Sustainable Tourism Market

Global Sustainable Tourism Market Size (2024-2032):

The Global Sustainable Tourism Market was worth US$ 0.83 billion in 2023 and is anticipated to reach a valuation of US$ 5.43 billion by 2032 from US$ 1.02 billion in 2024. It is predicted to register a CAGR of 23.2% during the forecast period 2024-2032.

Current Scenario of the Global Sustainable Tourism Market

Sustainable tourism is tourism that fully takes into account its current and future economic, social, and environmental impacts, meeting the needs of visitors, industry, the environment, and host communities. Tourism can involve major transportation to the general location, local transportation, lodging, entertainment, recreation, food, and shopping. This can be related to travel for pleasure, business, and what is known as VFR (visiting friends and family). There is currently a broad consensus that tourism development must be sustainable. A 2017 report by the United Nations World Tourism Organization found that although some countries and industry sectors are creating initiatives for tourism to achieve the SDGs, knowledge sharing, financing, and sustainable tourism policy do not fully meet stakeholder needs.

Tourism development organizations promote sustainable tourism practices in order to mitigate the negative effects caused by the growing impact of tourism. The United Nations World Tourism Organization has highlighted these practices by promoting tourism within the framework of the Sustainable Development Goals, through programs such as the International Year of Sustainable Tourism for Development in 2032 and programs such as Tourism for the SDGs focused on how SDG 8, SDG 12 and SDG 14 involve tourism in creating a sustainable economy.

MARKET DRIVERS AND RESTRAINTS

In large part, the sense of responsibility towards the environment, coupled with the socio-economic well-being of local societies among tour operators, is driving the demand for sustainable tourism around the world.

Other factors that trigger the need and demand for the sustainable tourism segment include a growing awareness of securing the natural and traditional habitat of the destination in question, as well as a shift in the mindset of many travelers compared to traditional travel concerns such as price, the brand, quality, and suitability for dealing with social, cultural, and environmental problems that are important to vacation spots. Sustainable tourism is still an emerging concept, and many regions are not aware of this type of tourism; therefore, huge opportunities, including the coverage of many untapped areas and the fusion of sustainable tourism with ethno tourism and ecotourism, are presented as areas of potential opportunities for sustainable tourism in the tourism industry. The millennial and baby boom generation of travelers are more inclined towards sustainable tourism, and their preferred destination appears to be South Africa.

Vacationing in places with an abundance of natural habitats and ensuring respect for the environment is becoming an emerging trend among tourists in their sustainable travel; travelers enjoy the ecstasy of a place's natural habitat without causing a nuisance to the local plant, animals, and bird species or human settlements. Today there is a trend to undertake a fusion vacation between sustainable tourism and ecotourism—another notable trend found in the transformation of sustainable tourism from vacation travel to social work.

MARKET RESTRAINTS

Some factors hinder the growth of the sustainable tourism segment, such as a limited audience or travelers, since this concept of tourism is not very comfortable and luxurious for most travelers. Another limitation is that tourists from all over the world are less aware of sustainable tourism, as some travelers prefer a very comfortable and luxurious vacation and only look for those options. Many tourists do not find this concept relevant, and changing their minds in favor of sustainable tourism is another challenge for the sustainable tourism segment.

REPORT COVERAGE

SEGMENT ANALYSIS

Global Sustainable Tourism Market Analysis By Type

The Sustainable Tourism Market segmentation for Type can be divided into International and Domestic. While this segment has a significant market share, it is expected to show a decline in its share over the forecast period, as developing countries increasingly focus on sustainable international tourism due to foreign exchange earnings.

REGIONAL ANALYSIS

The Market for Sustainable Tourism has been categorized on the basis of geography to offer a clear understanding of the global market; the world Market for Sustainable Tourism has been studied in four regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The idea of ​​human travel or human tourism is to directly connect travelers from Europe, North America, Australia, and New Zealand looking for new adventures and authentic experiences for local businesses in the specific places they want to visit, thus providing economic benefits to the locals. Business and provide travelers with authentic and truly unique travel experiences. The South African National Tourism Policy (1996) used the term "responsible tourism" and mentioned the well-being of the local community as the main factor.

The European Travel Commission was proposed in 1973 as a multilateral initiative to achieve environmentally friendly tourism and development. The United Nations specialized agency called the World Tourism Organization (UNWTO) highlights the link between tourism and development in the objectives of achieving sustainable development goals. MEA will provide various growth opportunities to market providers during the forecast period. Factors such as increasing awareness and promoting sustainable tourism will significantly drive the growth of the sustainable tourism market in this region during the forecast period. 6% of the market growth will come from MEA during the forecast period. Qatar and the United Arab Emirates are the main markets for sustainable tourism in the MEA region.

KEY PLAYERS IN THE GLOBAL SUSTAINABLE TOURISM MARKET

Companies playing a prominent role in the global sustainable tourism market include Bouteco, Kind Traveler, Responsible Travel, Wild Frontiers Adventures Travel, Wilderness Holding Limited, Beyonder Experiences, Kynder, Eco-Companion, Undiscovered Mountains, Rickshaw Travel, and Others.

RECENT HAPPENINGS IN THE GLOBAL SUSTAINABLE TOURISM MARKET

• Preferred Hotel Group, the parent company of Preferred Hotels & Resorts, Historic Hotels of America, Historic Hotels Worldwide, and PHG Consulting, has acquired the sustainable tourism consulting and services company Beyond Green Travel. Led by ecotourism pioneer Costas Christ, Beyond Green Travel has been developing sustainability content and strategies for travel and hospitality businesses for approximately 30 years, working with brands such as Fairmont Hotels and Resorts, The Travel Corporation, Wilderness Safaris, and National Geographic Travel. The company also advises destinations and governments on the implementation of sustainable tourism practices.
• Lindblad Expeditions Holdings, Inc., a global provider of expedition cruises and adventure travel experiences, announced today that it had acquired majority interests in DuVine Cycling + Adventure Co., a leading luxury cycling and adventure travel company, and Off the Beaten Path LLC, a leading active tour operator specializing in national parks in the United States. United.
• In May 2018, Greencoat Renewables will acquire the Cordal wind farm from Cubico Sustainable Investments, a global investor and operator in the field of renewable energy. Greencoat, a renewable infrastructure company that invested in euro-denominated assets, made the announcement.

DETAILED SEGMENTATION OF THE GLOBAL SUSTAINABLE TOURISM MARKET INCLUDED IN THIS REPORT

This global sustainable tourism market research report has been segmented and sub-segmented based on type and region.

By Type

• Introduction
• Consumables
• Software
• Services

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa