The revised industry study report projects that the global market for sustainable tourism will be valued at US$ 1,511,465.9 million in 2024. As a result, it is anticipated that the parent market (the travel and tourist industry) will hold a 2% to 5% share of the global sustainable tourism business.
The demand for sustainable tourism services is predicted to expand at a compound annual growth rate (CAGR) of 23.8% globally between 2024 and 2034. It is projected that by 2034, the net revenue derived from this industry share will amount to approximately US$ 12,815,005 million.
Sustainability in tourism is an ethical practice in tourism similar to responsible tourism and ecotourism. Sustainable tourism has been in practice since 1992. Sustainable tourism is all about efficient technology, cleaner production, environmental protection and communal engagement. Sustainability is well-known amongst travel lodging amenities mainly trailed by tour agents as well as new destinations.
Sustainable tourism is the type of tourism that establishes an appropriate stability among the environmental, economic and socio-cultural features of the travel industry; it plays a vital role in preserving biodiversity. The primary objective of sustainable tourism is to reduce the negative impact of tourism on surroundings and local culture so that it will be offered for future generations, while funding to generate income, occupation, and the preservation of local ecologies.
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Sustainable Tourism: Drivers and Opportunity Areas
Largely, a sense of accountability towards the environment with an addition to the socioeconomic wellbeing of local societies amongst tourism operators is fuelling the demand for sustainable tourism all over the globe.
The other drivers that trigger the need and requirement of the sustainable tourism segment include growing awareness towards securing the natural and traditional habitat of the destination concerned as well as a shift in the mindset of many travellers from traditional travelling concerns such as price, brand, quality, and convenience towards social, cultural and environmental issues that are significant to the places they holiday.
Sustainable tourism is still an emerging concept and many regions are not aware of this type of tourism; hence enormous opportunities including covering many untapped areas and the fusion of sustainable tourism with ethno-tourism and eco-tourism are coming up as possible opportunity areas for sustainable tourism in the global tourism industry.
Key Trends in the Sustainable Tourism Market
In recent years, the global tourism industry has witnessed a paradigm shift towards sustainability, with an increasing number of travelers seeking eco-friendly and responsible travel options. The Sustainable Tourism Market is evolving rapidly, driven by environmental concerns, changing consumer preferences, and a growing awareness of the impact of tourism on local communities. Let’s delve into the key trends shaping the future of sustainable tourism.
- Rise of Eco-Friendly Accommodations: Sustainable tourism begins with responsible accommodation choices. Eco-friendly hotels, lodges, and resorts are gaining popularity, boasting features such as energy-efficient practices, waste reduction, and locally sourced materials. Certifications like LEED and Green Key are becoming essential for establishments aiming to attract environmentally conscious travelers.
- Community Engagement and Empowerment: Travelers are increasingly interested in authentic experiences that contribute positively to local communities. Sustainable tourism emphasizes community engagement and empowerment, promoting cultural exchange and economic benefits for residents. Initiatives like community-based tourism and homestays allow travelers to immerse themselves in local cultures while supporting the livelihoods of indigenous communities.
- Technology for Sustainable Solutions: The integration of technology is playing a crucial role in making tourism more sustainable. From blockchain to monitor supply chains, artificial intelligence for optimizing energy consumption, and mobile apps promoting responsible travel practices, technology is fostering innovation that minimizes the environmental impact of tourism.
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Nowadays there is a trend of undertaking a fusion vacation of sustainable tourism with eco-tourism. Another noticeable trend encountered is the transformation of sustainable tourism from a holiday trip to social work. Among the young generation of tourists, sustainable tourism is a growing trend where they are ready to pay more for sustainable brands that display commitment or dedication to environmental and social values.
The trend among tourism operators to practice sustainable tourism is growing as travellers are demanding more creative and responsible holidays. In fact tourists prefer buying services and products from the vendors who are dedicated and practice programs on giving or paying back to society.
Sustainable Tourism: Restraints
However, there are certain factors that are hindering the growth of the sustainable tourism segment such as a limited audience or travellers as this concept of tourism is not very comfortable and luxurious to most travellers. Another restraint is less awareness among global tourists about sustainable tourism, as some travellers prefer highly comfortable and luxurious vacations and look for such options only.
Many tourists do not find this concept relevant, and changing their mind-set in favour of sustainable tourism is another challenge for the sustainable tourism segment.
Sustainable Tourism Market: Options
There are numerous destinations where sustainable tourism is practiced and most of them are at the destinations of natural habitat. Sustainable tourism is largely practiced in the regions of Africa, India, and Brazil among others.
Major destinations where sustainable tourism is advocated and practiced include National Park, Marine Park, National Reserve, Marine Reserve, Wildlife Sanctuary, State Forest, Local Authority Forest, Sacred Forest, Wildlife Conservancy, Game Ranch, Beach, and World Heritage Site among many others.
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
Key Players:
- Bouteco
- Kind Traveler
- Responsible Travel
- Wild Frontiers Adventures Travel
- Wilderness Holding Limited
- Beyonder Experiences
- Undiscovered Mountains
- Gondwana Ecotours
- Row Adventures
- Natural Habitat Adventures
- Cheeseman’s Ecological Safaris
- Sustainable Travel International
- NATIVE TOURS, INC.
Market by Category
By Type (% of Demand), Sustainable Tourism Market is segmented as:
- Ecological Tourism
- Eco Tourism/ Green Tourism
- Soft Tourism
- Community Tourism
By Booking Channel (% of Demand), Sustainable Tourism Market is segmented as:
- Phone Booking
- Online Booking
- In Person Booking
By Consumer Orientation (% of Demand), Sustainable Tourism Market is segmented as:
- Men
- Women
By Tourism Type (% of Demand), Sustainable Tourism Market is segmented as:
- Domestic
- International
By Tourist Type (% of Demand), Sustainable Tourism Market is segmented as:
- Independent Traveler
- Tour Group
- Package Traveler
By Age Group (% of Demand), Sustainable Tourism Market is segmented as:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
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