Friday, 09 September 2022 08:40 AM
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In North America region the United States is expected to account for a significant market share in sustainable tourism market with regards to a high number of scenic locations available and the availability of the best facilities.
NEWARK, DE / ACCESSWIRE / September 9, 2022 / The global sustainable tourism market is projected to reach a value of US$ 8.4 Tn in 2032, with sales growing at an astounding CAGR of 23.4% from 2022 to 2032. Valued at an estimated US$ 1.0 Tn in 2022, the sustainable tourism market is fueled by the growing awareness of the impact of tourism on the ecology of such destinations. An escalating drive to minimize damage to the ecosystem of a place and preserve the environment are spearheading the sustainable tourism market over the forecast period.
With growing environmental and ecological awareness, more and more tourist are quick to adopt sustainability trends while traveling and touring. Urbanization, industrialization, and other economic activities in emerging economies lead to high energy and consumption demands which, in turn, creates an adverse impact on the environment.
The growing awareness about this negative impact on the environment has created sustainable trends that more and more travelers are keen to adopt. This, in effect, has the potential to make tourism more sustainable in the long term. Thus, the growing environmental awareness and sustainability trends bode well for the sustainable tourism market.
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The constant escalation of human footprints on the ecosystem and a consciousness about this along with the knowledge of how to minimize these footprints will go a long way in generating opportunities for sustainable tourism. Human activities contribute to climate change, pollution, biodiversity loss, etc., and it is the same human activities that can help control these negative changes occurring in the environment.
Thus, tourism, as one of the main human activities can help protect the environment and sustainable tourism is the answer to this. However, even with mass adoption of sustainable tourism and its positive future prospects, the market is not without restraints. Affordable flights, easy availability of accommodation, and a digitally driven consumer base creates over-tourism which impede sustainable tourism market growth.
"A more environmentally aware tourist base along with rising popularity of sustainability trends will stimulate the sustainable tourism market in the global space over the forecast period," says an FMI analyst.
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Key Takeaways:
- Over-tourism may hamper market possibilities of sustainable tourism.
- The United States to account for major market share in North America.
- Sustainable tourism trends in Spain is creating more awareness regarding local businesses.
- India is likely to offer many lucrative opportunities to sustainable tourism.
- By booking channel, phone booking is expected to lead the market growth.
- Based on age group, the 26-35 years age group will continue to dominate the market.
Competitive Landscape
Bouteco, Kind Traveler, Responsible Travel, Wild Frontiers Adventures Travel, Wilderness Holding Limited, Beyonder Experiences, Undiscovered Mountains, Gondwana Ecotours, Row Adventures, Natural Habitat Adventures, Cheeseman's Ecological Safaris, Sustainable Travel International, and NATIVE TOURS, INC., among others, are some of the major players in the sustainable tourism market that are profiled in the full version of the report.
Major market players are invested in creating a new standard for sustainable tourism. Promotional strategies such as reporting of sustainability methods, practices, and resources to the global tourism council are likely to aid the overall market growth.
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More Insights into the Sustainable Tourism Market Report
In its latest report, FMI offers an unbiased analysis of the global sustainable tourism market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented based on booking channel (phone booking, online booking, in-person booking), consumer orientation (men, women), tourism type (domestic, international), tourist type (independent traveler, tour group, package traveler), age group (15-25 years, 26-35 years, 36-45 years, 46-55 years, 66-75 years), and region.
According to the latest FMI reports, based on region, the United States is predicted to account for a major market share in North America. Owing to the economic growth, expansion of many related industries, and growing tourist activity, the market in this region is expected to undergo significant growth over the forecast period.
Other than the U.S., countries like Spain and India are anticipated to offer attractive opportunities of growth to the market. Again, on the basis of segmentation, the phone booking channel is expected to hold a substantial market share. On the basis of age group, the 26-35 age group is likely to lead the market growth while domestic tour and independent traveler are expected to make significant contributions to the market over the forecast period.
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Market by Category
By Type (% of Demand), Sustainable Tourism Market is segmented as:
- Ecological Tourism
- Eco Tourism/ Green Tourism
- Soft Tourism
- Community Tourism
By Booking Channel (% of Demand), Sustainable Tourism Market is segmented as:
- Phone Booking
- Online Booking
- In Person Booking
By Consumer Orientation (% of Demand), Sustainable Tourism Market is segmented as:
- Men
- Women
By Tourism Type (% of Demand), Sustainable Tourism Market is segmented as:
- Domestic
- International
By Tourist Type (% of Demand), Sustainable Tourism Market is segmented as:
- Independent Traveler
- Tour Group
- Package Traveler
By Age Group (% of Demand), Sustainable Tourism Market is segmented as:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
By Region (% of Demand), Sustainable Tourism Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Who Is Travelling?
