Many of us have been looking forward to visit an offbeat destination with eco-friendly accommodation to enjoy our holidays. This trend is now clearly visible across the Indian ecotourism market, which is expected to show a resurgent growth, surpassing the global market growth in the coming decade.
According to a report by Allied Market Research, the ecotourism market in India was valued at $2.24 billion in 2019 and is projected to reach $4.55 billion by 2027, registering a CAGR of 15.7%. It was predicted that India is one of the prime markets that is likely to see growth in eco-friendly accommodation post the COVID-19 pandemic.
The findings of the Allied Market Research report state that the global market for ecotourism generated $181.1 billion in 2019 and is projected to reach $333.8 billion by 2027, witnessing a CAGR of 14.3% from 2021 to 2027. The report covers key points such as changing market dynamics, major segments, top investment destinations, and the competitive scenario for market players.
This steady growth of the global ecotourism market is due to factors such as a rise in travel and tourism to unique destinations, inclination toward exploration of wildlife, coral reefs, and pristine undisturbed natural areas with an increased focus on sustainability. On the other hand, low availability of accommodation and inadequate support infrastructure at ecotourism destinations hinder the market growth. However, public-private partnerships to subsidize air routes to remote tourist destinations, enhanced network capabilities, and provision of ease of accessibility can boost market opportunities in future.
The global ecotourism market was severely impacted by the Covid-19 pandemic, which led to the imposition of complete lockdowns and bans on travel, hindering the exploration of new destinations. Many travel destinations and tourist spots were closed down by governments to prevent people from getting infected with Coronavirus.
However, countries across the globe have been establishing more resilient tourism systems during the post-pandemic period. Governments have been implementing structural transformation and offering financial stimulus for supporting the tourism sector.
Segmentation of the global ecotourism market
The report offers detailed segmentation of the global ecotourism market based on traveler type, age group, sales channel and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the coming years.
In terms of traveler type, the group traveler segment held nearly four-fifths of the global ecotourism market in 2019. However, in the near future, the solo segment would show the highest CAGR of 15.9% from 2021 to 2027.
The generation Y segment was the largest age group in 2019, accounting for nearly three-fifths of the global market. However, the generation Z segment is estimated to manifest the highest CAGR of 15.6% during the forecast period.
By region, the ecotourism market across Asia-Pacific held the largest share, capturing nearly two-fifths of the global market. However, North America is projected to register the fastest CAGR of 16.2% during the forecast period. Despite the enormous growth opportunities, the ecotourism market holds a minuscule 2.57% share in the overall global travel & tourism market in 2021.
Leading market players of the global ecotourism market analyzed in the report include Travel Leaders Group LLC, Aracari Travel, FROSCH International Travel Inc., Undiscovered Mountains Ltd, Adventure Alternative, Intrepid Group Limited, Rickshaw Travel Group, G Adventures, Steppes Discovery and Small World Journeys Pty Ltd.
Author bio: Allied Market Research is a leading market research and business-consulting firm based in the US.