Market Research Blog – Page 9978 – New Product Development

Double Zipper Bags Market is projected to grow at a 5% CAGR during the forecast period from 2022 to 2032

In 2032, the market for double zipper bags is anticipated to reach US$ 3.6 billion, growing at a CAGR of 5% from 2022 to 2032. During the projected period, demand for double zipper bags is anticipated to increase along with the need to store and preserve a variety of products.

The global market for double zipper bags is anticipated to be significantly fueled by the rising demand for packaged food goods during the projected period. One of the main advantages of double zipper bags is the ease they provide in terms of packaging, carrying, and transporting food products. This benefit is anticipated to have a beneficial impact on the industry in the near future.

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What are the Factors Propelling the Expansion of the Double Zipper Bags Market?

Increasing innovation in the packaging industry is projected to play a crucial role in driving the global double zipper bags market in the forecast period. Integration of nanotechnology in packaging systems is developing methods that can minimize food waste, enhance shelf life and ensure food safety. Such factors are expected to support the double zipper bags market growth in the forecast period.

Further, the growing demand for convenience food owing to a fast speed life, an increasing number of working women, and rising disposable income are some of the other factors boosting demand for double zipper bags.

Additionally, the rising number of double zipper bags launched by players in the market is another salient factor widening the double zipper bags market during the forecast period. For instance, in February 2022, Asahi Kasei, Japan’s No.1 Premium Wrap and silicone-coated foil & sheet brand, launched a seal-tight double-line zipper bag in India. Such initiatives are anticipated to benefit the market during the forecast period.

What is the market potential for double zip bags in East and South Asia?
The research predicts that the East and South Asian markets will be the most profitable of all. This can be attributed to the rising proportion of working women, the expanding travel and tourism sector, the expanding food and beverage sector, and the rising disposable income of the growing population. Additionally, the existence of developing economies like those in India, China, and Japan presents a number of attractive prospects due to the existence of unexplored markets with a large amount of growth potential throughout the forecast period.

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Competition Analysis

Key players in the global double zipper bags market include

Amcor Plc.,
Berry Global Group,
Mondi Group,
SKY FLEXI PACK,
Glenroy Inc.,
Novolex,
ProAmpac,
Winpak Ltd.,
Sonoco Company,
Flair Flexible Packaging Corporation,
Bryce Corporation,
Bischof +Klein SE & Co. KG,
Transcontinental Inc.,
Dsmart GmBh and
Pentaflex Inc.

Key Segments Profiled in the Global Double Zipper Bags Market

Global Double Zipper Bags Market by Product Type:

Stand-up Double Zipper Pouch
Flat Double Zipper Pouch

Global Double Zipper Bags Market by Material Type:

Plastic Double Zipper Bags
Aluminium Laminates Double Zipper Bags
Paper Double Zipper Bags
Other Material Type Double Zipper Bags

Global Double Zipper Bags Market by End Use:

Double Zipper Bags for Food
Double Zipper Bags for Pharmaceuticals
Double Zipper Bags for Cosmetics & Personal Care
Double Zipper Bags for Other End Uses

Global Double Zipper Bags Market by Region:

North American Double Zipper Bags Market
Latin American Double Zipper Bags Market
Europe Double Zipper Bags Market
East Asia Double Zipper Bags Market
South Asia Double Zipper Bags Market
Oceania Double Zipper Bags Market
Middle East & African Double Zipper Bags Market

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Wrapping tissues Market reached a valuation of US$ 1.44 Bn in 2022 | Future Market Insights, Inc.

The market for wrapping tissues is projected to be worth US$ 1.38 billion in 2021, rising at a Y-o-Y rate of 4.3% the following year to US$ 1.44 billion. The market is projected to grow at a CAGR of 4.1% from 2022 to 2032 and will likely reach US$ 2.15 billion by that time. Increased demand for silicone elastomers, particularly in the construction and automotive industries, is credited with growth.

