Ecotourism Market Size to Be Valued at USD 598.89 billion by 2030; Strong Growth of Travel & Tourism Sector to Boost Market Growth
Market Overview:
According to Fortune Business Insights, the global ecotourism market size was valued at USD 216.49 billion in 2023 and is expected to be worth USD 260.76 billion in 2024. The market is projected to reach USD 759.93 billion by 2032, recording a CAGR of 14.31% during the forecast period.
Ecotourism, as the term suggests, covers all kinds of nature-based tourism in which a tourist’s main objective is to experience and appreciate different traditional cultures that are found in natural habitats. More travelers across the world are finding ways to travel responsibly by engaging in eco-friendly travel and activities, which will further boost the ecotourism market growth.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
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Segmentation:
Nature & Wildlife Tourism to Gain Momentum Due to Rising Awareness Regarding Wildlife Conservation
Based on type, the market is segmented into nature & wildlife tourism, agro-tourism, and others. The nature & wildlife tourism segment captures a major ecotourism market share as there has been a considerable increase in awareness regarding wildlife conservation. This is why more people are participating in this form of tourism to make a positive impact on the environment.
Number of Group Travelers to Increase Due to Launch of Holiday Packages for Groups & Couples
Based on traveler type, the market is divided into solo and group. The group segment accounts for a major market share as more travel companies are launching vacation packages that provide attractive offers on travel and hotel bookings for group and couple travels.
Direct Booking Mode to Gain Traction Due to Rising Internet Penetration
Based on booking mode, the market is divided into direct and travel agent. The direct booking segment is growing at a major pace as the number of people having access to the internet is growing. This factor has accelerated the development of seamless mobile applications and company websites to create a simpler process for direct bookings.
Ecotourism to Gain Popularity Among Millennials Due to Growing Need for Experiencing Diverse Cultures
Based on age group, the market is segmented into generation X, millennials, and generation Z. The millennial or generation Y segment is growing at fastest pace as more millennials are getting influenced by social media advertisements and want to experience diverse cultures through travel
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report analyzes the market in detail and highlights various crucial areas, such as key booking modes, traveler types, key age groups, and top market players. It also provides valuable information regarding the top industry trends and the latest market developments. Besides the factors mentioned above, the market report covers various other factors that have boosted the market’s growth in recent years.
Drivers and Restraints:
Strong Growth of Travel & Tourism Sector to Boost Market Growth
The global travel & tourism sector is seeing commendable growth, especially after the COVID-19 pandemic era as the number of people travelling abroad has increased significantly during this period. Governments across the world are also taking various initiatives to boost the growth of the tourism industry, which has further driven the demand for ecotourism, thereby favoring the market outlook.
However, increasing geopolitical tensions between various countries can hinder the market growth.
Regional Insights:
Europe to Dominate Market Due to Increasing Interest in Eco-Friendly Travel
Europe is dominating the global ecotourism market as more Europeans are becoming interested in eco-conscious travel and related activities. The region is one of the most sought-after travel destinations, and the regional governments realize this. Hence, they want to promote the concept of responsible travel, which can create several opportunities for the market to grow.
Asia Pacific may also record a considerable CAGR in the coming years due to factors, such as greater employment opportunities, higher disposable incomes, and urbanization.
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Competitive Landscape:
Market Leaders to Implement Business Growth Strategies to Remain Competitive
The market is highly competitive as many leading companies, such as ROW Adventures, G Adventures, Frosch International Travel, and others are implementing a wide range of business growth strategies. These include partnerships, mergers, and acquisitions to stay competitive in the market.
Notable Industry Development: