Sustainable tourism market to register a year-on-year growth rate of 33.3% in 2022
The sustainable tourism market is estimated have annual increase of 33.3% in 2022. According to the Future Market Insights estimate, the market for sustainable travel will be worth more than US$ 1.0 Tn in 2022. The market is anticipated to develop at a compound annual growth rate (CAGR) of 23.4% between 2022 and 2032.
The share of global sustainable tourism market in the parent market (travel and tourism industry) is estimated to be at 2%-5%.
Sustainable tourism is the type of tourism that establishes an appropriate stability among the environmental, economic and socio-cultural features of the travel industry; it plays a vital role in preserving biodiversity. The primary objective of sustainable tourism is to reduce the negative impact of tourism on surroundings and local culture so that it will be offered for future generations, while funding to generate income, occupation, and the preservation of local ecologies.
Sustainability in tourism is an ethical practice in tourism similar to responsible tourism and ecotourism. Sustainable tourism has been in practice since 1992. Sustainable tourism is all about efficient technology, cleaner production, environmental protection and communal engagement. Sustainability is well-known amongst travel lodging amenities mainly trailed by tour agents as well as new destinations.
Sustainable Tourism: Drivers and Opportunity Areas Largely, a sense of accountability towards the environment with an addition to the socioeconomic wellbeing of local societies amongst tourism operators is fuelling the demand for sustainable tourism all over the globe.
The other drivers that trigger the need and requirement of the sustainable tourism segment include growing awareness towards securing the natural and traditional habitat of the destination concerned as well as a shift in the mindset of many travellers from traditional travelling concerns such as price, brand, quality, and convenience towards social, cultural and environmental issues that are significant to the places they holiday.
Sustainable tourism is still an emerging concept and many regions are not aware of this type of tourism; hence enormous opportunities including covering many untapped areas and the fusion of sustainable tourism with ethno-tourism and eco-tourism are coming up as possible opportunity areas for sustainable tourism in the global tourism industry.
Sustainable Tourism: Trends The millennial and baby boomer generation of travellers is more inclined towards sustainable tourism and their preferred destination seems to be South Africa. Holidaying in places with an abundance of natural habitat and ensuring eco-friendliness is becoming an emerging trend among the tourists during their sustainable travel; travellers enjoy the ecstasy of the natural habitat of a place without causing any discomfort to the local plant, animal and bird species or human localities.
Nowadays there is a trend of undertaking a fusion vacation of sustainable tourism with eco-tourism. Another noticeable trend encountered is the transformation of sustainable tourism from a holiday trip to social work. Among the young generation of tourists, sustainable tourism is a growing trend where they are ready to pay more for sustainable brands that display commitment or dedication to environmental and social values.
The trend among tourism operators to practice sustainable tourism is growing as travellers are demanding more creative and responsible holidays. In fact tourists prefer buying services and products from the vendors who are dedicated and practice programs on giving or paying back to society.
Sustainable Tourism: Restraints However, there are certain factors that are hindering the growth of the sustainable tourism segment such as a limited audience or travellers as this concept of tourism is not very comfortable and luxurious to most travellers. Another restraint is less awareness among global tourists about sustainable tourism, as some travellers prefer highly comfortable and luxurious vacations and look for such options only.
Many tourists do not find this concept relevant, and changing their mind-set in favour of sustainable tourism is another challenge for the sustainable tourism segment.
Sustainable Tourism Market: Options There are numerous destinations where sustainable tourism is practiced and most of them are at the destinations of natural habitat. Sustainable tourism is largely practiced in the regions of Africa, India, and Brazil among others.
Major destinations where sustainable tourism is advocated and practiced include National Park, Marine Park, National Reserve, Marine Reserve, Wildlife Sanctuary, State Forest, Local Authority Forest, Sacred Forest, Wildlife Conservancy, Game Ranch, Beach, and World Heritage Site among many others.
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