Global Wrapping Tissues Market: Dynamics

Growing gift packaging industry is one of the key factor in driving the market of wrapping tissues globally. Increased sales of bouquets is also escalating the demand of wrapping tissues in the market. With the growth in disposable income of the middle class, the spending on such products is increasing and is expected to grow at a healthy CAGR during the forecast period. Consumers are now ready to spend more on gift packaging, which is anticipated to fuel the demand for wrapping tissues.

In recent years, corporate gifting has emerged as a major driving force behind the consumption of the wrapping tissues. Corporate gifting is referred as ‘double edged sword’ which could be used as a sales promotion tool to expand the company’s business and foster new relationships through distributing gifts to their employees or customers on special occasions.

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The wrapping tissues market is expected to register substantial growth in the emerging economies owing to the increased growth in the hospitality industry. Celebration and festive seasons such as Christmas and New Year are the major driving factor behind the increasing demand for the wrapping tissues in the global market.

How is North America Contributing to the Growth of the Wrapping Tissues Market?

North America is experiencing stagnant market growth due to intense competition among packaging vendors, with only a slight increase expected in the forecast year. The largest regional market is expected to be North America. According to some studies, gift wraps, which include wrapping paper, tissue paper, and gift bags, cost around US$ 12.8 Billion in the United States in 2017.

Furthermore, in the United States, rising consumer interest in arts and crafts is fueling the market growth. For example, origami, an ancient art form, has piqued the interest of art enthusiasts. Several similar applications of the product can be found in the decoration of gift bags, boxes, and hamper baskets.

Market Competition

Companies that produce wrapping tissues are focusing on lowering greenhouse gas emissions and using the recovered pulp to make wrapping tissues in order to reduce their environmental impact. Most businesses are primarily focused on offering customized products during various festive seasons in order to entice consumers to purchase their products. Some of the global key market players are below

APP (Asia Pulp & Paper)
Procter & Gamble
Johnson & Johnson
Kimberly Clark SCA
Sofidel Group
Kruger Products
Clearwater Paper Corp.

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Key Segments Covered in the Wrapping Tissues Market Study

Wrapping Tissues Market by Base Paper:

Wrapping Tissues from Virgin Pulp
Wrapping Tissues from De-inked Pulp
Wrapping Tissues from Mixed Pulp

Wrapping Tissues Market by Distribution Channel:

Wrapping Tissues Sales through Store Based Retail
Wrapping Tissues Sales through E-Commerce

Wrapping Tissues Market by End Use:

Wrapping Tissues for Commercial Use
Wrapping Tissues for Residential Use

Wrapping Tissues Market by Region:

North America Wrapping Tissues Market
Latin America Wrapping Tissues Market
Europe Wrapping Tissues Market
Asia Pacific Wrapping Tissues Market
Middle East and Africa Wrapping Tissues Market

Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

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Rigid Boxes Market is expected to rise at 5% to 6% value CAGR by 2032

The CAGR for the global market for rigid boxes is predicted to be between 5% and 6% from 2022 to 2032. Luxury rigid boxes are rapidly being embraced across a range of industries thanks to the expanding premiumization trend. Due to this, it is predicted that the luxury rigid box market would generate an absolute dollar potential of over US$ 5.5 billion by the end of 2032, growing at a CAGR of roughly 4% to 5% between 2022 and 2032.

Global market growth chances are being created by the escalating need for rigid packaging solutions for fragile and sensitive products from the quickly growing e-commerce and logistics industries.

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Which are Some Prominent Drivers Spearheading Rigid Boxes Market Growth?

Over the past decade, the packaging industry has witnessed a massive transformation from using metal and plastics packaging solutions to using paper fiberboard and corrugated ones. This is due to the ever-changing customer preference and end user demand for packaging solutions as per product-specific and application-specific requirements.

Hence, numerous players in the market are aiming at providing customizable rigid packaging solutions ranging from basic boxes to luxury boxes, which is in turn, projected to favor the growth in the global market.

