Market Research Blog – Page 10736 – New Product Development

Surface Water Sports Equipment Market is projected to have a CAGR of 11% during forecast period by 2032

The global surface water sports equipment market is surging and is expected to continue increasing between 2020 and 2030. According to Future Market Insights (FMI), the surface water sports equipment market is a highly lucrative, and well poised to achieve a growth of over 5% over next ten years. Rising interest of people towards adventure water sports will boost sales.

The market is currently driven by frequent product launches and various technological advancements. For instance, the advent of electric vehicles in water sports activities will encourage manufacturers to make their launches more interesting to consumers.

Resultantly, companies will focus on offering better technologies and making their equipment high-performing. Studies suggest smaller companies are likely to focus more on innovations to strengthen their footprint in the global market.

For instance a New Zealand based startup called Manta5 has recently combined electric vehicle’s technology to that of watercraft to offer an exciting new equipment for surface water sports. It has launched a water bike called XE-1, which is built with carbon fiber hydrofoils on an aluminum frame.

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The water bike is inbuilt with a propeller that keeps the craft lifted out of the water as the rider picks up speed. It also has a proprietary gearbox connected to a hybrid chain and shaft drive that allows the craft to stay streamlines.

Driven by the slew of product launches witnessed at regular intervals, the global water sports equipment market will exhibit impressive growth. FMI studies the various factors driving the market in detail in its recent market study.

The report offers a comprehensive overview of the global surface water sports equipment market, covering factors enabling growth and key restraints. It offers in-depth insights into the market. Some of these are:

North America is expected to record high demand for surface sports water equipment
The market is expected to witness growth at a higher pace in East Asia
North America, Europe, and East Asia markets are likely to showcase a high degree of competition. Hence companies are expected to focus on technological advancements and product launches to gain edge
Advent of electric vehicles and AI will give significant impetus to the market
The unprecedented COVID-19 outbreak is expected to hamper growth. Lack of tourism due to the ongoing pandemic crisis might result in plummeting sales of surface water sports equipment

“Surface water sports equipment market is expected to witness considerable growth. While it might witness stunted sales due to the ongoing pandemic, recovery is on cards as soon as the coronavirus passes. Upward trend of investment will enable growth in the market in the coming years,” said a lead analyst at FMI.

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Who is winning?

Some of the leading companies operating in the global surface water sports equipment market are Paddle Surf, AIRE, Naish International, Rave Sports, O’Brien, BIC Sports, Aqua Marine, Belassi, BomBoard, Starboard, Solstice Sports, Surftech, and Johnson Outdoors.

Companies operating in the market usually focus on innovations. FMI observes a higher spending on research and spending to support product launches. While the market exhibits a presence of a significant number of established companies, it also offers immense prospects for smaller businesses and new entrants.

Get Valuable Insights on Surface Water Sports Equipment Market

Future Market Insights, provides an unbiased analysis of the global surface water sports equipment market in its new offering, giving historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights into the market. In terms of product, the market can be segmented into paddle sports equipment, ski sports equipment, board sports equipment. Based on end user, the market can be segmented into beginner, professional, and intermediate. On the basis of consumer orientation, the market can be bifurcated into adults and kids and based on price range it can be bifurcated into mass and premium. Regionally, the market covers North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.

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Key Segment

Product Type

Paddle Sports Equipment
Ski Sports Equipment
Board Sports Equipment

Consumer Orientation

Adults
Kids

Sales Channel

Wholesalers/ Distributors
Hypermarkets/ Supermarkets
Exclusive Stores
Multi-brand Stores
Franchise Sports Chain Outlets
Independent Sports Outlets
Online Retailers

End User

Beginner
Intermediate
Professional

Price Range

Mass
Premium

Region

North America
Europe
Middle East and Africa
East Asia
South Asia
Oceania
Latin America

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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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India Outbound Meetings, Incentives to Europe Market Reached a Valuation of US$ 4.4 Bn in 2022

The india outbound meetings, incentives to europe market to reached a valuation of US$ 4.4 Bn in 2022 and expected to reach US$ 7.17 Bn in 2032. Moving ahead with a CAGR of 5% during the forecast period (2022-2032).

India is one the youngest, yet the fastest growing economies of the world. India has a large thriving and vibrant market stuffed with millennial consumers. The newly rolled out open market policies to usher in FDI has impacted the GDP of the country.

