PUBLISHER: The Business Research Company | PRODUCT CODE: 1588768
PUBLISHER: The Business Research Company | PRODUCT CODE: 1588768
Sustainable tourism is a strategic approach to travel that seeks to reduce adverse environmental, economic, and social impacts while maximizing beneficial outcomes. It encompasses practices and policies designed to conserve natural resources, honor local cultures, and foster economic gains for host communities.
Key categories of sustainable tourism include coastal, mountain, and island tourism. Coastal tourism involves visits to seaside locations, offering activities such as swimming, sunbathing, and water sports, which are valued for their relaxation and scenic appeal. This tourism can be segmented into domestic and international markets, with booking channels including phone reservations, online platforms, and in-person arrangements. It caters to various traveler types, including solo adventurers, groups, families, and couples.
The sustainable tourism market research report is one of a series of new reports from the business research company that provides sustainable tourism market statistics, including sustainable tourism industry global market size, regional shares, competitors with an sustainable tourism market share, detailed sustainable tourism market segments, market trends and opportunities, and any further data you may need to thrive in the sustainable tourism industry. This sustainable tourism market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The sustainable tourism market size has grown rapidly in recent years. It will grow from $2,861.68 billion in 2023 to $3,728.2 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth observed during the historical period can be ascribed to several factors such as heightened environmental awareness, increased concern about climate change, a surge in demand for eco-friendly accommodations, the expansion of the global tourism sector, and greater media focus on environmental issues.
The sustainable tourism market size is expected to see rapid growth in the next few years. It will grow to $5,671.22 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The anticipated growth in the forecast period can be attributed to several key factors such as increasing consumer demand for sustainable travel experiences, an intensified focus on corporate sustainability practices, the proliferation of green travel certifications and standards, supportive government policies and incentives, heightened awareness of biodiversity conservation, growing investments in sustainable tourism infrastructure, and the rising popularity of eco-tourism among millennials and Gen Z. Key trends during this period include the adoption of renewable energy in tourism facilities, eco-friendly and low-impact travel options, sustainable travel certifications and labels, local and authentic travel experiences, efforts to reduce carbon footprints, the development of green infrastructure and smart technologies, and enhanced transparency in sustainability practices by travel providers.
The rise of eco-conscious travelers is anticipated to drive the growth of the sustainable tourism market. Eco-conscious travelers are individuals who prioritize minimizing their environmental impact and supporting sustainable practices during their trips. This trend is largely driven by increased awareness of environmental issues such as climate change, biodiversity loss, and pollution, as well as the availability of eco-friendly travel options, including sustainable accommodations, eco-tours, and responsible travel practices promoted globally by various organizations and governments. Eco-conscious travelers aim to reduce their environmental impact by choosing eco-friendly accommodations and low-emission transport, while also supporting local cultures and conserving resources. For example, in April 2022, a report by Booking.com B.V. revealed that 71% of UK travelers prioritize sustainable travel, with 42% influenced by recent climate change news to make more eco-friendly choices. Furthermore, 33% of travelers reported staying in sustainable accommodations over the past year, with expectations for this figure to increase by 62% in the following year. Consequently, the rise of eco-conscious travelers is propelling the growth of the sustainable tourism market.
Companies in the sustainable tourism market are increasingly focusing on eco-friendly accommodations and sustainable infrastructure to enhance their brand reputation, attract eco-conscious travelers, and meet the growing demand for responsible travel options. Eco-conscious lodgings are designed to minimize environmental impact by incorporating energy-efficient systems, water-saving technologies, waste reduction practices, sustainable sourcing, green certifications, and community engagement. For instance, in May 2024, Eco Hotels, an India-based hospitality company, launched Eco Satva, a net-carbon-zero hotel that offers a vegetarian experience and integrates renewable energy sources and waste reduction practices. This initiative marks a significant milestone in Eco Hotels' commitment to expanding sustainable hospitality solutions and reflects its core values of environmental stewardship.
In January 2022, Intrepid Travel, an Australia-based small group adventure travel company, acquired Wildland Trekking for an undisclosed amount. This acquisition aims to enhance Intrepid's portfolio with 260 new trips and significantly increase its U.S. market share, driven by a surge in domestic travel interest and a commitment to sustainability. The merger will integrate the operations of both companies, expanding Intrepid's adventure offerings and reinforcing its dedication to environmentally responsible travel. Wildland Trekking, a U.S.-based tour operator, specializes in active and eco-friendly adventures.
Major companies operating in the sustainable tourism market are Marriott International Inc., Booking.com B.V., Airbnb Inc., REI Adventures LLC, The Travel Corporation Ltd., TripAdvisor Inc., Contiki Holidays Ltd., Intrepid Travel Pty Ltd, G Adventures Inc., AndBeyond Holdings Proprietary Ltd., Gondwana Ecotours LLC, Tourism Holdings Limited, Backroads Inc., Natural Habitat Adventures Inc., Wildland Trekking Inc., Wilderness Safaris Pty Ltd, Topdeck Travel Ltd., Butterfield & Robinson Inc., Tucan Travel Ltd., Exodus Travels Ltd., Sustainable Travel International Inc., Responsible Travel Ltd., Kuoda Travel, Experience Travel Group Ltd., Aracari Travel Ltd., Wild Frontiers Adventure Travel Ltd., Beyonder Experiences LLP, Ecoventura S.A., Trafalgar Tours Ltd., Adventure Life Inc.
North America was the largest region in the sustainable tourism market in 2023. The regions covered in the sustainable tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the sustainable tourism market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The sustainable tourism market consists of revenues earned by entities by providing services such as eco-friendly accommodations, responsible travel experiences, and conservation-focused tours. The market value includes the value of related goods sold by the service provider or included within the service offering. The sustainable tourism market also includes sales of eco-friendly travel accessories, such as reusable water bottles and sustainable luggage, as well as organic and locally sourced food products. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Sustainable Tourism Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sustainable tourism market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sustainable tourism ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The sustainable tourism market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.