Demand for rigid boxes is registering robust growth across industries such as food & beverages, chemical, electrical & electronics, cosmetics & personal care healthcare for primary, secondary, and bulk packaging applications.

What role does Eastern Europe play in the market expansion for rigid boxes?
According to FMI, Eastern Europe is anticipated to become a highly lucrative market for rigid boxes between 2022 and 2032.

End use producers are increasingly focusing on adopting pricey-looking and enticing packaging solutions to increase the product appeal as the trend of premiumization continues to make deeper inroads throughout the sectors such as personal care & cosmetics, gifts, chocolates, and others. Leading market participants are striving to introduce unique luxury rigid boxes as a result, in order to take advantage of this current opportunity.

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Market Competition

Some of the leading players in the rigid boxes market are

International Paper Company,
Mondi Group Plc,
Metsä Board,
Bee Packaging,
Tat Seng Packaging Group Ltd.,
Stora Enso Oyj,
Smurfit Kappa Group Plc,
Shillington Box Co., LLC,
Great Little Box Company Ltd.,
Georgia Pacific LLC, and others.

Prominent players in the global rigid boxes market are focusing at launching sustainable products and merger & acquisition to increasing their share in the highly competitive market.

Key Segments Profiled in the Rigid Boxes Market Survey

By Material Type:

Paper
Containerboard
Paperboard
Plastic
Polypropylene
High-Density Polyethylene
Other plastics
Metal
Aluminum
Steel

By Product Type:

Basic Rigid Boxes
Secondary Rigid Boxes
Luxury Rigid Boxes

By End Use:

Electrical & Electronics
Cosmetics & Personal Care
Food & Beverages
Healthcare
Home Care
Automotive & Allied Industries
Chemical
Others

By Region:

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

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Global White Top Testliner Market to expand at a 3.5% value CAGR by 2032

From 2022 to 2032, the white top testliner market is projected to expand at a CAGR of 3.5%. The market was valued at US$ 350 billion as of 2021; it is anticipated to grow at a 3% Y-o-Y rate to US$ 360 billion in 2022. The market is anticipated to reach US$ 507.78 billion by 2032. Increased demand for silicone elastomers, particularly in the construction and automotive industries, is credited with growth.

White Top Testliner is a 2-ply paper that has recycled paper on the bottom and bleached fibres, such as TCF (Totally Chlorine Free), on top. High-quality printing, agriculture, industrial packaging, consumer durables, electronics, food and beverage, and other industries all use white top testliner.

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Which are Some Prominent Drivers Spearheading White top testliner Market Growth?

One of the key factors driving the white top testliner market is the increasing growth of corrugated packaging. Because white top testliner provides a smoother and brighter surface for better appearance and printing, it also contributes to the global market’s growth.

White top testliner are preferred by market leaders due to their high recyclability. Another factor driving the white top testliner is its use in various end-use industries such as food and beverages, electronics, and consumer durable product packaging. Despite the positive outlook, increasing digitalization may impede the market growth of white top testliner

How does Europe affect the market for white top testliners?
Testliner makes up over two-thirds of the white top liners used in Europe, showing a preference for recycled packaging options. Demand for white top testliners is anticipated to expand in Europe as a result of both shifting consumer tastes and rising packaging sector demand. Over the past few years, manufacturers from various European nations have introduced a variety of white top testliners.

For instance, Whitepac A HP, Whitepac B, Whitepac B HP, and Whitepac C are just a few of the white top testliner characteristics that Europac Ltd. has introduced. In March 2018, Leipa Group also declared that it would start offering uncoated white top testliner to the German market. This also suggests that producers are concentrating on raising their output.

Why is Asia-Pacific Emerging as an Opportunistic White top testliner Market?

During the forecast period, the Asia Pacific white top testliner market is expected to emerge as the market leader in terms of market growth. This is due to the retail sector’s meteoric growth rate in China and India over the last decade.

While China is expected to register a healthy CAGR in terms of demand for uncoated white top testliner during the forecast period, India represents lucrative growth opportunities for the Asia Pacific uncoated white top testliner market.