India is revamping its infrastructure to develop a comfortable passage for western investors. In the recent past, the bilateral ties between India and Europe have matured. Both the markets are coming closer with every passing day and developing an apt business friendly climate to promote and expedite the flow of business. India and EU are looking to repair the economic corridors between the two most steadily rising economies of the world.

The Free Trade Agreement has bridged the strategic and economic gulf between both the markets and made India one of the most significant business partners of Europe. European exports to India have surged in the last few years. According to the RBI, the Indian exports to European markets amounts to INR 337 billion approximately.

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Apart from the core industries, the Indian tourism sector is extracting the benefits of the developing relationship between these two markets. The development of the tourism sector in India has enhanced the scene of the India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe.

The India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe & Forecast predicts a massive change in market behaviour in the coming few years.

The significant change in the India Outbound MICE tourism market will reap the benefits of the economic bonhomie between India and Europe. It will not only expand the India outbound MICE tourism market to Europe, but this gesture shall surely create a suitable atmosphere for new jobs.

In the recent past, the new market pacts in the tourism segment have encouraged the flow of inbound tourists in Europe from countries such as India. A flourishing tourism market of Europe and longer and stronger business tie-ups between Europe and India are favouring the growth of the India outbound MICE tourism market to Europe.

The Government of India has doled out several investment friendly measures in the last few years. Initiatives such as Make in India and Digital India are complimenting the India MICE tourism market to Europe. In India segments such as Telecommunication and Energy are rising steadily and European investors are queuing up to invest in these maturing sectors.

The Indian business fraternity and bureaucratic teams have travelled to different parts of Europe to promote India’s blooming economy. The new brigade of Indian businessmen is heavily investing in European markets and joining hands with their European counterparts to enhance their global presence.

Companies such as Tata Steel, Motherson Sumi, Mahindra and Tata Motors are contributing greatly to European markets. Several Indian companies in the UK are growing and they have almost doubled their profits in a very short period of time.

India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe & Forecast: Game Changers

There are several factors that are promoting the growth of the India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe. The enhanced business ambience between the fastest growing regions of the world and revamped market policies are helping Indian business houses establish their footprint in the European market.

The booming tourism market of India and the birth of a new breed of deep-pocketed travellers are cementing the ground for the growth of the India outbound MICE tourism market to Europe. Several investment friendly policies rolled out by European countries to woo investors are also speeding up the growth of the India outbound MICE tourism market to Europe.

India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe & Forecast: Restraints

Though the atmosphere and growth prospects between both the regions of the world have evolved with time, the recent Brexit referendum has stalled the growth of the India outbound MICE tourism market to Europe. Several India-based companies are shifting their focus from European markets for fetching better results. European markets are immensely competitive and dominated by powerful countries such as China.

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This is also dampening the flow of outbound investment of India into Europe. The tourism markets in other countries spread across the South-East Asia and Asia Pacific region are cheaper than the European markets and the costly markets of Europe are also barricading the India outbound MICE tourism market to Europe.

India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe & Forecast: Bigwigs

Companies such as Thomas Cook, Itl World, Travel Corporation (India) Ltd. (Tci), and Tybros India Tours Private Limited are some of the key players dominating this segment.

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.

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.

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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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Agriculture Nets Market Expected to Reach CAGR of 5% by the end of 2030

The worldwide agriculture net market will exceed US$1.0 Bn in 2020 and is expected to grow at a CAGR of 5% between 2020 and 2030. There has been a remarkable movement toward increasing crop yield in order to reduce reliance on imports, which has increased demand for farm nets. These nets are widely used in both commercial and sustainable farming, acting as a support system to guarantee optimum crop growth.

Attacks by locusts, unpredictable weather patterns marked by strong hail and rain, heat, and UV light penetration have greatly increased demand for agricultural nets in recent years. These nets, which come in different grades, limit the passage of heat and UV rays, maintaining the greenhouse’s temperature at an ideal level for plant growth.

Due to urban inhabitants’ serious interest in gardening as a lucrative hobby, the global agriculture market is likewise booming. Agriculture nets or shade nets are in high demand due to a trend toward creating urban jungles and sustainable living with kitchen gardens.

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The most imminent reason for burgeoning sales of agriculture nets is that it ensures reduced UV penetration, thus keeping the yield away from overexposure and damage. Today, vendors are also investing in designing agriculture nets that enhance photosynthesis, thus helping the end users create a healthy ecosystem for the plants.

