June 22, 2024
Wildlife Hunting Tourism Market

Wildlife Hunting Tourism Market Primed for Growth Driven by Increasing Demand for Experience-Driven Travel

Hunters travel to remote areas and wildlife reserves across the world to experience the thrill of hunting exotic species. This industry provides economic opportunities to rural populations through employment in reserves and lodges. The Global wildlife hunting tourism market is driven by growing interest in adventure and experience-driven travel among international tourists.

The global wildlife hunting tourism market is estimated to be valued at US$ 1.69 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the wildlife hunting tourism are Abbott Laboratories, Thermo Fisher Scientific, Inc, Dr├Ągerwerk AG & Co. KGaA, Laboratory Corporation of America Holdings, Quest Diagnostics, Alfa Scientific Designs, Inc, Lifeloc Technologies Inc, Lion Laboratories Limited, OraSure Technologies, Inc, Omega Laboratories, Inc., Shimadzu Corporation, Siemens Healthineers, F. Hoffmann-La Roche AG, Premier Biotech, Inc, Psychemedics Corporation, Innovative Testing Solutions, Biopanda Reagents Ltd, Alpha Laboratories, Matrix Diagnostics, Atlas Medical, Rapid Labs Limited, and Randox Laboratories Ltd.

The global Wildlife Hunting Tourism Market Demand is experiencing increased demand driven by the growing affluence of the middle class in emerging economies and their increasing appetite for unique tourism experiences. According to tourism industry analysts, wildlife hunting tourism will witness double digit growth in the Asia Pacific region over the next decade.

Several countries are also promoting wildlife hunting tourism to earn valuable foreign exchange reserves through license fees paid by foreign hunters. The industry contributes significantly to the economies and conservation efforts of countries in Africa and South America. Major players are expanding their operations globally recognizing the large untapped opportunities.

Market Key Trends

Use of digital marketing and social media influencers to promote wildlife hunting destinations and experiences is a key trend in this industry. Tour operators and reserves are collaborating with online travel influencers on Instagram and YouTube to showcase the exotic hunts and create buzz among potential tourists. Live streaming of hunts on social platforms is also gaining popularity. This is effectively expanding the customer base and driving higher bookings for international hunts across millennials and generation Z.

Porter’s Analysis

Threat of new entrants: The wildlife hunting tourism market requires high initial investments and is dominated by well-established players. Therefore the threat of new entrants is low.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many alternatives in the market for wildlife hunting and tourism activities. However, switching costs for customers are relatively low.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for resources and assets required for wildlife hunting tourism activities such as land, ammunition, etc.

Threat of new substitutes: The threat of substitutes is moderate as other forms of wildlife viewing or nature tourism can replace hunting however the experience offered is different.

Competitive rivalry: The competitive rivalry in the market is high as the market is growing and fragmented with many local and international players competing intensely on pricing and offering unique experiences.

In terms of geographical regions, North America accounts for the largest share of the wildlife hunting tourism market in terms of value. Countries like the US and Canada have a large number of wildlife reserves and allow recreational hunting which attracts both domestic and international hunters.

Africa region is expected to be the fastest growing market for wildlife hunting tourism during the forecast period. Countries like South Africa, Zimbabwe and Tanzania are actively promoting hunting tourism on a commercial scale and have witnessed tremendous growth in the number of hunters visiting for unique African wildlife species.

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