The destination marketing is poised to reach a valuation of US$ 120 Billion in 2022. Sales are projected to increase at 13% CAGR, with the market size reaching US$ 407.35 Billion by 2032.
The Destination Marketing is forecasted to grow at a consistent growth rate during the forecast period. This is majorly attributed to the growing popularity of global content and the trend of cultural integration. People interested in understanding culture from different regions and experiencing them are likely to visit these places. The natural beauty and the landscapes around the regions are attracting adventure seeking tourists and nature lovers.
Overall, the Destination Marketing is attracting more and more tourists each year and make them come back for experiencing more. the services provided by local businesses and the tour companies are leaving positive impression on tourists about the Destination Marketing.
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Key Takeaways from the Destination Marketing Market Study:
- The North America, Europe and Asia Pacific regions hold a market share of ~26%, ~24% and ~30% respectively.
- The two main marketing channels for tourism advertisements are social media and search engines.
- COVID-19 affected 30% to the market.
- Many regional governments are set to promote tourism, to revive the tourism sector after COVID pandemic.
Impact of COVID-19
Tourism sector in various regions all around the world were one of the best performing sectors. For economic development and progress, tourism was essential in many countries. As COVID-19 pandemic was declared, many countries closed their border and initiated lockdown to avoid spread of the virus. There were restrictions on travelling and only essential services like food and medical were operating during pandemic.
Tourism sector suffered a lot because of the pandemic. As everyone was in their house in lockdown and transportation was halted, there were no visitors to tourist destinations. As the tourism sector was closed, marketing sector for these destinations were also out of business.
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Now, as the tourism sector is reviving itself steadily, tourists are searching for new destinations to explore. Many tour agencies are now offering tour to the places which are remote, with less crowds. The marketing companies are also focusing on promoting such places, and ensuring safe travel to tourists.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global Destination Marketing, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the Destination Marketing Sector By Advertisement Media (Magazines, Newspapers, Television, Emails, Others), By Attraction Type (Natural, Festivals, Cultural, Artificial, Others), By Tourist Type (Domestic and International), Tour Type (Independent Traveller, Tour Group & Package Traveller) & Region – Forecast To 2017 – 2032.
Key players
- Amadeus travel advertising,
- Accord
- MMGY Global
- DANA
- DCI
- Digitalcoconut
- OP Worldwide
- LLC
- Sagittarius
- VERB
- OnlyTravel
The Destination Marketing Sector By Category
By Advertisement Media:
- Magazines
- Newspapers
- Television
- Emails
- Others
By Attraction Type:
- Natural
- Festivals
- Cultural
- Artificial
- Other
By Tourist Type:
- Domestic
- International
By Tour Type:
- Independent Traveler
- Tour Group & Package Traveler
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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