concept in hospitality that claims to work for environment preservation and protection. Hotels must have to pass a detailed inspection and satisfy standard criteria designed by environmental authorities to become eco-certified.

The Ecotel is a hallmark representing environmentally sustainable hotels, initiated by HVS, a global consulting giant in the hospitality sector. While most of the certifications pertaining to environment sustainability emphasize on building physical structures and hotels, Ecotel focusses more on the operational part of the hotels.

The Ecotel certification is based on five key areas – water conservation, energy conservation, employee environmental education, solid waste management, and environmental commitment. The Ecotel certification enables the hotel to become sustainable and green by involving the total value chain of architects, suppliers, employees, owners, operators, and guests.

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Sustainable tourism is a broader concept; it covers all types of destinations and travel, from remote forests to bustling cities and from backpacking to luxury.

Ecotels- A Way to Green Sustainable Tourism: Drivers

The concept of green tourism is becoming popular globally and this is expected to drive the market for Ecotel certification shortly. Most of the tourists and travellers across the globe are aware of the concept of Ecotel hotels. Hotel guests are becoming more conscious about environment problems, and many among such guests have started considering these problems while making a choice for accommodation.

These tourists like to contribute in the act of environment preservation. Ecotels are the trend setters in the tourism and hospitality industry, where the hotel guests want to participate in the green practices. The procedures and standards laid by eco-friendly Ecotel hotels are being implemented by most of the tourism wings such as resorts, hotels, restaurants, industrial catering, travel and trade, motels, etc. All these tourism wings encourage the guest participation as well, which is expected to generate awareness about the Ecotel hotels and sustainable practices.

In such Ecotel hotels, the concept of reduce, reuse and recycle is strictly applied to water management. The usage of electricity is also reduced by the use of LED lamps, green button, fussy logic systems, etc. The rising awareness about global warming and other environmental ill effects among the tourists is generating the demand for Ecotels.

Ecotels- A Way to Green Sustainable Tourism: Restraints

It is estimated that the construction cost of Ecotel hotels is approximately 10% – 15% higher than regular hotels. However, Ecotels try to consistently demonstrate a focussed effort on waste reduction and increased operational efficiency. The extra features such as the green button, building management systems, sewage treatment plant, CFL and LED lamps, de-super heater, cool deck, fly ash bricks, vermicompost pit, etc.

have to be incorporated during the initial stage of construction. This adds on to the overall construction cost of the hotel. However, some leading global players are investing heavily in Ecotel hotels anticipating the long-term savings and related benefits.

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The tag of Ecotel hotels is expected to attract travellers and tourists who believe in the concept of responsible tourism. The strict environmental regulations and rules can act as a challenge for the construction of Ecotel hotels in environmentally sensitive areas as these hotels need to be constructed keeping in mind the eco norms of the local area.

Ecotels- A Way to Green Sustainable Tourism: Key Regions

The Ecotels is an exclusive group of hotels, international inns, and resorts that define the concept of responsibility towards the environment in the hospitality industry. This collection started in 1994 with the world’s first Ecotel certified hotel named as the New York Vista Hotel. Few of the Ecotel service providers include Hilton Tokyo Bay in Japan, The Orchid in Mumbai, The Benjamin in U.S., Lapo Rios in Costa Rica, etc.

The Orchid hotel is Asia’s first Ecotel five star hotel located in Mumbai, India. Ecotel members realise great benefits as there is improvement in the value of the business owing to heightened exposure in the market, better staff morale and good control of operational expenses. Ecotel hotels also serve various tradition following eco-tourists, business travellers and Fortune 500 companies that have advanced environmental programmes as an integral part of their corporate cultures.

This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.

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Airport Security Market to Reach a Valuation of US$ 13 Bn in 2022 | FMI

The global airport security market is projected to reach a valuation of US$ 13 Bn in 2022. Sales are projected to increase at a 5% CAGR, with the market size reaching US$ 21 Bn by 2032.

The rapidly growing travel and tourism sector is altering how the world economy looks. The travel sector has made a substantial economic impact in recent years.

Airport security is becoming more and more significant as a result of the fact that airports are a major transit hub for millions of travellers worldwide.

The tourist sector has not only generated enormous amounts of market income, but it has also stoked global labour markets. Market watchers predict that in the years to come, the travel and tourism sector will generate enormous sums of money.

The expansion of other auxiliary businesses like aviation and hotel contributes to the overall boom in tourism. In recent years, the aviation sector has served as both a vulnerable target for terrorists and a breeding ground for several unlawful operations.

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Airport security market expansion is anticipated to be aided by the expanding commercial aviation industry and increasing demand for air travel throughout the world during the projected period. Passenger volume from nations like China and India is predicted to increase throughout the projection period, which would boost the sector even more.

