A new analysis by Future Market Insights (FMI) projects that the rural tourism industry would be valued at US$ 102.7 billion by 2023. With sales expected to grow at a robust 6.8% CAGR, the company is expected to be valued at US$ 198.3 billion on the market in 2033.
In essence, rural tourism refers to activities carried out in sparserly populated areas. These areas have picturesque natural beauty and are primarily near farms and agricultural terrain. Seasons and regional cultural events have a major impact on rural tourism.
The market for rural tourism is highly participatory and is anticipated to improve the economic and social well-being of people. In recent years, burgeoning popularity of rural tourism has resulted in the establishment of several local businesses. These businesses are thriving by showcasing local cultures, cuisines, landscapes, and activities.
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However, rural tourism development is facing several challenges. For instance, waste is increasing across rural regions in the world where tourism is escalating. These regions do not have the infrastructure to manage waste. As a result, most of the waste is being dumped in the open.
Players in the market for rural tourism need to find ways of reducing the burden of waste. Governments should also get involved to make people aware of the damage to the environment being done through poor waste disposal practices. Green tourism, a particular sub-segment of rural travel, is picking up pace as a result.
Local players responsible for accommodation, food, and activities for tourists should step up to ensure that visitors follow sustainable practices. They should also maintain a fine balance between profitability and sustainability.
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Key Takeaways:
- The global market for rural tourism reached a valuation of US$ 96.9 billion in 2022.
- In 2023, the global market is likely to reach a US$ 102.7 billion
- Between 2023 and 2033, the global market is poised to register a healthy 8% CAGR.
- From 2018 to 2022, the global market recorded a slow CAGR of 9%.
- By booking channel, the online segment is anticipated to hold a noteworthy share of 70% in the rural tourism industry.
- The online segment is set to accelerate at an impressive 4% CAGR in the coming years.
- Elderly people between the age group of 55 to 59 should reflect a CAGR of 5% and drive market expansion.
Key Players:
- Village Ways
- Himalayan Ark
- Butterfield & Robinson
- World Expeditions
- Yatra.com
- Condor Airlines
- Lufthansa
- Singapore Airlines
- Martin Randall Exodus Travel
- Beaches of Normandy Tours
Rural Tourism Market by Category
By Direct Suppliers:
- Airlines
- Hotel Companies
- Car Rental
- Train
- Tour Operators
- Government Bodies
By Indirect Suppliers:
- OTA (Online Travel Agency)
- Traditional Travel Agencies
- TMC’s (Travel Management Companies)
- Corporate Buyers
- Aggregators
By Age:
- Below 15 years
- 16 to 25
- 26 to 35
- 36 to 45
- 46 to 55
- Over 55
By Tourism Type:
- Agro Tourism
- Farm Tourism
- Wilderness and Forest Tourism
- Green Tourism
- Eco-Tourism
By Demographic:
- Male
- Female
- Kid
By Nationality:
- Domestic
- International
By Booking Channel:
- Offline Booking
- Online Booking
By Tour Type:
- Individual Travel
- Professional Groups
- Group Travels
By Country:
- The United States
- Canada
- Brazil
- Mexico
- Germany
- The United Kingdom
- France
- Spain
- Russia
- India
- China
- Japan
- Malaysia
- Singapore
- Australia
- UAE
- KSA
- Italy
- Qatar
- Oman
- Rest of World
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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