Market Competition

Some of the key manufacturers in the global white top testliner market is as follows:

Smurfit Kappa
PG Paper Company Ltd.
Europac Ltd.
Mondi Group
Stora Enso Oyj
DS Smith Plc.
International Paper Company
Georgia-Pacific Holding LLC
APV Germany GmbH
Ecopab Inc.

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Key Segments Covered in the White Top Testliner Industry Report

White Top Testliner Market by Product Type:

Coated White Top Testliner
Uncoated White Top Testliner

White Top Testliner Market by Substance Range:

White Top Testliner below 100 gsm
White Top Testliner between 100-200 gsm
White Top Testliner between 200-300 gsm
White Top Testliner above 300 gsm

White Top Testliner Market by End Use Application:

White Top Testliner for Consumer Durable Packaging
White Top Testliner for Corrugated Cardboard Tray Packaging
White Top Testliner for Food & Beverage Applications
White Top Testliner for Electrical & Electronics
White Top Testliner for Other Applications (Agriculture, cosmetics, etc.)

White Top Testliner Market by Region:

North America White Top Testliner Market
Latin America White Top Testliner Market
Europe White Top Testliner Market
Asia Pacific White Top Testliner Market

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Hypodermic Syringes Market is expected to reach US$ 4.66 Bn in 2032

The market for hypodermic syringes is anticipated to maintain its dominance and grow at a CAGR of 3.2% on average. In comparison, the market is estimated to be worth US$ 3.51 billion in 2022 and is anticipated to generate US$ 4.66 billion in sales by 2032.

Hypodermic syringes market size is expected to increase throughout the forecast period as the market is anticipated to display significant growth potential. The word hypodermic, from the Greek for underneath, explains its use. In contrast, “derm” refers to skin, which clarifies the usage of hypodermic needles to draw fluid from or inject fluid into the body. The use of these syringes has skyrocketed as the prevalence of these chronic conditions increases.

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What are the Key Drivers and Restraints to the Hypodermic Syringes Market?

The global hypodermic syringes market is expected to flourish under the backdrop of the global pharmaceutical industry during the forecast period. Hypodermic syringes are preferred over the after-filled syringes as they offer fixed dosages of the drug and ease in usability.

Prefill ability helps in reducing the overall cost by reducing the drug overfill. Single-dose vials or multi-dose vials have a drug overfill of almost 20-25% so that the administrator has enough to fill the correct dose and to compensate for human errors, flourishing the demand for hypodermic syringes.

However, prefilled hypodermic syringes eradicate the source of inefficiency in the manufacturing process by eliminating drug overfills. This is particularly advantageous for companies dealing with costly biopharmaceuticals. The growth of the biologics market is likely to boost the hypodermic syringes market.

Hypodermic Syringes Market: Regional Outlook

Geographically, the global hypodermic syringes market has been divided into seven key regions which include North America, Latin America, East Asia, South Asia, Europe, Middle East & Africa (MEA) and Oceania. Europe is expected to hold maximum market share in the global hypodermic syringes market owing to the well-established healthcare industry in the region.

The healthcare sector in India is diversified and offers enormous opportunities in every segment which includes payers, providers, and medical technology. Increasing competition pushing businesses to explore and adapt according to the latest trends and dynamics is expected to impact the hypodermic syringes market in the country positively.

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Which are the Key Competitors of Hypodermic Syringes Market?

The key players of the hypodermic syringes market are focusing on mergers and collaborations that are fueling the sales of Hypodermic syringes include Terumo Corporation, Albert David Ltd., Becton, Dickinson and Company, Nipro Corporation, Smiths Medical, Hindustan Syringes & Medical Devices Limited etc.