Key Takeaway from Agriculture Net Market Study

Plastic to emerge as the leading material used in the production of agriculture nets during the forecast period
Farming to remain principal activity that uses agriculture net, occupying a dominant share in the global market
Rise of construction activities to raise demand for agriculture net for effecting coverings to prevent exposing unfinished buildings to excessive moisture
South Asia to see stiff competition in the agriculture net market due to influx of local players and presence of established ones

Community-driven Initiatives for Vermicomposting Creates New Growth Avenue

Growing number of urban communities are showing an inclination towards vermicomposting, which is a delicate task has led to a steady rise in the demand for agriculture nets. These nets act as perfect dividers for making pits and can be used as canopies to create shade.

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The delicate balance of light and shade that needs to be maintained for correct moisture levels in building healthy vermi compost pits is projected to drive market growth. Growing number of kitchen gardens and increasing demand for better waste management have introduced vermi compost as an effective solution. Analysts project that as these trends continue, they will continue to raise the usage of agriculture nets in the coming years.

Impact of COVID-19 on Global Agriculture Nets Market

The COVID-19 pandemic has had a moderate impact on the global agriculture net market. While the demand for these nets plummeted in the construction industry, it was offset by the demand in the agriculture sector. The lockdowns and disrupted supply chains indicated that self-reliance with agriculture will be of paramount importance to avoid dependency on other nations for imports.

COVID-19, which led to severe lockdowns, also fuelled many to work on hobbies, creating a demand for shade nets for gardening. The sudden rise in number of enthusiasts building terrace gardens are expected to favour market growth in the coming years. Furthermore, as the pandemic situation normalizes, farmers will invest in agriculture nets to boost production.

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Key Segment

Type

Shading Nets
Anti-hail
Anti-insects
Windbreak
Others

Form

Woven
Non-woven Form

Application

Farming Area
Animal Husbandry
Horticulture and Floriculture
Aquaculture
Others

End Use

Industrial Agriculture
Sustainable Agriculture

Price Range

Economic
Mid-range
Premium

Material Type

Metal
Plastic
Rubber
Others

Sales Channel

Hypermarkets/Supermarkets
Specialty Stores
Departmental Stores
Independent Stores
Hardware Stores
Farm Equipment Stores
Other Sales Channel

Region

North America
Latin America
Europe
South Asia
East Asia
Oceania
MEA

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Destination Wedding Market is Expected to Reach at US$ 290,550.5 Mn in 2031

The destination wedding market with the rising penetration of social media. Usage of drone footage in marriage events takes destination weddings to the next level. Future Market Insights (FMI) in its latest study has forecast the market to rise at a CAGR of ~30.6% between 2021 and 2031.

As per the market analysis, the destination wedding market will generate revenue, surpassing US$ 21.5 Bn in 2021. By 2031, the market is forecast to cross US$ 290 Bn. Food service activities remain important and are set to account for 39% of the value share in 2021.

With the help of drone videography, couples can avail high-quality footage and photos while saving time and money compared to traditional photography solutions. New generation couples are focusing on sustainability and many consumers prefer eco-friendly destination weddings.

Many players offer natural locations for destination weddings like the Riverview Retreat in Jim Corbett and the Banyan Tree, Phuket. Choosing a park or resort not only provides a beautiful spot to get married but also contributes economically while bolstering exposure to a place devoted to environmental stewardship.

Companies are extensively focusing on leveraging their services through enhancing retail penetration and mass marketing. They are actively collaborating with well-established and local online retailers to ensure accessibility in both developed as well as developing countries. These trends are expected to fuel growth in the long term.

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Key Takeaways from the Destination Wedding Market Study

International destinations are expected to hold 66% revenue share owing to a wider range of options for aesthetics and climate that have attracted a larger pool of couples.
Wedding ceremonies dominates the market with a 33% share, with higher importance being given to family functions.Italy holds a noteworthy share of 17% of destination weddings, aided by a wider range of location options.Santorini will account for a 16% share owing to a high level of penetration of key players with varieties of beaches and scenic mountain locations.
Corfu accounts for 15% of destination wedding events, aided by destination options and optimal climate for most of the year.

“Rise in personalized, innovative and green wedding events with a focus on attractive surroundings, advanced facilities, and a surge in income and rapid urbanization are key factors that will positively influence market revenue through 2031,” says an FMI analyst.

