Global Sustainable Tourism Market 2019-2023 | 10% CAGR Projection Over the Next Five Years | TechnavioThe Associated Press
LONDON--(BUSINESS WIRE)--Apr 15, 2019--The global sustainable tourism market 2019-2023 is expected to post a CAGR of more than 10% during the forecast period, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global sustainable tourism market from 2019-2023. (Graphic: Business Wire)
There is an increase in shift toward local and authentic traveling among tourists. Many tourists are exploring local communities and prefer to buy their products instead of souvenirs. They use public transport to travel and eat at restaurants that use local ingredients. This new form of tourism has become popular among tourists and is expected to drive the global sustainable tourism market during the forecast period.
As per Technavio, the rising popularity of organic sustainable tourism will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global sustainable tourism market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global sustainable tourism market: rising popularity of organic sustainable tourism
Organic sustainable tourism is gaining popularity around the world. The awareness about organic food and accommodation that has less impact on the environment has increased among tourists. Many tourism operators are leveraging this trend by providing organic food and accommodation options. Many such developments are expected to contribute to the growth of the global sustainable tourism market.
“ There is a rise in the number of people traveling international destinations. This is influenced by various campaigns such as Malaysia, Truly Asia by the Malaysian Government, Incredible India by the Indian Government, and Tourism Australia by the Australian Government. Many such campaigns are attracting a significant number of tourists every year. Many developing countries such as China and Brazil are classifying different types of tourism activities that is encouraging locals to experience different types of tourism activities in the country. Hence, various initiatives by the regional governments toward tourism will drive the growth of the market ”, says an analyst at Technavio.
Global sustainable tourism market: segmentation analysis
This market report segments the global sustainable tourism market by type (domestic and international) and geography (APAC, Europe, MEA, North America, and South America).
Europe led the market in 2018, followed by North America, APAC, South America, and MEA respectively. The dominance of Europe can be attributed to the region’s focus toward sustainable development.
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