To increase the efficiency of the boarding procedure at the airport, airport authorities throughout the world are replacing their manual security systems with automatic ones. Thus, this will also increase the market’s potential for growth.

The demand for Asia is a consequence of rising terrorist activity and increasing spending on aviation infrastructure, which is supported by a rise in air passenger traffic, the Asia Pacific area is expected to experience substantial growth. The airline infrastructure is expected to expand in smaller cities in countries like India and China as a result of government measures to boost air travel.

As new airports are constructed in the region with more entry gates, larger airfields, and improved traffic management systems, the market need for such infrastructure and applications is anticipated to increase.

Key Take away from the industry

An increase in air travel is anticipated to boost market expansion.
Geographically speaking, the APAC region held the largest share of the airport security market in 2022.
To safeguard the safety of millions of passengers flying throughout the world, special legislation has been established and additional security procedures are now possible.
A strong security wall against any illicit activity is being built using specialised full-body scanners and other security tools supported by knowledgeable security staff.

“In the coming years, the airport environment will undergo significant change. This altered ecology will cause a shift in a number of processes because of increased passenger expectations, a developing global danger, and the requirement for greater security effectiveness.” Says an FMI Analyst.

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Impact of Covid-19 on the industry

The COVID-19 pandemic had a detrimental effect on market participants’ sales in 2020. In 2020, the market for airport security experienced a decline of almost XX%.

Government officials enacted tight lockdown measures and travel restrictions as a result of the outbreak. Additionally, some organisations’ production, transportation, and supply chain capacities were hampered by border closures. The epidemic also caused a labour shortage in a number of market areas.

Temporary travel restrictions decreased the overall number of passengers choosing airlines, which had an influence on total revenue. However, with the market experiencing recovery in the previous year, the loosening of lockdown regulations increased the daily traffic of airports throughout various locations in 2021.

Who is winning?

Key Players are concentrating on expanding their market presence and acquiring new projects in various locations.

Leading players operating in the Global Airport Security market are – IBM Corporation, Axis Communications AB, C.E.I.A. S.p.A., FLIR Systems, Hitachi Ltd., Leidos, Inc., Westminster Group PLC, Honeywell International, Inc., Collins Aerospace (Raytheon Technologies), Biosensor Applications AB, OSI Systems, Thales Group, Siemens AG, Bosch Sicherheits System GmbH, Auto Clear LLC, and Smiths Detection Group Ltd., etc. are among others.

The Global Airport Security Market by Category

By Technology, Global Airport Security is segmented as:

Access Control
Cyber Security
Screening
Others (Perimeter Security, Surveillance)

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GCC Outbound Tourism Market is Estimated to Grow at 13.60% CAGR in 2022-2032 | FMI

The GCC outbound tourism market is anticipated to be appraised at US$ 65.5 Billion by 2032, up from US$ 18.3 Billion in 2022, progressing at a considerable CAGR of 13.60% during the forecast period.

Outbound tourism is when an individual travels outside his native country, either for vacation or business trip. Outbound tourism impacts the economy of a country owing to tourist spends; this brings in additional revenue to the country being visited.

The Gulf Cooperation Council is an international organisation comprising economic and political alliance of six major Middle Eastern countries – Kuwait, Saudi Arabia, Qatar, Bahrain, United Arab Emirates and Oman. The GCC countries are characterised by a fast growth in population year on year.

According to the World Travel and Tourism Council, the GCC countries contribute almost 60 percent of the outbound travel in the Middle East. There is a strong demand for outbound tourism in the GCC, except Bahrain, owing to the political stability and economic growth, according to the European Tourism Council (ETC). Almost 82 percent of outbound travels are particularly for leisure and 18 percent for business purposes.

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GCC Outbound Tourism: Motivational Drivers

“Travel for leisure” constitutes a major part of outbound travel in GCC countries. The leisure travel is influenced by free independent travellers, honeymooners, youth and family travellers. Tourists travel for visiting friends and relatives (VFR). The frequency of leisure travel and travel for visiting friends and relatives is increasing, which is driving more outbound arrivals.

The outbound arrivals owing to business are also showing good footfall owing to opportunities with respect to upcoming industries and businesses. International business engagements have increased, thereby propagating more business opportunities. The length of stay is also longer, which contributes to increased expenditure by tourists.

The luxury goods sector has a dominance in the GCC countries. The shopping tendency of tourists has increased as they spend on luxury goods and items. This has increased the inflow of money. In a way, smart phones and the internet also contribute to the increased outbound footfall.

It has allowed the common man to book tickets and hotel reservations and plan the entire tour with ease. Not only tourists but even hotels can manage the crowd easily making it very convenient for the tourists. This has increased tourist satisfaction levels, which has in turn boosted the growth of outbound tourism in the GCC countries.