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Impact of COVID-19 on the MarketThe outbreak of the novel coronavirus has resulted in an economic downswing by causing disruptions in the business operations in various sectors. The service industry is one of the hardest hit. There has been observed a reduction in the overall discretionary spending, which posed a temporary challenge for the players operating in the market.

As the coronavirus crisis continued, large cities banned gatherings and asked people to follow social distancing guidelines.

Couples have moved on to live streaming using videoconferencing applications. This led to a major slowdown in the wedding industry, with many couples canceling or postponing their events. Many people who work in wedding industry including photographers and caterers also suffered due to strict norms.

However, with improving situations in the third quarter of 2020, the market saw a slight improvement. It is expected for the market to gain its initial growth in the second quarter of 2021.

Who is winning?

Aggressive promotional strategies, advertisements, and new product launches have driven sales of destination weddings around the globe.

Major players present in the destination wedding market include White Eden Weddings, FiestaSol, Tropical Wedding & Honeymoon, Magical Weddings, Sparkles & Bubbles, ALL THINGS BEAUTIFUL, PLANNED FOR PERFECTION, Peach Perfect Weddings, The Wedding Travel Company, LM WEDDING PLANNER, Jennifer Fox Weddings, W Day, The Destination Wedding, Wedding Planner Roma, and Studio Brzak Events among others.

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Adoption of Digital Travel Market is Gaining Traction as the Digital Travel Domain Across the World

The digital travel market is expected to reached a valuation of US$ 400 Bn in 2022 and expected to reach US$ 1,618 Bn in 2032, at a 15% CAGR

The adoption of digital travel is gaining traction as the digital travel domain across the world is basking with a slew of new customer friendly initiatives that are cementing their base in the extremely competitive travel and hospitality sector.

In addition to this, the demand for digital travel is on the rise in the last few years as a greater number of travellers are taking the digital path to reach their coveted tourist destinations.

The digital revolution has opened several new corridors for tourists who are eager to set sail into the unknown and created numerous digital travel market opportunities as online travel platforms have empowered consumers as well as hoteliers.

The digital revolution has opened several new corridors for tourists who are eager to set sail into the unknown. Online travel platforms have empowered consumers as well as hoteliers. A large pool of information and the chance of understanding the contenders are some of the significant factors that are impacting the growth of the digital travel sector. Several studies in the past talked about the changing trends of digital travel.

The emergence of the android market and a massive boost in the number of mobile-friendly consumers are some of the major factors that are significantly changing the demography of the tourism and travel industry around the world.

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The modern breed of travellers is clinging into their mobiles for all travel related activities. Whether it is flight booking or hotel booking travellers are relying on digital platforms rather than the conventional mediums of travelling. The online platforms or digital travel space is filled with latest offers and packages to lure maximum travellers.

To avail some extremely happening offers customers are queuing in on digital travel platforms. The digital travel canvas is populated with several in-depth reviews and blogs on travel destinations and facilities that are extremely helpful for tourists. Apart from this the social media platforms also play an important role for travellers. A traveller’s group on social media or a Facebook page of a luxury hotel can feed in some key information to budding travellers.

Digital Travel: Game Changers

The travel industry is eroded by the digital drive. The digital drive has immensely changed the face of the industry and paved a new way of growth for stakeholders. Digitisation has multiplied the growth of the industry and benefitted it in many ways. The digital boom has equipped a massive population of travellers with apps and user-friendly systems that havetattered the conventional set rules of the travel industry.

The market is flooded with several tourism and hospitality friendly apps that have helped redefine the service quality of the hotel and airline industry and also affected their annual revenues. Advanced cloud computing technology has simplified the entire travel experience of a tourist.

Travel companies today can preserve crucial data related to customer behaviour and can use this to offer enhanced customer experiences. Several hotel chains and tourism companies are doing every bit to ride the digital growth wave. They are using tailor-made apps, customer friendly software and a plethora of digital processes to enhance customer experience.

A glut of travel blogs, pictures and other firsthand accounts of surfers are motivating new travellers and it is changing the dimension of the travel industry. Social media platforms are bustling with travel experiences and travel deals. The sudden boom has created a pregnant market for the travel industry and popularised the concept of digital travel.

