Ecotourism Industry Trends, Share, Revenue, and Future Growth Forecast by 2032
The global ecotourism industry size was valued at USD 216.49 billion in 2023 and is expected to be worth USD 260.76 billion in 2024. The industry is projected to reach USD 759.93 billion by 2032, recording a CAGR of 14.31%during the forecast period.
Ecotourism refers to all kinds of nature-based tourism that can help tourists gain experience of different cultures without disturbing the natural ecosystem. As more people are growing conscious about the impact of their daily choices on the environment, they are exploring untouched natural habitats to contribute to its conservation. Such initiatives are expected to bolster the ecotourism industry growth.
Fortune Business Insights™ displays this information in a report titled, “Ecotourism Industry, 2024-2032.”
Top Key Companies Covered in the Ecotourism Industry:
- G Adventures (Canada)
- Adventure Alternative Ltd (Ireland)
- ROW Adventures (U.S.)
- Steppes Travel (U.K.)
- Aracari (U.S.)
- Small World Journeys (Australia)
- Black Kite Tour (Ethiopia)
- Global Sustainable Ecotours (U.S.)
- Discover Corps (U.S.)
- Rickshaw Travel Group (Tanzania)
Information Source: https://www.fortunebusinessinsights.com/ecotourism-market-108700
Segmentation:
Increasing Awareness Regarding Wildlife Conservation to Boost Nature & Wildlife Tourism
Based on type, the industry is segregated into nature & wildlife tourism, agro-tourism, and others. The nature & wildlife tourism segment accounts for a major ecotourism industry share as more people are becoming aware of the importance of conserving wildlife and participating in various programs for the same. This factor has opened more avenues for the industry to grow.
Introduction of Holiday Packages for Couples & Groups to Increase Volume of Group Travelers
Based on traveler type, the industry is segmented into solo and group. The group segment holds a major industry share as many travel & tourism service providers are introducing vacation packages that offer lucrative discounts and other offers on hotel bookings and travel for couples and groups.
Large-Scale Internet Penetration to Fuel Adoption of Direct Booking Mode
Based on booking mode, the industry is divided into direct and travel agent. The direct booking segment is expanding at a notable rate as more people are gaining access to the internet. This factor has increased the launch of quick & seamless mobile applications and company websites that facilitate simpler and faster direct bookings for customers.
Increasing Need to Experience Different Cultures to Boost Popularity of Ecotourism Among Millennials
Based on age group, the industry is segmented into generation X, millennials, and generation Z. The millennial or segment is growing at a commendable rate as more millennials or people belonging to generation Y want to experience different cultures by traveling to culturally rich countries.
With respect to region, the industry covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report has conducted an in-depth analysis of the industry and covered different areas, such as key age groups, booking modes, leading types of travelers and renowned industry players. It also offers valuable insights with respect to the latest industry developments and top industry trends. In addition to the above-mentioned factors, the industry report highlights other factors that have boosted the industry’s growth.
Drivers and Restraints:
Rise in Digital industrying Initiatives to Boost Tourist Footfall Will Improve Industry Progress
Digital industrying has played a crucial role in accelerating the growth of the travel & tourism sector as more people are obtaining access to the internet. Many travel & tourism companies are designing unique advertisements and posting them on social media platforms to encourage more customers to travel. Such initiatives are aimed at boosting the tourist footfall, which will further augment the industry growth.
However, rising border conflicts between various nations can impede the industry growth.
Regional Insights:
Rising Preference for Eco-Friendly Travel to Help Europe to Dominate Global Industry
Europe has held a dominant position in the global industry as more citizens across the region are looking for eco-friendly travel options to do their bit for the environment while enjoying their travel. Europe is one of the top regions with respect to tourism due to its cultural heritage and famous landscapes. These factors are expected to create several opportunities for the industry to grow.
North America is also growing at a notable pace in the global industry as ecotourism has gained a lot of popularity in the region in recent years. The rising interest in wildlife tourism and the exploration of natural habitats is driving the regional industry growth.
Competitive Landscape:
Key Companies to Focus on Crucial Business Growth Strategies to Gain Competitive Edge
The ecotourism industry is highly competitive as many renowned companies, such as Frosch International Travel, ROW Adventures, and G Adventures, among others, are focusing on developing strong business growth strategies. These include mergers, partnerships, and acquisitions to gain a strong competitive edge.
Notable Industry Development:
September 2020: The Government of Egypt introduced a campaign to safeguard and promote natural reserves and increase ecotourism so that more tourists can visit the country.
