The growth of the global sustainable tourism market is driven by the growing demand for tourist destinations and experiences that minimize environmental harm and promote environmental protection
PORTLAND, Ore., June 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Sustainable Tourism Market By Type (Coastal Tourism, Mountain Tourism, Island Tourism), By Application (Solo, Group, Family, Couples), By Age Group (Millennial, Baby Boomers, Generation X, Silver Hair): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global sustainable tourism market was valued at $3.3 trillion in 2022, and is projected to reach $11.4 trillion by 2032, growing at a CAGR of 14% from 2023 to 2032.
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Prime determinants of growth
The growth of the global sustainable tourism market is driven by the growing demand for tourist destinations and experiences that minimize environmental harm and promote environmental protection. However, higher costs of sustainable tourism and lack of understanding of sustainable tourism hamper the growth of the market. On the contrary, rising environmental consciousness amongst younger generations and rising environmental consciousness amongst younger generations are expected to offer remunerative opportunities for the expansion of the sustainable tourism market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022-2032 |
Base Year | 2022 |
Market Size in 2022 | $3,248.1 billion |
Market Size in 2032 | $11,413.6 billion |
CAGR | 14.0 % |
No. of Pages in Report | 273 |
Segments covered | Type, Application, Age Group, and Region. |
Drivers | Increasing demand for sustainable tourism Favorable government initiatives Rising Environmental concerns |
Opportunities | Rising environmental consciousness amongst younger generations Economic benefits for local communities |
Restraints | Higher costs of sustainable tourism Lack of understanding of sustainable tourism |
The coastal tourism segment to maintain its leadership status throughout the forecast period
Based on type, the coastal tourism segment held the highest market share in 2022, accounting for nearly half of the global sustainable tourism market revenue and is estimated to maintain its leadership status throughout the forecast period due to their special qualities, such as sandy beaches, maritime life, water-related activities, and cultural diversity. However, the island tourism segment is projected to manifest the highest CAGR of 14.3% from 2023 to 2032, as island tourism helps in providing combined experiences from both coastal as well as mountain tourism.
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The family segment to maintain its lead position throughout the forecast period
Based on application, the family segment held the highest market share in 2022, accounting for more than one-third of the global sustainable tourism market revenue and is estimated to maintain its leadership status throughout the forecast period as family vacations offer opportunities for learning about the environment and helps educators to impart conservation, sustainable lifestyles, and the need of protecting natural resources to parents, children, and older generations. However, the solo tourism segment is projected to manifest the highest CAGR of 14.8% from 2023 to 2032, as solo travelers have the chance to interact more intimately with the community and really experience the culture.
The millennial segment to maintain its leadership throughout the forecast period
Based on age group, the millennial segment held the highest market share in 2022, accounting for around three-fourths of the global sustainable tourism market revenue and is also projected to manifest the highest CAGR of 14.2% from 2023 to 2032, as travelers in their 20s and early 30s look for real, meaningful experiences and cherish chances to interact with local people, cultures, and traditions.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global sustainable tourism market revenue and is also expected to witness the fastest CAGR of 14.3% from 2022 to 2031, as consumers in the Asia-Pacific region value both their own and other nations' cultural traditions highly. They go to places with historical landmarks, UNESCO World Heritage landmarks, indigenous handmade crafts, and festivals of culture.
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Leading Market Players: -
- Intrepid Group Pty Limited
- G Adventures
- Spiti Ecosphere
- Basecamp Explorer Group
- Wilderness Safaris
- Loola Adventure Resort
- Vagabond and Driftwood Small Group Tours of Ireland
- Chumbe Island Coral Park
- Inkaterra
- Tourism Holdings Limited
The report provides a detailed analysis of these key players of the global sustainable tourism market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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