The global ecotourism market garnered $92.2 billion in 2019, and is estimated to generate $103.8 billion by 2027, manifesting a CAGR of 2.5% from 2021 to 2027, says a report.
The Allied Market Research report says increase in travel and tourism to unique destinations, inclination toward exploration of wildlife, coral reefs, and pristine undisturbed natural areas, and surge in focus on sustainability drive the global ecotourism market.
However, low availability of accommodation and limited availability of quality and hygienic restaurants at destinations hinder the market growth. On the other hand, public-private partnerships in the form of subsidising air routes to remote tourist destinations, improvement of transport capabilities, and providing ease of access create new opportunities in the coming years, said the report.
Surge in travel and tourism toward unique attractions, preference for exploration of wildlife, coral reefs, and remote natural areas, and focus on sustainability fuel the global ecotourism market. However, lack of proper accommodation and scarcity of quality and hygienic restaurants at destinations restrain the market growth, it said.
Based on region, North America is projected to witness the highest CAGR of 16.2% during the forecast period, owing to a large number of environment-conscious travellers and rapid adoption of digital media to search and travel to new destinations. However, Asia-Pacific held the largest share in terms of revenue in 2019, accounting for nearly two-fifths of the global ecotourism market, and will 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 infrastructure.
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