1.1.2. How Much Do They Spend?
1.1.3. Direct Contribution of Tourism To GDP
1.1.4. Direct Contribution of Tourism To Employment
1.2. Tourism Evolution Analysis
1.3. FMI Analysis and Recommendations
2. Market Introduction
2.1. Total Spending (US$ Bn) and Forecast (2022-2032)
2.2. Number of Sustainable Tourists (Mn) and Forecast (2022-2032)
2.3. Total Spending Y-o-Y Growth Projections (2022-2032)
2.4. Number of Sustainable Tourists Y-o-Y Growth Projections
3. Global Tourism Industry Analysis
3.1. Tourism Industry Overview
3.1.1. Travel & Tourism Industry Contribution To Global GDP
3.1.1.1. Business Spending v/s Leisure Spending
3.1.1.2. Domestic v/s Foreign
3.1.1.3. Direct, Indirect, and Induced
3.1.2. Travel Sector Contribution To Global Overall Employment
3.1.3. Travel & Tourism Growth Rate
3.1.4. Foreign Visitor Exports As Percentage of Total Exports
3.1.5. Capital Investment In Travel & Tourism Industry
3.1.6. Different Components of Travel & Tourism
3.1.7. Global Tourism Industry Outlook
3.1.7.1. Cultural Tourism
3.1.7.2. Culinary Tourism
3.1.7.3. Eco/Sustainable Tourism
3.1.7.4. Sports Tourism
3.1.7.5. Spiritual Tourism
3.1.7.6. Wellness Tourism
3.1.7.7. Others
4. Philippines Tourism Industry Analysis
4.1. Visitor Arrivals To The Philippines By Country Of Residence
4.2. Tourism Demand Statistics
Explore wide-ranging Coverage of FMI's Travel & Tourism Market Insights Landscape:
UAE Sustainable Tourism Market: The UAE Sustainable Tourism market is worth US$ 34.6 million in 2022. As per the report, the sector is expected to increase at a robust 15.3% CAGR. Total revenue generated by the UAE sustainable tourism market represents nearly 3%-7% of the global sustainable tourism market.
Mexico Sustainable Tourism Market: The Mexico sustainable tourism market is estimated to reach US$ 29.3 Million in 2021. As per the report, sales are forecast to increase at a robust 14.6% CAGR. Total sales of Mexico sustainable tourism market represent 3%-4% of the sustainable tourism market.
Italy Sustainable Tourism Market: The Italy sustainable tourism market size is estimated to reach US$ 34.9 Mn in 2021. Furthermore, with rising awareness of sustainable tourism in Italy and other European regions, the overall demand is forecast to increase at a prolific 14.5% CAGR between 2022 and 2032
Indonesia Sustainable Tourism Market: The Indonesia sustainable tourism market is estimated to reach US$ 10.2 Mn in 2022. As per the report, sales are forecast to increase at an impressive 27.3% CAGR.
India Sustainable Tourism Market: The India sustainable tourism market size is projected to be valued at US$ 26.01 Mn in 2022 and is anticipated to reach US$ 151.88 Mn by 2032, with a rapid CAGR of 19.3% from 2022 to 2032.
Intrabound Medical Tourism Market: The global intrabound medical tourism market is estimated to reach US$ 8.7 billion in 2022. As per the report, demand is forecast to increase at a robust 23.6% CAGR.
Turkey Medical Tourism Market: The Turkey medical tourism market, which is valued at around US$ 3.5 billion in 2022, is anticipated to grow at a CAGR of 5%, and is expected to be valuated at nearly US$ 7.6 billion in 2032.
Outbound Medical Tourism Market: The outbound medical tourism market is estimated to reach US$ 197.5 Billion in 2022. As per the report, demand for outbound medical tourism is forecast to increase at a staggering 14.6 % CAGR from 2022 to 2032.
Diving Tourism Market: The global diving tourism market is estimated to reach US$ 2,940 Mn in 2022. As per the report, sales are forecast to increase at a robust 6.0% CAGR, with the market valuation surpassing US$ 5,281 Mn by 2032.
Special Interest Tourism Market: The global special interest tourism market is estimated to reach US$ 3,489.7 Bn in 2022. As per the report, sales are forecast to increase at a robust 22.7% CAGR, with the market valuation reaching US$ 26,921.1 Bn by 2032.
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