Digital Travel: Restraints

Though the concept of digital travel has earned ample accolades in the last few years, there are some hurdles that are likely to muzzle its potential growth going forward. The underdeveloped travel and tourism sector in different parts of the world and a massive population of elderly citizens is creating a vacuum in the digital travel sector. Further, the surge of digital travel is blocked by several natural and manmade disasters that have occurred in the last few years.

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Digital Travel: Bigwigs

The digital travel sector is populated by several customer-friendly apps that are extremely useful for tourists and business insiders. Platforms such as travelpod.com, flickr.com, technocrati.com, 43places.com, and tripmates.com are some of the frequently used sites by tourists and service providers.

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Sun Care Products Market is Forecast to Reach a Valuation of US$ 1.3 Billion in 2022

The global sun care products market is forecast to reach a valuation of US$ 1.3 Bn in 2022. Increasing expenditure on personal care and beauty products across the globe will boost sales at a 6.9% CAGR, with the total valuation reaching US$ 2.6 Bn by 2032.

FMI analysts opine that organic – which has made deep inroads into many F&B and cosmetics categories – is also making a mark in the sun care products landscape, with many consumers diligently checking labeling to know the ingredients.

The market has witnessed steady growth in the past few years, especially on the account of active ingredient incorporation, and the development of multifunctional formulations, which not only protect the user from the sun, but also provide skin lightening and anti-aging characteristics, which are also likely to boost growth.

Nanoparticles such as zinc oxide and titanium dioxide are finding application in sun care product formulations, enabling uniform application, lower residue and higher product efficacy, which is considered to help in popularity of these products among potential buyers.

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Strict regulations associated with ingredients and labeling in the North American and European industries, coupled with lower awareness about the risks of sunlight exposure in rural areas and developing countries are key challenges for market players.

FMI’s report offers an exhaustive overview, covering key market dynamics. Some of the takeaways from the report include,

Market valued at valuation of US$ 1.3 Bn in 2022, with demand slowing down during the coronavirus pandemic
Sun care creams expected to remain highly sought-after on the back of easier application, and potential for optimized skin nutrition profiles
Sales of sun care products higher in women as compared to men
US and EU4 key to growth. However, many countries in Asia Pacific are displaying highly lucrative opportunities for manufacturers for geographical expansion.

“Manufacturers have transitioned to natural and organic ingredients to appeal to new consumer demographics. In addition, the extraction of natural ingredients provides better margins through cheaper raw materials,” said a lead analyst at FMI.

Covid-19 Impact on Sun Care Products Market

The global personal care and cosmetic industry has felt a substantial impact of the coronavirus crisis. Sales in the first half of 2020 have been largely weak. In addition, the large number of retail store closures have also affected the market.

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Consumer priorities to spend discretionary income on essential commodities, coupled with the reduction in travel and outdoor recreational activities during the crisis are likely to hold back sales.

On the other hand, online sales of sun care products will witness strong growth, partially offsetting losses incurred by in-store sales.

Recovery of conventional sales and distribution is likely to be gradual. Market players are pushing for changes in promotion including significant discounts to move unsold seasonal inventory in the near term.

Who is Winning?

In its study, FMI has scrutinized the different strategies deployed my major companies participating in the sun care products market. Leading market players are focused on the development of novel formulations and strategic geographical and capacity expansion with acquisitions being a major area of focus.

Some of the key players in the market include Johnson & Johnson, Shiseido Company Limited, Beiersdorf AG, Loreal SA, The Procter & Gamble Company, Unilever, The Estee Lauder Companies Inc., Lotus Herbal Pvt. Ltd., Avon Products Inc., and Bayer AG, among others.

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Sun Care Products Market by Category

Product Type:

Creams
Lotions, Gels & Oils
Others

Nature:

Organic
Conventional

End User:

Male
Female
Kids

Sales Channel:

Wholesalers and Distributors
Online Retailers
Hypermarkets and Supermarkets
Pharmacy Stores
Specialty Stores
Convenience Stores

Region:

North America
Latin America
Eastern Europe
Western Europe
Asia Pacific excluding China & Japan
Japan
China
Middle East & Africa

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Saudi Arabia Hajj Tourism Market is Likely to Surge at a Vigorous 7.0 % CAGR from 2022 – 2032.

The saudi arabia hajj tourism market is likely to surge at a vigorous 7.0 % CAGR from 2022 – 2032. Likely to reach a market revenue of US$ 150.0 Bn in 2022, and is expected to cross US$ 350.0 Bn by 2032.