Recent Market Development:

Terumo Corporation has introduced its hypodermic syringes with needle that has an integrated plunger stop helps prevent the plunger from being pulled out. These fuels the sales of hypodermic syringes.
Albert David Ltd has opened up new components in in their manufacturing unit to produce disposable syringes & needles for national and international standards. This increases the demand for hypodermic syringes.
Nipro Corporation have launched its new set of hypodermic syringes named hypodermic needle-pro device that have wide range of clinical applications, increasing the demand for hypodermic syringes.

Key Segments In The Hypodermic Syringes Market

By Material Type:

Polymer Syringes
Cyclic Olefin Polymers (COP)
Cyclic Olefin Copolymers (COC)
Polypropylene and Other Polymers
Glass Syringes

By Sales Channel:

Manufacturers
Distributors
Retailers

By End User:

Hospital
Diabetic Care Centers
Blood Collection Centers
Veterinary Care Centers
Clinics

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends

3.2. Scenario Forecast

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India Medical Tourism Market is Projected to Surpass US$ 42,237.47 Mn by 2032

The India medical tourism market is projected to reach a valuation of US$ 7,417 Mn in 2022. The market is projected to increase at a CAGR of 19% during the forecast period.

India’s medical tourism is forecast to grow at an exponential rate during the forecast period. Multiple external and internal factors ranging from government policies to quality of stay positively impact the India medical tourism market outlook.

The emergence of high-quality infrastructure in the country has facilitated the growth of the medical tourism market. The increasing number of internationally accredited hospitals in India, along with the high quality of expert surgeons and doctors, propel the India medical tourism market share.

The low cost of consultation, accommodation, treatment, medicines, and surgery make India one of the most affordable options for availing healthcare services, setting new India medical tourism market trends and opportunities.

The quality of the procedure matches up to the top facilities available in developed nations, while being very affordable compared to developed nations like the US. Government schemes and interventions have also had a positive impact on the overall growth of the Indian medical tourism market.

Availability of medical visas under the e-visa section, offering long-term visas for an extended stay, official guidelines, and organizing campaigns like ‘Heal in India’ are some of the positive government interventions which are elevating the Indian medical tourism market share.

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Wellness services like yoga and meditation have also been popular among tourists visiting India for medical reasons. ‘Ministry of Ayush’ established in 2014, regulates all the affairs related to alternative treatments and wellness sector in the country.

The ministry has also been working on promoting these services among the visiting tourists, while providing official guidelines and platforms for the firms operating within the sector, improving India’s medical tourism market statistics.

“Positive government intervention and co-operation of different departments are required to ensure the smooth and healthy growth of the India medical tourism industry. “-Says an FMI analyst.

Key Takeaways:

The India medical tourism market is expected to have a CAGR of 19% through 2032.
Top Players had an India medical tourism market share of 3%-8% in 2021.
India accounts for between 4%- 8% of the world’s medical tourism market in terms of total demand.
Due to the high level of healthcare offered in both regions, Maharashtra and Tamil Nadu continue to rank as two of the most popular states in the nation for medical tourism.
Independent traveling is leading in the India medical tourism market due to increasing ease of availing facilities.
Online booking is the preferred booking channel in the India medical tourism market.

Competitive Landscape:

Leading players of India medical tourism are focused on providing the consumers with a luxury stay and the utmost high-quality treatment. The key players have also focused on increasing their network of hospitals and doctors to provide a holistic experience for their consumers.

Major players present in the India medical tourism market are WorldViewer Dot Com (India) Pvt. Ltd., Top Travel & Tours Pvt. Ltd., eLand Holidays Pvt. Ltd, ToursinIndia Tourist Agency, Forerunners Healthcare, Vaidam Health, Top Indian Holidays Pvt. Ltd., Dynasty Tours & Travel., CredihealthPvt. Ltd., ClinicSpots, MediConnectPvt. Ltd., Medmonks Medicare Pvt Ltd., Mediniq Healthcare Pvt. Ltd., Global Treatment Services Pvt Ltd, and FrontEnders Healthcare Services Pvt. Ltd.

