Consumer demand for sustainability is driving the growing tourism market
The global ecotourism market is estimated to generate US$103.8 billion by 2027. This will represent a rise in a CAGR of 2.5% from 2021 to 2027. Previously, global ecotourism market generated US$92.2 billion in 2019.
According to a new Allied Market Research report, there has been a significant increase in travel to destinations that are off the beaten track with tourists inclined to exploring wildlife and undisturbed natural areas.
Although low availability of accommodation and limited infrastructure have impeded market growth, public-private partnerships in the form of subsidising transport routes to remote tourist destinations, will create new opportunities in the coming years.
Based on region, North America is projected to witness the highest CAGR of 16.2% during the forecast period, owing to its large number of environment-conscious travellers and rapid adoption of digital media to search for lesser known destinations.
Asia-Pacific held the largest share in terms of revenue in 2019, accounting for nearly two-fifths of the global ecotourism market and is predicted to maintain its dominance in terms of revenue by 2027. This is attributed to the presence of a large number of millennial travellers supported by increased disposable income and expansion of facilities and infrastructure.
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