The Hajj is an annual journey to Mecca in Saudi Arabia and is the world’s largest mass gathering. All the physically and financially able grownup Muslims make Hajj at least once in their lifetime.

Around two million Hajjis travel to Saudi Arabia during September to visit Islam’s holiest places, Mecca and Medina. Earlier, Hajj was a simply a traditional ritual in the Islamic world, but in recent days it has become a tourism destination because of the facilities evolved over the last few years.

The Hajj signifies main tourism prospect for both national and international stakeholders, mainly tour operators and hotel groups. The Saudi Arabia government is also supporting this holy gathering by investing in hotels and renovating ancient religious sights. To promote Hajj tourism globally a landmark hotel named as Abraj Kudai Hotel is in the pipeline – this hotel is anticipated to be the world’s largest hotel with 10,000 rooms.

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Hajj is emerging as a perennial flow of religious tourists and is a primary source of revenue generation from international pilgrims from countries with a large Muslim population. Domestic pilgrims are also contributing to the revenue generation. Some of the international pilgrims come from countries such as India, Indonesia, Nigeria, Morocco, and Algeria among many other Muslim countries.

Saudi Arabia Hajj Tourism Market: Drivers and Opportunities

Mainly, factors such as religious faith or established rituals to follow among spiritual Hajjis and the growth in per capita income are driving Saudi Arabia Hajj Tourism Market by bringing Hajjis from all over the globe. The other drivers that trigger the demand for Hajji Tourism in Saudi Arabia are the comforts and facilities built for the devotees, ease in travel and accommodation. Besides, many historical monuments are renovated by the Saudi government which become add-on tourist spots and major attractions for the pilgrims.

Saudi Arabia Hajj Tourism Market is an enormous opportunity for travel and hotel industry for future business prospects. Some opportunities listed are many domestic and international airlines including Qatar Airways, Qatar’s Al Maha airlines that provide their services on domestic and international routes, and this will increase the competition.

The rise in the volume of national and international Hajjis propell the demand for accommodation thereby boosting hotel rentals. Backpack concept in areas such as Riyadh, Jeddah and Medina is also coming up as a possible opportunity with a business and facility point at Hajj Tourism within the Saudi Arabia tourism industry.

Saudi Arabia Hajj Tourism Market: Restraints

As Hajj is practiced from ancient time and is a tradition in Islamic region, persistence in the visit by devotees can be seen significantly, but some factors such as lack of facilities, chances of accidents, and lack of travelling provinces are slowing down the volume of pilgrims to an extent.

Although the government and private sector have taken many initiatives to overcome the hindrances to some extent, certain restraints such as large rental car booking, shortage of rental vehicles, over occupancy of accommodation, serious crowding of the places and unorganised facilities hinder Saudi Arabia Hajj Tourism Market.

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Saudi Arabia Hajj Tourism Market: Options

As per the 2013 Saudi Tourism and Antiquities Committee (SCTA) count, there were around 160 tour agents in Saudi Arabia catering only to religious tours mainly Saudi Arabia Hajj Tourism Market.

Some of the prominent Hajj tour operators who provide their services to tourists across the world include Flynn’s Company LCC Accor KSA, Al Tala’a International Transportation Co. Limited, Fly Dubai Saudi Arabia, Al Tayyar Travel Group, Zamil Travel, Avis Saudi Arabia, Zahid Travel Group, Boudl Hotels & Resorts, Wyndham Hotel Group Saudi Arabia, and Europcar Saudi Arabia among many others.

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Demand for Halal Tourism Market is on the Surge with Efforts to Expand and Promote Tourism in Uzbekistan

The halal tourism market is estimated to reach a valuation of US$ 255.0 Billion in 2022, likely to surge at a vigorous 4.0 % CAGR from 2022 – 2032 and is likely to reach US$ 365.0 billion by the end of 2032.

The “halal” term means permissible according to Islamic laws and teachings. With a rise in the number of well-heeled Muslims, the halal industry has expanded into various lifestyle offerings including halal travel, tourism, and hospitality services. The halal tourism is a particular type of religious tourism which focusses on the things which are in conformity with the Islamic laws and teachings regarding diet, dressing, conduct, and behaviourisms.

The halal tourism market growth is gaining momentum owing to the rising population that is disproportionately young, educated, and upwardly mobile.

