The Ecotourism Market is expected to grow at an astronomical CAGR 2021-to 2027. A comprehensive overview of the Ecotourism market is recently added by UnivDatos Market Insights to its humongous database. The Ecotourism report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Ecotourism market. The Ecotourism report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates Ecotourism at the global and regional levels.
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Market Overview
Governments around the world are adopting various initiatives to support the safety and security of tourists. The provision for better security to ensure the safety of tourists is enhancing the scope of tourism by boosting the number of visits from tourists from across the globe. According to World Travel and Tourism Council (WTTC), in Saudi Arabia, the total contribution of travel and tourism was 154.1 billion dirhams ($41.95 billion) or 11.3% of GDP in 2017. It is forecast to rise by 4.9% in 2018. By 2028, the sector will represent 10.6% of GDP. Thus, growing ecotourism in the GCC region is expected to propel market growth.
Moreover, the government across the globe is kept on launching new initiatives, which is escalating the market of ecotourism, which is also adding pace to the market growth. For instance: The government of Canada supports an enhanced tourism product and eco-friendly practices at Éco-Odyssée Nature Park. e-business would receive a US$100,000 non-repayable contribution from CED. Also, the Government of New South Wales announced to invest of US$50m to build a new eco-tourism and adventure destination on the western edge of the Blue Mountains.
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COVID-19 Impact
The COVID-19 pandemic has taken a significant toll on communities across the world and has had a devastating effect on Travel & Tourism. For 30 years, the World Travel & Tourism Council (WTTC) has been quantifying the economic impact of Travel & Tourism, highlighting the importance of the sector to the global economy. As a result of COVID-19 and the ongoing restrictions on international mobility, the Travel & Tourism sector suffered losses of almost USD 4.5 trillion, with its global contribution to GDP declining by 49.1% compared to 2019 to reach only USD 4.7 trillion in 2020; relative to a 3.7% GDP decline of the global economy. Domestic visitor spending decreased by 45%, whilst international visitor spending fell by an unprecedented 69.4%. In 2020, 62 million jobs were lost, leaving just 272 million employed across the sector globally. This 18.5% decrease was felt across the entire Travel & Tourism ecosystem, with Small and Medium-Sized Enterprises (SMEs), which make up 80% of all global businesses in the sector, being particularly affected. Moreover, this decrease has disproportionately impacted SMEs, women, youth, and minorities.
The Ecotourism market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By age group, the market is primarily bifurcated into
• Generation X
• Generation Y
• Generation Z
The generation Y segment grabbed major market share and dominated the market in 2020. Millennials make the most of their holiday - most taking an average of 35 days of vacation each year when the average. However, 81% of Gen Z’s say the budget is a factor in their travel decisions, compared to 57% of boomers. Millennials have an average of 35 vacation days a year.
By sales channel, the market is primarily bifurcated into
• Travel Agents
• Direct
The travel agents segment grabbed dominating market share in 2020. As per a survey by International Air Transport Associations (IATA), 43% of passengers prefer to use a travel agency, travel management company, or corporate travel department to book their flights. More than one-quarter of travelers (27%) always or often used a travel advisor before the pandemic.
Ecotourism Market Geographical Segmentation Includes:
• North America
• Europe
• Asia-Pacific
• Rest of the World
Based on the estimation, the Asia Pacific region donminated the market in 2020. Surging government initiatives across countries are contributing to the market growth. In 2020, Malaysia launched a 10-year plan to focus on ecotourism and preparing for future disasters, and restart its battered tourism sector, which is estimated to have lost more than 100 billion ringgit ($24.61 billion) this year due to the coronavirus pandemic.
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The major players targeting the market include
• Adventure Alternative Ltd
• Arcari Travel
• Frosch International Travel, Inc
• G Adventures
• Intrepid Group Limited
• Rickshaw Travel Group
• Small World Journeys Pty Ltd
• Steppes Travel Ltd
• Travel Leaders Group, Llc
• Undiscovered Mountains Ltd
The degree of competition among prominent regional companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Ecotourism market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Ecotourism market?
· Which factors are influencing the Ecotourism market over the forecast period?
· What are the global challenges, threats, and risks in the Ecotourism market?
· Which factors are propelling and restraining the Ecotourism market?
· What are the demanding global regions of the Ecotourism market?
· What will be the global market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by global companies?
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