Ecotourism Market to Surpass US$ 374.2 Billion at a CAGR of 13.9% by 2028

February 24 10:32 2023
Ecotourism Market to Surpass US$ 374.2 Billion at a CAGR of 13.9% by 2028
The global ecotourism market size reached US$ 172.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 374.2 Billion by 2028, exhibiting a growth rate (CAGR) of 13.9% during 2023-2028.

According to the latest report by IMARC Group “Ecotourism Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global ecotourism market size reached US$ 172.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 374.2 Billion by 2028, exhibiting a growth rate (CAGR) of 13.9% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Ecotourism combines conservation, communities, and sustainable travel. It involves traveling to remote and pristine locations wherein flora, fauna, and cultural heritage are the center of attraction. It minimizes physical, social, behavioral, and psychological impacts and assists in building environmental and cultural awareness. It also provides positive experiences to visitors and hosts, which direct financial benefits for ecological conservation. Apart from this, it helps generate monetary benefits for local people and private industry. Ecotourism delivers memorable interpretative experiences to visitors that help raise sensitivity towards the political, environmental, and social climate of the countries. It recognizes the rights and spiritual beliefs of the indigenous people in the community and helps them work in partnership to create empowerment. It also provides effective economic incentives for conserving and enhancing bio-cultural diversity, which helps protect the natural and cultural heritage of the planet. It also serves as an effective means for empowering local communities around the world to fight against poverty to achieve sustainable development by increasing local capacity building and employment opportunities.

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Ecotourism Market Trends and Drivers:

At present, a rapid use of digital media to search for new travel destinations are offering lucrative opportunities to environmentally conscious travelers. This currently represents one of the primary factors positively influencing the market worldwide. In addition, significant growth in millennial tourists across the globe, in confluence with the ongoing infrastructure development, is propelling the market growth. Moreover, with the emphasis on enriching personal experiences and environmental awareness through interpretation, ecotourism promotes a greater understanding and appreciation for nature, local society, and culture, which is presently catalyzing its demand. Besides this, the increasing disposable incomes of individuals and the rising inclination towards exploring biodiversity, coral reefs, and untouched, undisturbed natural areas are strengthening the growth of the market.

Additionally, the growing traction of immersive travel, solo trips, and outdoor recreational activities is driving the market. Apart from this, leading hospitality providers are offering unique and innovative opportunities, such as health camps, hobby sports, and state-sponsored traditions. They are also investing in various marketing campaigns via social media platforms, which is creating a favorable market outlook. Furthermore, key market players are undertaking initiatives that focus on energy efficiency, water reuse, and promote recycling, which is contributing the market growth. Besides this, governments of various countries are supporting ecotourism through education, marketing, information services, and collaborations with private enterprises, which is projected to propel the market growth across the globe.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Traveler Type:

  • Solo
  • Group

Breakup by Age Group:

  • Generation X
  • Generation Y
  • Generation Z

Breakup by Sales Channel:

  • Travel Agent
  • Direct

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • Adventure Alternative Ltd
  • Aracari Travel
  • BCD Travel
  • Expedia Group Inc.
  • FROSCH International Travel Inc.
  • G Adventures
  • Intrepid Group Limited
  • Rickshaw Travel Group
  • Small World Journeys Pty Ltd
  • Steppes Travel
  • Undiscovered Mountains Ltd.

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