Halal tourism is also worthy of consideration as the Islamic world contains a sizable portion of tourism markets and destinations, positively impacting the halal tourism market outlook.

Demand for halal tourism is on the surge with efforts to expand and promote tourism in Uzbekistan and Saudi Arabia and resurrection of lost heritage sites.

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The global halal tourism industry has been accounted as one of the fastest growing tourism segments in the world. The recent development in the global halal travel and tourism industry is caused by the ethical consumer trends and the change in the temperament of Muslim consumers globally.

Global Halal Tourism Industry: Drivers and Restraints

Halal tourism has gained a massive acceptance in recent times, and it is now becoming a new phenomenon in the global tourism industry. The halal tourism industry refers to the tourism products and hospitality services following the Islamic beliefs and practices. These activities involve serving of halal food, alcohol-free dining areas, separate spa and leisure activities for men and women, separate swimming pools, prayer facilities, and even beach areas which are only open to women.

Previously the halal tourism industry was mostly associated with the pilgrimages Hajj and Umrah. The growth in the higher middle-class Muslim consumers and the increase in the degree of interconnectivity has made travelling a part of life, thereby, changing the preference of Muslim tourists from traditional destinations such as Mecca and Medina to top holiday destinations and resorts.

The halal tourism industry is expected to go mainstream and develop as an integral part of the prospering global halal tourism sector. The global hotel and resort tourism sectors have flourished in recent years to fulfil the demands of Muslim travellers who want to enjoy full leisure and hospitality services, which at the same time caters to their religious requirements as well as follows the Islamic customs and culture.

This development is expected to drive the global halal tourism industry over the forecast period. Many countries across the world such as Turkey, Egypt, and Malaysia have already adopted this change into their tourism offerings to include accommodations and other facilities in accordance with the religious beliefs of Muslim tourists.

In addition to the Muslim countries, some non-Muslim countries including Singapore, Australia, and France have also shown a strong interest in the halal tourism industry. The presence of halal certified bodies such as food outlets etc. are making these countries a favourite destination for Muslim travellers which in turn is expected to drive the global halal tourism industry over the forecast period.

Global Halal Tourism Industry: Key Regions

Malaysia is one of the fastest growing countries in the global halal tourism industry sector. This country so far has managed to attract Muslim travellers from all over the world especially travellers from the Middle East region. Recently this country was ranked among the top 10 halal-friendly tourism destinations in the world. The halal tourism industry is personalised according to the specific needs of Muslim tourists who primarily seek a family friendly environment.

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The countries which are the members of the Organization of Islamic Countries (OIC) are the primary sources of the halal tourism industry. The fast growing resident Muslim population in some of the non-Muslim majority regions including North America, Europe, India and China is expected to offer substantial growth opportunities for the global halal tourism industry during the forecast period.

Key Segments

By Tour Type:

Domestic
International

By Consumer Orientation:

Men
Women

By Tourist Type:

Independent Traveler
Tour Group
Package Traveler

By Age Group:

26-35 Years
36-45 Years
46-55 Years

By Region:

North America
Latin America
Europe
Asia Pacific
MEA

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Cultural Travel Market Has Received a Lot of Traction in the Industry

The global cultural travel market is estimated to be valued at US$ 462.50 Million in 2022 and is projected to increase at a CAGR of 6.54% in the forecast period from 2022 to 2032.

Millions of tourists traverse the developing tourism arena, eager to gain knowledge about a new place, seeking to expand their knowledge horizon. The cultural tourism segment welcomes a huge influx of tourists looking to embark on a journey of discovery.

Cultural travel offers an opportunity for traveller’s keen to uncover the secrets behind any place in the world, increasing the adoption of cultural travel.

The developing tourism arena is flanked by millions of tourists. These tourists are gutsy and they are ready to extend their horizon of knowledge. The cultural travel segment is one such segment of tourism that ushers in a huge pool of tourists who are eager to follow a new path and quench their indomitable thirst for knowledge. Cultural travel is a perfect platform for gaining knowledge about any place.

Most of the culturally rich countries are promoting this extremely rich mode of tourism for the last few years. Cultural tourism is not only feeding the wanderlust of tourists, but it is also a correct medium to preserve some abrogating cultures spread across the globe. Cultural travel is a marriage of the past and present.