Moreover, good facilities for tourists, good shopping opportunities, image of the destination (Dubai is well-known for the Burj Khalifa, a famous tourist attraction), culture and good exploration opportunities could also be considered as incremental factors impacting the GCC outbound tourism sector.

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GCC Outbound Tourism: Growing Areas

Outbound tourism statistics are impacted by the arrivals, overnight stays and the length of stay in the region. According to the European Tourism Council (ETC), in 2009 Saudi Arabia ranked 1st with 6 million arrivals with respect to outbound tourism followed by the UAE that recorded five million outbound arrivals.

In 2010 Saudi Arabia again topped the list in the GCC community with a record of seven million outbound arrivals. Destinations outside the Middle East are in Europe, Asia and rest of the world. In Europe, GCC tourists prefer United Kingdom, Germany, Austria, Switzerland and Italy.

As far as Asia is concerned, Malaysia and Thailand are famous for their tourist footfalls. Island regions such as Maldives and Mauritius are also experiencing an increased flow of GCC tourists. Australia is also one of the emerging tourist attractions.

According to the World Tourism Organisation (WTO), the Middle East outbound travel will reach £15 Billion by 2020. The most significant areas of growth are likely to be UAE, Saudi Arabia, Kuwait and Lebanon. The WTO states that GCC alone will represent above 60 percent of the outbound tourism sector.

There is great growth potential for the outbound tourism sector in the GCC countries. Factors such as growing population, rising middle class income and higher spending makes GCC a lucrative region for outbound tourism.

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The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.

The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.

Key Segments in the GCC Outbound Tourism Market

By Tourism Type:

Holida0079
VFR (Visit Friends & Relatives)
Business
Others

By Traveler Type:

Independent Traveller
Tour Group
Package Traveller

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Sustainable Tourism Market is Expected to Exhibit Compound Annual Growth Rate (CAGR) of 23.4% | FMI

The sustainable tourism market is expected to grow at a 33.3% in 2022. As per the FMI analysis, the sustainable tourism market size will surpass US$ 1.0 Tn in 2022.

Sustainability in tourism is an ethical practice in tourism similar to responsible tourism and ecotourism. Sustainable tourism has been in practice since 1992. Sustainable tourism is all about efficient technology, cleaner production, environmental protection and communal engagement. Sustainability is well-known amongst travel lodging amenities mainly trailed by tour agents as well as new destinations.

Between 2022 and 2032, the market is expected to exhibit compound annual growth rate (CAGR) of 23.4%. The share of global sustainable tourism market in the parent market (travel and tourism industry) is estimated to be at 2%-5%.

Sustainable tourism is the type of tourism that establishes an appropriate stability among the environmental, economic and socio-cultural features of the travel industry; it plays a vital role in preserving biodiversity. The primary objective of sustainable tourism is to reduce the negative impact of tourism on surroundings and local culture so that it will be offered for future generations, while funding to generate income, occupation, and the preservation of local ecologies.

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Sustainable Tourism: Drivers and Opportunity Areas

Largely, a sense of accountability towards the environment with an addition to the socioeconomic wellbeing of local societies amongst tourism operators is fuelling the demand for sustainable tourism all over the globe.

The other drivers that trigger the need and requirement of the sustainable tourism segment include growing awareness towards securing the natural and traditional habitat of the destination concerned as well as a shift in the mindset of many travellers from traditional travelling concerns such as price, brand, quality, and convenience towards social, cultural and environmental issues that are significant to the places they holiday.

Sustainable tourism is still an emerging concept and many regions are not aware of this type of tourism; hence enormous opportunities including covering many untapped areas and the fusion of sustainable tourism with ethno-tourism and eco-tourism are coming up as possible opportunity areas for sustainable tourism in the global tourism industry.

Sustainable Tourism: Trends

The millennial and baby boomer generation of travellers is more inclined towards sustainable tourism and their preferred destination seems to be South Africa. Holidaying in places with an abundance of natural habitat and ensuring eco-friendliness is becoming an emerging trend among the tourists during their sustainable travel; travellers enjoy the ecstasy of the natural habitat of a place without causing any discomfort to the local plant, animal and bird species or human localities.

Nowadays there is a trend of undertaking a fusion vacation of sustainable tourism with eco-tourism. Another noticeable trend encountered is the transformation of sustainable tourism from a holiday trip to social work. Among the young generation of tourists, sustainable tourism is a growing trend where they are ready to pay more for sustainable brands that display commitment or dedication to environmental and social values.

The trend among tourism operators to practice sustainable tourism is growing as travellers are demanding more creative and responsible holidays. In fact tourists prefer buying services and products from the vendors who are dedicated and practice programs on giving or paying back to society.

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Sustainable Tourism: Restraints

However, there are certain factors that are hindering the growth of the sustainable tourism segment such as a limited audience or travellers as this concept of tourism is not very comfortable and luxurious to most travellers. Another restraint is less awareness among global tourists about sustainable tourism, as some travellers prefer highly comfortable and luxurious vacations and look for such options only.

