Fri, 09 Dec 2022

The responsible tourism market size is estimated to reach a valuation of US$ 240.23 Bn in 2022. Sales are projected to increase at a 5.48% CAGR, with the market size reaching US$ 409.57 Bn by 2032.

The Responsible Tourism market is forecasted to grow at a stable rate throughout the forecast period. The need for environmentally, economically, and socially responsible tourism practices has given rise to this type of tourism.

Customers are actively trying to make their tours and trips as responsible as possible; with this increasing demand from customers, the firms are catching up with lucrative packages that ensure a responsible tour.

This has helped the market grow at a good speed while creating employment opportunities for the locals of the tourist spot. The market is expected to rise further with the customer base increasing as more awareness is spread across the world.

Socially responsible tourism has been a popular option since the period of globalization, with a strong sentiment toward improving the geopolitical situation, there arises a need to socialize and integrate with different cultures from around the world. This has led to people traveling to different places across the world while ensuring that they respect the local culture and help it improve financially. The creation of jobs for locals has also seen a drastic improvement since the rise of responsible tourism, with tourists helping immensely by contributing through their tourism activities.

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Key Takeaways from the Responsible Tourism Market Study:

  • Asia Pacific region holds the majority share of the market, accounting for 38% of the market.
  • Some of the leading countries in the market are India, South Africa, New Zealand, Mexico, and Indonesia.
  • Environmentally responsible tourism is the leading category in the market.
  • Packaged travellers remain the majority in the market.
  • A positive impact on tourist satisfaction has been found when responsible tourism is practiced.
  • Online booking channels are the most preferred among consumers in the responsible tourism market.

"Helping local economies and creating employment opportunities will be one of the main goals in the responsible tourism sector" - FMI Analyst said.

Impact of COVID-19

The COVID-19 epidemic has impacted practically all of the world's main markets. This included the total shutdown of the responsible tourism industry, which was severely harmed by the pandemic. The global lockdown had a significant impact on the market; it was implemented to curtail social activities and the transmission of the virus. Tourism-related activities had to completely stop as a result.

Following the epidemic, the market did recover as the major companies innovated their products and worked to make up for their losses. Owing to the rise in individuals wishing to venture outside and partake in outdoor activities they were unable to participate in due to the epidemic, the sector is anticipated to experience a boom in visitors.

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Who is winning?

The market players are looking to become recognized, as responsible tourism practices rise due to the rising consumer demand for responsible travel. Additionally, the businesses hope to offer consumers packages to places that are less frequently visited by tourists. This along with grabbing the increasing government initiatives

The key players in the responsible tourism market are Intrepid Travel, Much Better Adventures, Undiscovered Mountains, Adventure Alternative, Justice Travel, Global Himalayan Expedition, and European Safari Company.

The Responsible Tourism Market by Category

By Benefit Type:

  • Economic
  • Social
  • Environmental

By Booking Channel:

  • Phone Booking
  • Online Booking
  • In Person Booking

By Tourist Type:

  • Domestic
  • International

By Tour Type:

  • Independent Traveler
  • Package Traveler
  • Tour Group

By Consumer Orientation:

  • Men
  • Women

By Age Group:

  • 15-25 Years
  • 26-35 Years
  • 36-45 Years
  • 46-55 Years
  • 66-75 Years

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The post Responsible Tourism Market Size is Poised to Reach a Valuation of US$ 240.23 Bn in 2022 | FMI appeared first on Future Market Insights.

Original Source of the original story >> Responsible Tourism Market Size is Poised to Reach a Valuation of US$ 240.23 Bn in 2022 | FMI

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