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Through cultural travel, countries are not only benefitting their tourism economy, but they are also providing a befitting platform to showcase a particular culture. By curating a proper cultural travel network the cultural branding of a particular property or location can attract immediate media attention.

Recent studies have clearly highlighted the evolving spending pattern of cultural travelers, who spend approximately 37 percent more on their travel than the normal globetrotters. Hotels and luxury properties also earn more as the cultural tourists tend to extend their stay in a cultural locale. The emerging trend of experimental tourism is also redefining the contours of cultural travel.

Cultural Travel: Game Changers

The growth of cultural travel is backed by the all-round development of the tourism industry. The cultural travel sector is also extremely benefitted by the slew of promotional measures doled out by several governments to promote dimming cultures. The emergence of a new army of tourists who are opulent, educated and aged is also providing adequate fodder for the development of cultural travel.

Cultural Travel: Restraints

The phantom of terrorism is diminishing the global surge towards cultural travel. Several cultures have been badly fractured by the wrath of terror unleashed on them over the last few years. Natural disasters and the swelling number of millennial tourists are also barricading the organic growth of cultural travel as a potential tourism experience.

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Cultural Travel: Bigwigs

There are several institutions and travel agencies that organise tailor-made cultural tours. Government aided tours are also organised in different parts of the world with the sole intention of promoting and nourishing a particular culture.

Key Segments Profiled in the Cultural Travel Market

By Type:

Domestic cultural tourism
International cultural tourism

By Category:

Cultural eco-tourism
Indigenous cultural tourism
Socio-cultural tourism

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa

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Survival Tools Market Valuation is Set to top US$ 2 Billion in 2030

The global sales of the survival tools market are likely to soar at 7.7% CAGR through 2030. Growth will be driven by a growing sentiment toward self-protection amidst a rapidly changing environment.

In survival tools industry, which has witnessed moderate growth and expansion into the mainstream market, it is imperative for players to recognize their consumers and devise future-proof strategies (and products) to stand out among their peers.

Since January 2020, three important events have scaled up demand for survival kits – outbreak of COVID-19, bushfires in Australia, and assassination of Iranian military leader.

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Key Findings

Pocket tools to remain preferred among consumers
Manufacturers continue to use stainless steel to develop survival tools
Adoption of survival tools to remain prominent in hiking activities
Players to invest in multi-brand stores for substantial sales of survival tools
North America and Europe to represent most lucrative opportunities for survival tools market players

“Generation X (Xers) have been key factor driving revenue leaps for survival tools market over recent past. The demographic cohort has essentially transformed the concept of ‘survivalism’ from hobby to lifestyle. Moreover, Xers prioritize self-reliance and resilience and are attracted towards ‘survival schools’ to learn to live with basics,” says analyst at FMI.

COVID-19 Impact Survival Tools Market on

While many industries are striving to click revenue targets as several countries, globally, come to grips with the COVID-19 pandemic, the survival tools market has been booming. Despite survival tools industry was not prepared for catastrophe of this scale, sales remain unaffected by the onset of the pandemic. Demand for survival tools is increasing following COVID-19 contagion.

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Consumers are increasingly purchasing pocket tools, first aid kits, and ropes to prepare for doomsday scenarios. The COVID-19 pandemic has triggered drastic changes in consumer lifestyle. Consumers are continuously seeking ways to stock up on essentials such as medicines, survival kits, and food.

While certain regions of hard-hit countries are opening up, consumers are still facing dearth of all sorts of odds and ends. In addition, as various regions are being exposed to the second wave of COVID-19 pandemic, there are uncertainties regarding further tightening of lockdown restrictions.

The COVID-19 recession has reset the bars for how manufacturers engage with suppliers and consumers. As these trends sweep across market landscape, survival tool manufacturers must rethink existing operating models and supply chains.

Survival Tools Market – Competitive Intelligence

The global survival tools market is highly fragmented, with several players racing towards capturing leading value share. In an effort to survive the rising market competition, manufacturers are focusing on new launches and acquisitions, for instance,

UST has developed new camping equipment that accent excellent durability and functionality. In addition, the company has started leveraging 100% recyclable packaging to its new offerings, and will phase out conventional packaging.
Tender Corporation has acquired Bushwacker Backpack & Supply, which is maker of Counter Assault label of personal-defense items such as bear spray and tools for self-defense and law enforcement.

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Survival Tools Market by Category

Product: