Global Ecotourism Market Gaining Ground, Expected to Grow 15% Between 2023-2033
The global ecotourism market is set to experience significant growth in the coming years, with a projected compound annual growth rate (CAGR) of 15 percent between 2023 and 2033, according to recent research by Future Market Insights (FMI).
Furthermore, the market size is expected to reach 22.48 billion US dollars in 2023 and soar to 90.95 billion US dollars by the end of 2033.
The surge in demand for ecotourism can be attributed to the increasing consumer preference for sustainable travel options.
Travelers are actively seeking ways to minimize their environmental impact while exploring the world, leading to a rise in demand for eco-friendly lodging, carbon offset programs, and sustainable tourism practices. In fact, a survey conducted by Booking.com revealed that 72 percent of travelers believe sustainable travel choices are crucial for preserving the planet for future generations.
Technology is also playing a pivotal role in promoting and facilitating sustainable travel practices. Online booking platforms like Booking.com are introducing eco-friendly filters to assist travelers in finding sustainable accommodations.
Carbon offsetting programs are becoming more common in the aviation industry, and eco-tourism apps are providing valuable information on sustainable tourism destinations and activities. Additionally, smart tourism systems are assisting destinations in managing their environmental impact more effectively.
Beyond its environmental benefits, ecotourism is increasingly recognized as a means to support conservation efforts and raise awareness about environmental issues. Activities such as wildlife safaris, bird watching, and marine conservation projects prioritize conservation and education. Travelers participating in these activities not only contribute to conservation efforts but also gain a better understanding of environmentalism and its challenges.
The growth of the ecotourism industry is not limited to traditional hotspots like Africa and South America. Countries such as Japan, Australia, and New Zealand are also witnessing significant growth, driven by the development of new ecotourism destinations and activities, as well as a rising consciousness about environmental issues.
Ecotourism demand analysis (2018 to 2022) vs Market outlook (2023 to 2033)
Looking at the market outlook for ecotourism, the research by Future Market Insights identifies three key phases: short term (2023-2025), medium term (2025-2028), and long term (2028-2033).
– In the short term, travelers are becoming increasingly aware of the negative environmental impact of tourism and are actively seeking responsible travel experiences.
– In the medium term, businesses are incorporating social responsibility and sustainability into their tourism offerings to appeal to socially conscious travelers.
– In the long term, governments are promoting ecotourism as a means of achieving long-term financial growth and protecting natural environments through infrastructure funding, incentives for sustainable practices, and publicity campaigns.
How will improvement in regional infrastructure drive ecotourism industry?
According to Future Market Insights, infrastructure development is also crucial in driving the ecotourism industry.
Countries such as the United Kingdom, UAE, the USA, and Qatar are investing in upgrading their airports and restoring heritage sites to attract more tourists. Historical sites are particularly popular among eco-tourists, with the Saudi Geological Survey revealing the discovery of 30-million-year-old caves, propelling sustainable tourism in Saudi Arabia.
However, the research notes that challenges still exist in the form of public transportation and security. Many countries have inferior public transport systems compared to developed nations, but they are actively addressing this issue through large-scale investments. Security concerns also affect tourist numbers, but governments are taking steps to ensure the safety of visitors.
Regional insights
Examining regional insights, North America, particularly the United States and Canada, dominates the global ecotourism market. These countries attract a significant number of eco-tourists due to their historical landmarks, natural wonders, and national parks. Europe is also a key ecotourism market, with countries like Germany, France, and the Netherlands experiencing high demand for nature and ecology-based trips. In India, ecotourism plays a vital role in sustainable development, stimulating economic growth.
Nature and wildlife ecotourism most preferred type of ecotourism worldwide
In conclusion, Future Market Insights highlight that nature and wildlife ecotourism is the most preferred type of ecotourism worldwide, as it offers opportunities for adventure, awareness, and conservation.
The age group of 26-35 years is expected to contribute significantly to the growth of ecotourism demand, as millennials prioritize sustainable travel practices and seek low-carbon footprint holidays. In terms of tourist type, outbound or international travelers dominate the ecotourism market, driven by a desire for cultural exchange and exploration.
To scale their businesses in the ecotourism market, manufacturers and service providers should focus on building partnerships with local communities and conservation organizations, promoting sustainable transport options, offering educational and cultural experiences, implementing responsible tourism practices, and leveraging technology to enhance customer experiences. By adopting these strategies, businesses can thrive in the competitive ecotourism landscape and contribute to the growth of sustainable travel.