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Recent Developments:

Fortis Healthcare Group, with a chain of 29 hospitals in India, has started offering its own consultation packages for foreign medical patients seeking treatment.
Indian insurers ought to make a serious effort to market their health plans to foreigners. An additional $9 billion in premium and patient influx to India could result from this.

India Medical Tourism Market by Category

By Treatment Type:

Dental Treatment
Cosmetic Treatment
Cardiovascular Treatment
Orthopedic Treatment
Neurological Treatment
Cancer Treatment
Fertility Treatment
Others

By Services:

Wellness Services
Therapeutic Services

By Tour Type:

Independent Traveler
Tour Group
Package Traveler

By Consumer Orientation:

Men
Women
Children

By Age Group:

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

By Booking Channel:

Phone Booking
Online Booking
In-Person Booking

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Faith Based Tourism Market is Forecast to Increase at a Robust 10% CAGR in 2032

The global faith based tourism market to reach a valuation of US$ 13.7 Bn in 2022. Sales are projected to increase at a 10.4% CAGR, with the market size reaching US$ 37 Bn by 2032.

Consumers are getting inclined towards religious locations and heritage sites for a variety of reasons such as to reflect on their faith, and to better understand and respect a religion.

Religious tourism is becoming increasingly important to governments around the world, not just as a source of revenue but also as a tool for encouraging social harmony.

The travel and tourism sector benefits from faith based tourism. Increasing preference among tourists to explore untouched heritage sites across the globe is expected to drive the market over the forecast period.

For example, in the Buddhist Circuit, IRCTC (Indian Railway Catering and Tourism Corporation) offers a complete package that includes transportation, sightseeing, and lodging. Aside from that, airports have been built in Bodh Gaya, allowing tourists from Southeast Asian countries, who make up a substantial share of the clientele, to go directly there.

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A list of Key Players Covered in the Faith Based Tourism Market are:

Martin Randall Travel Ltd
Heritage Tours & Travels
Best Way Tours & Safaris
Regina Tours
Travelway Europe
SpainTOP
206 Tours Inc.
Maranatha Tours
Indus Travels Inc.
Brightspark Travel Inc.
Wendy Wu Tours
ACE Cultural Tours
Kesari Tours Pvt Ltd
Go Thailand Tours
S. Travel & Tours Co., Ltd
Vansol Travel & Tours
Catholic Travel Centre
Amiel Tours LTD
Israel Travel Providers, LLC
Gil Travel Group

The Ministry of Tourism has already identified 35 places for Phase I, with a total of 89 destinations to be covered in Phase II. The ministry has hired consultants to help identify infrastructure and amenity shortages, assess investment requirements and potential funding sources, and develop business models for operations. Such developments are anticipated to bode well for the market over the assessment period.

Similarly, churches of Goa, Kerala, and Tamil Nadu will be on the Christian circuit. To foster national cohesion, the Sarv Dharma Circuit will run through Tirupathi-Chennai-Velankanni-Nagoor and Vaishnodevi-Golden Temple-Sacred Heart Church (Delhi)-Nizamuddin.

“Growing preference for more authentic experiences, such as the exploration of spiritual and cultural traditions associated with specific religions and pilgrimage sites, is driving the faith-based tourism market.” says an FMI analyst.

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Key Takeaways:

Based on type, religious and heritage tours are predicted to account for a dominant share of the market through 2032.
In terms of consumer orientation, the women segment held 63% of the total market share in 20212, and the trend is expected to continue over the forecast period.
In terms of age group, demand in the 46-55 segment will continue gaining traction through 2032.
By booking channel, the online booking segment is anticipated to hold a noteworthy share of 48.0%.
Based on tour type, sales in the package segment will remain high over the forecast period.
Demand in. the South Asia faith based tourism market will grow at a 14% CAGR owing to increasing influx of spiritual tourists in India.
Canada will emerge as a lucrative pocket in North America faith based tourism market. Sales in the North America market are slated to increase at a 4.7% CAGR.