Many tourists do not find this concept relevant, and changing their mind-set in favour of sustainable tourism is another challenge for the sustainable tourism segment.

Sustainable Tourism Market: Options

There are numerous destinations where sustainable tourism is practiced and most of them are at the destinations of natural habitat. Sustainable tourism is largely practiced in the regions of Africa, India, and Brazil among others.

Major destinations where sustainable tourism is advocated and practiced include National Park, Marine Park, National Reserve, Marine Reserve, Wildlife Sanctuary, State Forest, Local Authority Forest, Sacred Forest, Wildlife Conservancy, Game Ranch, Beach, and World Heritage Site among many others.

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Market by Category

By Type (% of Demand), Sustainable Tourism Market is segmented as:

Ecological Tourism
Eco Tourism/ Green Tourism
Soft Tourism
Community Tourism

By Booking Channel (% of Demand), Sustainable Tourism Market is segmented as:

Phone Booking
Online Booking
In Person Booking

By Consumer Orientation (% of Demand), Sustainable Tourism Market is segmented as:

Men
Women

By Tourism Type (% of Demand), Sustainable Tourism Market is segmented as:

Domestic
International

By Tourist Type (% of Demand), Sustainable Tourism Market is segmented as:

Independent Traveler
Tour Group
Package Traveler

By Age Group (% of Demand), Sustainable Tourism Market is segmented as:

15-25 Years
26-35 Years
36-45 Years
46-55 Years
66-75 Years

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Philippines Tourism Market is Likely to Grow at 10.9% CAGR in 2032 | FMI

The global philippines tourism Market is expected to reach a valuation of US$ 10.8 Bn in 2022. Sales are projected to grow at 10.9% CAGR, with the market size reaching US $30.4 Bn by 2032.

There are several opportunities to explore natural wilderness in the Philippines. The Sierra Madre in Luzon and the Balbalasang-Balbalan National Park in Kalinga, for instance, are both rarely visited by tourists but provide thrilling trekking through dense rainforests and across dizzying peaks.

There are some spectacular volcano climbs in Bicol (Mount Mayon and Mount Isarog, for example), and dozens of national parks, heritage sites, wildlife reserves, and volcanoes in Mindoro, Palawan, and the Visayas. Mount Kanlaon, an active volcano in Negros, is one of the country’s most challenging climbs, while the neighboring Northern Negros Forest Reserve is a raw, mesmerizing scene of peaks, waterfalls, and fumaroles typical of the archipelago’s wilderness locations.

The conversion of airport terminals into global gateways has aided in the international tourism development of the country, with about 95–99% of visitors arriving by air. In recent years, the airports in Davao City and Iloilo City have been modernised, allowing direct charter flights from Singapore.

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Meanwhile, Mactan-Cebu Airport, which has long handled both scheduled and charter flights from throughout East Asia, was set to begin long-haul flights in 2016, when three Philippine airlines were operating between Cebu and Los Angeles, California. Started walking.

In the near future, there will be more direct international flights to Cebu, Boracay and Davao. In addition, the country’s hospitality sector is increasingly focusing on the contactless payment trend. When contactless payments are allowed, customers save time by not having to sort through cash or try to enter their PIN.

The introduction of mobile payments has also made a wallet obsolete. The coronavirus outbreak has fueled the demand for contactless payments that reduce friction and improve customer experience. Offering contactless payment methods by many customers and employees may be perceived as a necessity rather than a luxury. As a result of the outbreak of COVID-19, many in the Philippine hospitality business have begun to employ contactless payment systems.

key takeaways:

On the basis of tourism type, the eco/sustainable tourism segment is estimated to account for 42% of the total market share in 2022.
From channel booking, the online booking segment is estimated to account for 51% of the total market share.
On the basis of tourist type, the domestic tourism segment will remain attractive till 2032.
In terms of age group, the 26-35 segment will continue to witness an uptick in sales.

Competition Scenario

The major players in Philippines tourism are focusing on promotional strategies and advertising of popular tourist destinations in the Philippines to improve sales in the market.

The major players present in the Philippines tourism market are Scorpio Travel & Tours Inc., Baron Travels, AsiaVenture Tours & Travels, Vansol Travel & Tours, Kapva Travel, Marksman Drysdale Travel Inc., Raja Tours Philippines, Atlas Tours & Travels Inc., Bridgeway. Travel & Tours, Harana Tours Corporation, Travel Related Incentive Programs & Services, Inc., TravelBest Travel & Tours, Ruxo Air Travel & Tours Inc., Goldensky Travel & Tours, Grandhope Travel Tours, Kesari Tours Pvt Ltd, Turismo-Filipino Inc. among others.

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Philippines Tourism Market by Category

By Tourism Type: