June 22, 2024
sustainable tourism market

Sustainable Tourism is growing Sustainably by Environmental Protection

The sustainable tourism market comprises of various eco-friendly travel products and services that promote responsible travel experiences while minimizing negative social, economic and environmental impacts. Sustainable tourism aims to provide local cultural authenticity for travelers through community engagement and nature conservation efforts. Some of the most common sustainable tourism activities include ecotourism, nature trips, volunteering, adventure travels, and rural & indigenous community visits.

The Global Sustainable Tourism Market is estimated to be valued at US$ 2.61 Bn in 2024 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the sustainable tourism market are Wilderness Safaris, Basecamp Explorer AS, Wild Frontiers Adventures Travel, Beyonder Experiences, Bouteco, Cheeseman’s Ecological Safaris, G Adventures Inc., Gondwana Ecotours, Inkaterra, Intrepid Group Pty Limited, LooLa Adventure Resort, NATIVE TOURS, INC., Natural Habitat Adventures, Responsible Travel, Row Adventures, Sustainable Travel International, Tourism Holdings Limited, Undiscovered Mountains, and Vagabond Tours Limited.

The growing awareness about environmental protection and negative impacts of mass tourism has increased the demand for more Sustainable Tourism Market Share travel options in recent years. Several destinations and private operators are promoting eco-friendly practices to attract ethical travelers. The market is also witnessing significant global expansion as both international and domestic travelers are willing to pay premium for memorable experiences that directly support local communities and biodiversity conservation projects.

Market Key Trends

Consumer preference for experiential and transformative travel has boosted the ethical tourism trend led by sustainable travel companies. Several operators are crafting immersive experiences centered around tangible social and environmental engagement activities. This helps travelers to feel more connected with the local communities and natural environments they visit. The rising working professional demographic keen on integrating meaningful volunteering with vacation is expected to drive the growth of sustainable tourism market over the forecast period.

Porter’s Analysis

Threat of new entrants: The sustainable tourism market has moderate threat of new entrants due to the specialized knowledge and resources required to operate sustainable tourism activities. Bargaining power of buyers: Individual buyers have low bargaining power due to availability of many sustainable tourism operators. However, organized groups can negotiate on price. Bargaining power of suppliers: Operators have moderate power over suppliers of goods and services required for tours and activities as switching costs are low. Threat of new substitutes: Market faces low threat from substitutes as sustainable travel appeals to a niche set of environmentally conscious travelers. Competitive rivalry: The market sees moderate to high competition among existing operators to attract responsible travelers through unique experiences and strong sustainability practices.

Geographical Regions

Europe is currently the largest market for sustainable tourism in terms of value, driven by countries such as the United Kingdom, Germany, France and Italy where travelers are increasingly seeking eco-friendly holiday options.

The Asia Pacific region is projected to be the fastest growing geographical segment during the forecast period. Countries such as Thailand, Vietnam, Indonesia and India are witnessing rising demand for community-based and low impact tours that also support local livelihoods and conservation efforts.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.