Impact of COVID-19 on the Faith Based Tourism Market

In 2020, the COVID-19 epidemic had a tremendous impact on the tourism sector due to lockdown restrictions imposed to contain the virus. According to the United Nations World Tourism Organization, international tourist arrivals (overnight visitors) decreased by 70% from January to August 2020 compared to the same time last year (UNWTO).

From January to August 2020, Asia-Pacific, which was the first to be impacted by the epidemic, saw a 79% decline in arrivals. While international travel demand continues to decline, regional tourism in several significant economies, such as China and Russia, is on the rise. Domestic tourism is contributing in the recovery of a number of locations, although only to a limited level in the majority of situations.

Global Faith Based Tourism Market by Category

By Type:

Day Trips & Local Gateways
Museums
Pilgrimages
Religious and Heritage Tours
Others

By Tourist Type:

Domestic
International

By Tour Type:

Independent Traveler
Tour Group
Package Traveller

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

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

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.

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.

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.

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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

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.

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.

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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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.

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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Luxury Hotel Market is Anticipated CAGR of 5.0 % from 2022 to 2032 | FMI

The luxury hotel market is poised to reach a valuation of US$ 95,113 million in 2022 and US$ 160,481.2 million in 2032. Demand is projected to increase at a 5.0 % CAGR during the forecast period.

In order to diversify their offers and open additional franchise locations around the world, luxury hotel operators invest heavily and do considerable research. The tourism business has also had a big impact on the rise of luxury hotels, which opens up new potential for the hospitality sector.

The growth of the travel and tourist industry, a rise in consumer demand for leisure travel, and changes in standard of living all contribute to the expansion of the world’s luxury hotel market.

Additionally, in order to draw visitors, luxury hotels are always raising the standard of their services, from the design of their rooms and menus to the addition of spas, fitness centers, swimming pools, and laundry services.

The luxury hotels are only available in large cities, though. This is due to the products and services required to manage these hotels are only available in certain places. As a result, there aren’t many of these luxury hotels in a nation, which leads to a shortage.

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Rapid urbanization, sudden surge in infrastructure development, and swift technological advances are expected to drive the market in Asia Pacific.

Key Takeaways

The luxury hotel market is likely to have a CAGR of 0% during the forecast period.
Based on type, the business hotel segment accounts for around one-third of the global luxury hotel market.
The US holds the highest shares in the global luxury hotel market.
The demand for the luxury hotel is driven by the shift in consumer choice to luxurious travel, experience, and comfort, a surge in per capita income, and better standards of living.
Several obstacles, such as high tariffs and pricing, are likely to limit the luxury hotel market global expansion.
The market value of the luxury hotel market is expected to be US$ 160,481.2 million by 2032.

The luxury hotel market is expected to rise in the forecast periods with a CAGR of 5.0% due to the increasing per capita income and improved standard of living.

Competitive Landscape:

As a current trend in the luxury hotels, sustainability is once again at the forefront of the hospitality sector. In order to keep clients hooked on their services, luxury hotel owners are also concentrating on membership cards.

Major players present in the luxury hotel market are Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation, ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Jumeirah International LLC, and The Indian Hotel Companies Limited.

Recent Developments: Hotel Expansion

In January 2021, Marriott International announced that they would be opening 100 new properties in the Asia Pacific region that year. The goal is to introduce luxury brands and experiences to tourists and visitors in undiscovered locations in the area.
Hyatt declared in April 2022 that they are concentrating more on emerging countries and have set a target of about 70% growth in India. A multi-brand presence throughout cities is the goal. This action is being taken at a time when more individuals are willing to spend money on luxury vacations, and when South West Asia is expanding rapidly.

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Get More Valuable Insights

Future Market Insights, in its new offering, provides an unbiased analysis of the Global Luxury Hotel Industry market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights by Type (Business Hotels, Airport Hotel, Suite Hotels, Resorts Others), By Room Type (Luxury, Upper-Upscale, Upscale), & Region.

