Sustainable Tourism Market Predicted to Reach $8.73 Billion by 2031: Coherent Market Insights, Inc
BURLINGAME, June 10, 2024 (GLOBE NEWSWIRE) — The global sustainable tourism market size is valued at USD 2.61 billion in 2024 and is expected to reach USD 8.73 billion by 2031, growing at a compound annual growth rate (CAGR) of 18.8% from 2024 to 2031, highlights a new report published by Coherent Market Insights. Rising environmental concerns among tourists and tourism organizations are driving the growth of the sustainable tourism market. Tourists are increasingly concerned about damage to local environments and cultures caused by mass tourism and are seeking more sustainable and ethical travel options.
Market Trends:
The sustainable tourism market is primarily driven by growing consumer preferences for eco-friendly travel experiences. According to a survey conducted by Booking.com in 2021, over 80% of travelers worldwide prefer sustainable travel options. Moreover, growing awareness about climate change and its impacts encourages travelers to choose tourism activities and destinations that minimize their impact on the environment. Moreover, the implementation of favorable government policies and regulations to promote the sustainable development of the tourism industry in various countries is also boosting the market growth. For instance, the European Commission adopted “Sustainable European Tourism: Towards a European Agenda for Tourism Competitiveness and Sustainability” in 2013 to develop sustainable tourism in Europe.
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Market trend:
The introduction of sustainability certification programs and frameworks is one of the major trends observed in the sustainable tourism market. Certification helps tourism businesses measure, benchmark and improve their sustainability performance. Some of the popular certifications on offer include Travelife, Green Key, Green Globe, etc. Furthermore, technological advancements are playing a key role in enabling sustainable tourism practices. For example, the introduction of IoT, virtual reality and augmented reality allows stakeholders to develop innovative solutions to monitor resource use, waste generation in real time and manage visitor traffic. This helps in improving the environmental and socio-economic impacts of tourism activities.
Sustainable Tourism Market Report Coverage
Report Scope Details Market Revenue in 2024 $2.61 billion Estimated Value through 2031 $8.73 billion Growth Rate Expected to grow at a CAGR of 18.8% Historical Data 2019-2023 Forecast Period 2024-2031 Forecast Unit Value (USD Million/USD Billion) Report Scope Revenue forecast, competitive landscape, growth drivers, trends Segments covered By type, By traveler type, By age group Regions covered North America, Europe, Asia Pacific, Rest of the World Growth Drivers • Increasing environmental awareness
• More travelers are seeking experiences
Constraints and Challenges • Lack of standardization and certification of sustainability practices.
• No common standards or certifications
Market opportunity:
Ecological tourism focuses on learning about nature and sustainability. It involves visiting natural areas such as forests, rivers, and coastlines, and visiting protected areas. Tourists take part in activities such as hiking, camping, and wildlife watching, and interact with local communities who depend on these ecosystems for their livelihoods in a sustainable way. Ecological tourism promotes environmental conservation and supports green jobs and economies in local communities. In 2024, it accounted for more than 30% of the global sustainable tourism market.
Community-based tourism involves small local communities hosting travelers and tourists. It fosters social and cultural exchange between hosts and guests, supporting local livelihoods. Tourists stay with local families, participate in daily activities, and experience local culture and cuisine. This generates local income and jobs, economically boosting the community. Benefits reach the local community directly. This segment is expected to grow at a CAGR of 20% from 2024 to 2030.
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Market Key Points
The global sustainable tourism market is expected to grow at a CAGR of 18.8% during the forecast period 2024-2031, owing to growing environmental concerns and increasing demand for responsible travel experiences.
Based on type of tourism, the international tourism segment accounted for over 65% market share in 2024. The domestic tourism segment is also gaining momentum, buoyed by ‘staycations’ and visits to local destinations as a result of travel restrictions during the pandemic.
By age group, millennials aged 22-39 are expected to be the highest spender group, as they prefer unique travel experiences and are willing to pay a premium for sustainable options.
Based on region, North America is expected to dominate the market in 2024, owing to the growth in health & wellness tourism and the presence of consumers with high disposable income. However, Asia Pacific is likely to witness the fastest growth during the forecast period, fuelled by China, India and countries driving the growth of domestic tourism.
Some of the major players operating in the global sustainable tourism market include Basecamp Explorer AS, Beyonder Experiences, Intrepid Travel, G Adventures, Small World Journeys, REDAVIA, etc. The industry is witnessing consolidation with the entry of larger organizations.
Recent developments:
In May 2022, Italy-based international cruise operator MSC Cruises introduced approximately 1,400 sustainability-themed summer tours to highlight its commitment to sustainability. The new tours aim to reduce tourism’s negative impact on the environment and promote “nature-friendly” practices.
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Market Segmentation
By type:
Coastal tourism Mountain tourism Island tourism Others
By type of traveller:
Solo Group Family Couple
Age group:
Millennials Baby Boomers Gen X Silver Hair
By region:
North America :
latin america :
Brazil Argentina Mexico Other Latin America
Europe:
Germany UK Spain France Italy Russia Other Europe
Asia Pacific:
China India Japan Australia South Korea ASEAN Other Asia-Pacific countries
middle east :
GCC Countries Israel Other Middle Eastern Countries
Africa:
South Africa North Africa Central Africa
For more information see:
Ethnic Tourism Market: The ethnic tourism market is estimated to reach USD 13.94 billion in 2024 and is expected to reach USD 35.54 billion by 2031, growing at a compound annual growth rate (CAGR) of 14.3% from 2024 to 2031.
Urban Tourism Market: The global urban tourism market is estimated to reach USD 6.98 trillion in 2024 and is expected to reach USD 10.56 trillion by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
LGBT Tourism Market: The LGBT tourism market is estimated to reach USD 331.14 billion in 2024 and is expected to reach USD 552.96 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
Shopping Tourism Market: The global shopping tourism market is estimated to reach USD 267.21 billion in 2024 and is expected to reach USD 497.97 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.
About us:
Coherent Market Insights is a global market intelligence and consulting organization providing syndicated research reports, customized research reports, and consulting services. We are known for providing actionable insights and reliable reports across various sectors including Aerospace & Defense, Agriculture, Food & Beverages, Automotive, Chemicals & Materials, and an exhaustive list of almost all sectors and sub-domains. We create value for our clients through our reliable and accurate reports. We are also committed to playing a leading role in providing insights in various sectors post COVID-19 and continue to deliver measurable and sustainable results to our clients.
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