The Burma tourism market is poised to reach a valuation of US$ 1.02 Million in 2022. Sales are projected to increase at a 2% CAGR, with the market size reaching US$ 1.52 Million by 2032.
The Myanmar’s government has stated that it will invest 500 million USD to modernize its tourism infrastructure. The Asian Development Bank and the Norwegian government will work together to carry out the strategy.
Creating a Tourism Executive Coordination Board to house numerous tourism-related agencies is the cornerstone of the growth plan. New police infrastructure for tourists is also described in the plan. The 38 projects in Myanmar’s development plan are aimed at all forms of transportation. The Mandalay and Nay Pyi Taw airports’ capacities will be emphasized in order to promote greater air travel by tourists.
The Bagan river port will have upgrades in order to attract more cruises. Of course, plans also call for adding extra highways in places with a high tourist density.
The Myanmar Tourism Master Plan has six strategy programs. The strategies include enhancing destination planning and management safeguards and procedures, enhancing human resource capacity and promoting service quality, developing high-quality goods and services, enhancing connectivity and infrastructure related to tourism, and enhancing the image, position, and brand of Tourism Myanmar.
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There are a number of beneficial social effects of tourism. Tourism may have an impact on local residents’ life objectives and open up options for business ownership. Additionally, a brand-new tourism facility could boost the people’ capacity to impact various political issues. If the community is taken into account throughout the design process a more sustainable solution might be devised where customs and It is possible to incorporate customs and foster cultural pride. The inhabitants of the host country may feel more confident and proud of its inter cultural interactions.
“Strategic planning and development in infrastructure and development in institutional environment are needed for adaptive tourism to assess the ability of new areas to become viable tourism destinations as market demand changes. “Says an FMI analyst.
Key Takeaways:
- The Covid-19 pandemic had a 100% impact on the value of the Burma Tourism market.
- Cities like Mandalay and Yangon, religious sites in Bago, Pindaya, and Mon State, and nature trails in Putao, Kengtung, and Inle Lake are among the most visited places in Burma.
- Leading players in the Burma Tourism market are estimated to account for approximately 1%-4% of the total market share.
- By booking channel, the online booking segment is anticipated to hold a noteworthy share of 51%.
- In terms of age group, demand in the 26-35 segment will continue gaining traction through 2032.
- Based on tourist type, domestic tourist segment will remain high over the forecast period.
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Impact of COVID-19 on the Burma Tourism Market
The COVID-19 pandemic and government lockdown in Myanmar have had a negative impact on the economy by causing a decline in exports, as well as a loss of money from tourism and international remittances.
Pandemic has completely destroyed the global tourist and hospitality sector, resulting in widespread unemployment and placing airlines, hotels, and travel agencies in dire financial straits. According to the World Travel & Tourism Council, there has never been a crisis as severe for the worldwide business as the current one, with the sector expected to lose a staggering 100 million jobs as a result of the coronavirus epidemic (WTTC). According to WTTC study, the astonishing number has climbed by over 30% over the last four weeks, highlighting the sector’s severe predicament.
The scenario in Myanmar is similar to that in the majority of other countries; industry sources and reports point to a considerable loss in jobs in the sector, the closure of numerous enterprises, the future of hotels and restaurants being uncertain, and a recovery that might take years. In addition, the pandemic’s impact on the closure of public spaces and tourism-related activities contributed to the market’s total collapse during the crisis.
But in light of this circumstance, participants are now concentrating on promoting and revitalising their businesses through a variety of strategies, like the creation of online platforms and the provision of top-notch travel services, as this enables them to reach a larger consumer base at a lower cost.
Who is winning?
Leading players of Burma Tourism are focusing on promotional strategies and advertising popular tourist destinations in Burma Tourism to improve sales in the market.
Major players present in the Burma Tourism market are EMH Tours & Travel group, Aitken Spence Travel, Intrepid Travel, Legend Travel, Asia Focus Travel and among others
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the Burma Tourism market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the Burma Tourism market based on the tourism type (cultural & heritage tourism, medical tourism, eco/sustainable tourism, sports tourism, wellness tourism & others), booking channel (phone booking, online booking & in person booking) tourist type (domestic & international), age group (15-25 years, 26-35 years, 36-45 years, 46-55 years, 66-75 years) across seven major regions.
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