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Educational Tourism Market is Expected to Reach at a US$ 1,947.0 Bn by 2031

The global educational tourism market to reach a value of US$ 1,947.0 billion by 2031, with a robust CAGR of over 17.2%.

Governments all across the globe have contributed to the modernization of the education system by creating smart learning initiatives and aligning education curricula with global teaching standards.

Meanwhile, the UAE government has allocated funds towards ICT development and establishment of 122 innovation libraries in schools with Arabic representation in technology in order to encourage and promote education among Arabic-speaking students.

The as artificial intelligence (AI), machine learning, virtual reality (VR), augmented reality (AR), etc. has led to the adoption of more efficient methods of teaching and in turn delivering an enhanced quality of education.

Governments have adopted several initiatives to support the integration of technology into the education system. For example, the UAE has initiated an Innovation Hub by Oracle in Dubai, allowing students to pitch ideas for developing technological changes.

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The main objective for integrating new technologies into the educational system is to enable students to adapt to the ever-evolving dynamics of various industries. Moreover, regional governments are focusing on creating an ecosystem led by innovation and a knowledge based economy.

Therefore, the adoption of these technologies into the education system remains a top priority for government authorities.

Key Takeaways from the Educational Tourism Market Study

India, the U.S., the U.K., France, and Japan among others are the most popular destinations for educational tourism.
The U.S., the U.K., China, and Australia among others are top-visited countries in the world for educational tourism and are becoming an education hub for international students.
In terms of course type, master degree will be the most preferred type among consumers, contributing over 71% of global market share
Students are the primary end-users, enabling the global educational tourism market growth and are expected to generate over 39% of revenue during the forecast period
Global travel companies are anticipating high growth in the educational tourism sector. Though nascent in certain areas of the world, many travel companies are conducting educational tours, thereby promoting the importance of education and contributing to the growth of the educational tourism sector.
The concept of informal learning is more appreciated than formal learning, i.e., “education with travel”. Further, the thirst for knowledge has also increased thereby encouraging people to travel across the globe to gain knowledge of different concepts and technologies that they had studied earlier.

Implementation of various policies and measures to help recruitment of a higher number of international students will therefore present highly lucrative growth opportunities for the market,” says an FMI analyst.

“Given the ever-growing demand for higher education and to bring to the attention of the local authorities to the implementation of the national strategy for international cooperation, international student recruitment has become a priority.

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Impact of Covid-19 & 2020 Market Analysis

Additionally, The Director-General and CEO of IATA reported that financially, 2020 was the worst year in aviation history. On average, US$ 230.0 Mn has been added to business losses on each day of this year, contributing to a net loss of US$ 84.3 Bn dollars.

Educational tourism has been one of the most affected industries from the very beginning of the outbreak of the coronavirus, with airlines on the ground, the suspension of outgoing and incoming flights, nationwide lockdowns, hotels closing and travel controls enforced.

In the FQ-20, the pandemic limited the arrival of international visitors to a fraction of what they were one year before. Countries all over the world imposed travel restrictions to limit the spread of the coronavirus, which broadly affected the overall tourism industry.

In 2020, with the extreme effects of the Covid-19 pandemic, in contrast to 2019 estimates, foreign tourism decreased by 22% in Q1 and by 65% in the first half of 2020, which directly impacted the educational tourism industry.

Who is Winning?

Players in educational tourism market adopts a virtual and online approach to connect with potential people. For instance, key players such as GVI Company, EF Educational Tours, and M.K.H Consultancy Services, among others provides virtual internship program and online classes. This approach helps the players to attract more customers.

Few key players in the educational tourism market are Meridean Overseas, GVI Company, Global Volunteers, Capital Tours, Inc., EF Educational Tours, Road Scholar, AAI Edutourz, ACIS Educational Tours, GoIreland, Qadri International Education Consultancy, Intelligent Partners, Futures Abroad, ProEd DMCC, Education Resources Network (ERN), Education Zone, Fact, IQ Education Consultants, M.K.H Consultancy Services, and Stratix Consultants among others.

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