What Is The Definition Of The Global Sustainable Tourism Market?
Sustainable tourism refers to a type of tourism that aims to minimize the negative impacts on the environment, economy, and society while enhancing the positive effects. It involves practices and strategies that preserve natural resources, respect local cultures, and promote economic benefits to local communities.
Sustainable Tourism Global Market Report 2024 provides data on the global sustainable tourism market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The sustainable tourism market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Sustainable Tourism Market Size And Annual Growth Rate?
The sustainable tourism sector has grown rapidly, expanding from $2,861.68 billion in 2023 to $3,728.2 billion in 2024 at a CAGR of 14.6%. Factors driving this growth include heightened environmental awareness, concerns about climate change, the rise in eco-friendly accommodations, global tourism expansion, and greater media focus on environmental issues. In the coming years, the market is expected to reach $5,671.22 billion by 2028, with a CAGR of 14.7%, spurred by demand for sustainable travel experiences, corporate sustainability, green travel certifications, government support, and eco-tourism's popularity among younger generations. Trends in the forecast period include the adoption of renewable energy, eco-friendly travel options, and a focus on reducing carbon footprints.
Which Key Drivers Are Propelling The Sustainable Tourism Market's Growth?
The rise of eco-conscious travelers is likely to accelerate the growth of the sustainable tourism market. Travelers who prioritize environmental responsibility and support sustainable practices are becoming more common. This is largely driven by increased awareness of environmental issues and the availability of eco-friendly travel options. A report by Booking.com in April 2022 found that 71% of UK travelers prefer sustainable travel, with many opting for eco-friendly accommodations and transportation. This shift in traveler preferences is expected to fuel the growth of the sustainable tourism sector.
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What Are The Key Segments Within The Global Sustainable Tourism Market?
The sustainable tourism market covered in this report is segmented –
1) By Type: Coastal Tourism, Mountain Tourism, Island Tourism
2) By Tourism Type: Domestic, International
3) By Booking Channel: Phone Booking, Online Booking, In Person Booking
4) By Application: Solo, Group, Family, Couples
How Are New Trends Impacting The Size Of The Sustainable Tourism Market?
In the sustainable tourism market, companies are moving toward eco-friendly accommodations. In May 2024, Eco Hotels launched Eco Satva, a net-carbon-zero hotel offering vegetarian meals and integrating renewable energy and waste reduction practices. This initiative highlights the company’s commitment to providing sustainable lodging options and meeting the growing demand for eco-conscious travel.
Which Region Drives The Highest Growth In The Sustainable Tourism Market?
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.
