June 11, 2020
As per the report titled ‘Global Ecotourism Market Size study, by Type (Alternative Tourism, Responsible Tourism, Sustainable Tourism, Community Tourism), by Application (Below 20 Years, 20-50 years, Above 50 Years) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global ecotourism market was worth USD 265 billion in 2018 and is projected to register a CAGR of 14% through 2026.
According to the study, growing concerns regarding pollution and global warming, increasing tourism, and enhancement in government funding for tourism-related initiatives are projected to amplify the growth graph of global ecotourism market over the ensuing years.
Ecotourism or sustainable tourism involves visiting relatively undisturbed natural areas without damaging the environment. It is intended to be a low-impact and small-scale travel option unlike conventional commercial mass tourism. During this travel period, the individuals are liable to certain laws and regulation to preserve and enhance the well-being of the local community. The goal of ecotourism is to educate visitors, provide resources for environmental conservation, encourage economic development & political consent, build cultural respect, as well as promote human rights.
According to World Bank Group, approximately 76.4 million international tourists arrived in United States in 2016, which increased to 76.9 million in 2017. Likewise, as per the UNWTO (World Tourism Organization in the United Nations), around 87 million international tourists arrived in the Middle East and North Africa region in 2018, witnessing an increase of 10% from the previous year. Thus, increasing international tourism is expected to propel the industry growth in the coming years.
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On the contrary, lack of awareness about ecotourism, along with uncertainty regarding climate and political & economic conditions across the globe will restrain the industry growth over the forecast period.
Based on the type, the market is categorized into alternative tourism, responsible tourism, sustainable tourism, and community tourism. Speaking of the application spectrum, the market is split into below 20 years, 20-50 years, and above 50 years.
As per the regional analysis, global ecotourism market is fragmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Europe is reckoned to witness significant gains over the estimated timeframe, owing to growing number of international tourists and increasing government initiatives towards environment protection.
Meanwhile, Asia Pacific ecotourism market is slated to grow rapidly, owing to rising disposable income and ongoing infrastructural development projects in emerging nations such as India and China.
Some of the renowned industry players include Intrepid travel, AndBeyond, Frosch, JTB Corporation, Travel Leaders Group, American Express Global Business Travel, China CYTS Tours Holding, China Travel, Booking Holdings, and Expedia Group.