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Sustainable Tourism Market to Hit $8.73 billion by 2031: Coherent Market Insights,

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The global sustainable tourism market, valued at $2.61 billion in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to $8.73 billion by 2031, as per a recent report by Coherent Market Insights. Companies covered: Wilderness Safaris, Basecamp Explorer AS, Wild Frontiers Adventures Travel, Beyonder Experiences, Bouteco, Cheeseman’s Ecological Safaris, G Adventures Inc., Gondwana Ecotours, Inkaterra, Intrepid Group Pty Limited, LooLa Adventure Resort, NATIVE TOURS, INC., Natural Habitat Adventures, Responsible Travel, Row Adventures, Sustainable Travel International, Tourism Holdings Limited, Undiscovered Mountains, and Vagabond Tours Limited

Burlingame, June 10, 2024 (GLOBE NEWSWIRE) — The global sustainable tourism market size was valued at US$ 2.61 Billion in 2024 and is expected to reach US$ 8.73 Billion by 2031, growing at a compound annual growth rate (CAGR) of 18.8% from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Increasing environmental concerns among tourists as well as tourism organizations is driving the growth of sustainable tourism market. Tourists are increasingly concerned about damage caused to local environments and cultures by mass tourism and are seeking travel options that are more sustainable and ethical.

Market Dynamics:

The sustainable tourism market is primarily driven by rising consumer preference for eco-friendly travel experiences. According to a survey conducted by Booking.com in 2021, over 80% of global travelers prefer sustainable travel options. Further, growing awareness about climate change and its impacts is encouraging travelers to choose tourism activities and destinations that minimize environmental footprint. Additionally, implementation of favorable government policies and regulations to promote sustainable development in the tourism industry across various countries is also aiding market growth. For instance, European Commission adopted “A Sustainable European Tourism: Towards a European Agenda for Tourism Competitiveness and Sustainability” in 2013 to develop sustainable tourism in Europe.

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Market Trends:

Introduction of sustainability certification programs and frameworks is one of the key trends being observed in the sustainable tourism market. Certifications help tourism businesses to measure, benchmark and improve their sustainability performance. Some popular certifications offered include Travelife, Green Key, and Green Globe. Moreover, advancement in technology is playing a vital role in enabling sustainable tourism practices. For instance, deployment of IoT, virtual and augmented reality is allowing stakeholders to develop innovative solutions for real-time monitoring of resource usage, waste generation and managing visitor traffic flow. This helps in improving the environmental and socio-economic impact of tourism activities.

Sustainable Tourism Market Report Coverage

Report Coverage

Details

Market Revenue in 2024

$2.61 billion

Estimated Value by 2031

$8.73 billion

Growth Rate

Poised to grow at a CAGR of 18.8%

Historical Data

2019–2023

Forecast Period

2024–2031

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Type, By Traveler Type, By Age Group

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Growth Drivers

• Rising environmental awareness

• Rise of experience-seeking travelers

Restraints & Challenges

• Lack of standardization and certification for sustainability practices

• Absence of common standards and certification

Market Opportunities:

Ecological tourism focuses on learning about nature and sustainability. It involves visiting natural areas including forests, rivers, coastlines and visiting protected areas. Tourists participate in activities such as hiking, camping, wildlife viewing and interacting with local communities that depend on these ecosystems for their livelihoods in a sustainable manner. Ecological tourism promotes environmental conservation and supports green jobs and economies in local communities. It accounted for over 30% of the global sustainable tourism market in 2024.

Community-based tourism involves small local communities hosting travelers and tourists. It promotes socio-cultural interactions between hosts and guests and supports local livelihoods. Tourists stay with local families, participate in their daily activities, experience the local culture and cuisine. This helps empower communities economically by generating local income and employment. It ensures benefits directly reach the local community. This segment is expected to grow at a CAGR of 20% during 2024-2030.

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Key Market Takeaways

The global sustainable tourism market is anticipated to witness a CAGR of 18.8% during the forecast period 2024-2031, driven by rising environmental concerns and demand for responsible travel experiences.

On the basis of tourism type, the international tourism segment accounted for over 65% market share in 2024. The domestic tourism segment within countries is also gaining ground supported by ‘staycations’ and visiting local destinations as a result of travel restrictions during the pandemic.

By age group, the millennial segment ranging from 22-39 years is expected to be the highest spending group. They are more inclined…



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2024-06-10 15:10:00

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