As per a new report released by Future Market Insights (FMI), geo-tourism market is estimated to reach US$ 737.0 billion in 2023. It is projected to cross US$ 1,258.9 billion by 2033. It would expand at a CAGR of 5.5% from 2023 to 2033.
Geo-tourism in the market has created a new niche for businesses. It is adding up to new trends along with the previous ones in this context.
While geo-parks exist commonly in places, it is creating an example of sustainable development in local areas. Geo-tourism is becoming broader by including a wide range of niche tourism. These include eco-tourism, cultural, and rural-tourism.
To sustain, preserve, and enhance the geographical aspect of a certain place is what geo-tourism stands for. It preserves an area’s culture, its rich aesthetics, and its heritage.
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Geo-tourism holds multiple scopes for growth and economic development in the tourism sector. It is promoted through geo-marketing, which is a concept in trend these days.
Geo-tourism displays those geological features which has begun billions of years ago. Governments are becoming more aware of the global heritage in countries. They have started to realize their economic potential concerning geo-tourism.
For instance, there is a project for the establishment of a national geo-park in Kutch. It is establishing the start of geo-tourism in India. The country has a rich geological heritage, several of which are still to be developed for tourists.
Advancement in infrastructural development of geo-heritage and geo-sites can be observed in the next ten years. There is potential for countries to become a part of the geo-park network on a global level.
It also has the potential to create enormous job opportunities. It would lead to huge revenue collection through geo-tourism, which will increase the respective GDP.
However, this is an area in terms of future growth opportunity. It needs to be worked upon through the support and encouragement of various communities. With the involvement of government, the field will soon become more established in the next ten years.
Key Takeaways from the Geo-Tourism Market Study
- Students between the age group of 16 to 25 prefer geo-tourism and geological site visits.
- Based on booking channel, online channels are preferred by 3% of the travelers for bookings at geo-tourism sites.
- Based on nationality, domestic travel is preferred more than international travel worldwide.
- India geo-tourism market would hold a share of around 7% by 2033.
- China geo-tourism market would capture a share of about 9% in 2033.
Competitive Landscape: Geo-Tourism Market
The geo-tourism sector has seen numerous players. They are outlining a variety of tactics to take a sizable market share. The landscape of the worldwide market is quite competitive.
Connected systems have been created with businesses such as McLennan to make the process go smoothly. Real-time data optimization would benefit from it. As a result, it is replacing all of the handwritten data and preventing chaos.
Supplier support networks are expanding globally. Their relationships with direct suppliers are productive. Tourism promotion and growth are top priorities for market players. Their tactics are being successfully put into practice.
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Leading players in the global geo-tourism market are:
- National Geographic Expeditions
- Gondwana Eco Tours
- Seacology
- Myths and Mountains
- Global Basecamps
Geotourism Market Outlook by Category:
By Direct Suppliers:
- Airlines
- Hotel Companies
- Car Rental
- Train
- Tour Operators
- Government Bodies
By Indirect Suppliers:
- Online Travel Agency (OTA)
- Traditional Travel Agencies
- Travel Management Companies (TMCs)
- Corporate Buyers
- Aggregators
By Age:
- Under 15
- 16 to 25
- 26 to 35
- 36 to 45
- 46 to 55
- Over 55
By Demographic:
- Male
- Female
- Kids
By Nationality:
- Domestic
- International
By Booking Channel:
- Phone Booking
- Online Booking
- In-Person Booking
By Tour Type:
- Individual Travel
- Professional Groups
- Group Travels
By Tourism Type:
- Sustainable Tourism
- Urban Geo-Tourism
- Rural Geo-Tourism
- Natural Tourism
- Eco Geo-tourism
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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