The global adventure tourism industry held a market value worth US$ 292 billion in 2022, and it is anticipated that it will reach a market value of US$ 1,491.5 billion by 2033, growing at a CAGR of 16.2%. The market for adventure travel is expanding, which may be linked to rising traveler interest and reasonably priced airfares.
Adventure tourism involves domestic and international traveling that entails various adventurous activities such as rafting, trekking, cycling, caving, among others, natural environment, and cultural immersion. It provides practical and cost-effective incentives to promote bio-cultural variety while bringing in revenue for regional and private sectors. Adventure tourism is now becoming more popular than traditional mass tourism across the globe due to its adaptability, ability to support economies, and promotion of sustainable practices.
The adventure tourism industry witnessed humongous growth and related spending due to the increased number of travelers in recent years. Driven by rising income levels in developing geographical locations and reduction in prices of costs in aviation and accommodation, the demand for adventure tourism is expected to expand. The number of international tourists has increased to an exorbitant number, thus, favoring the growth of the market.
Adventure Tourism Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2033)
The global demand for adventure tourism market is projected to increase at a CAGR of 16.2% during the forecast period between 2023 and 2033, reaching a total of US$ 1,484.01 billion in 2032, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 11.1%.
Most countries applied a ban on tourist spots to curb the virus. Post pandemic, different geographical locations have lifted the restrictions and are welcoming tourists with attractive packages. This, in turn, is positively influencing the market for adventure tourism.
Aggressive advertising by travel and tourism companies along with companies investing in websites to make booking user-friendly is propelling the revenue of adventure tourism. With more local and international players penetrating the market, the sales of adventure market are expected to escalate.
Digitalization of Vacation Planning offering best Travel Packages to Customers
Travel agencies across the globe are launching quick, mobile-friendly websites that are simple to use on smartphones. These services provide peer evaluations, 360-degree video tours, and straightforward pricing comparisons. This helps tourists in understanding the travel location, benefits, and the places they would like to visit.
Online vacation planning and booking among travelers is gaining popularity. This, in turn, is providing a profit outlook for the adventure tourism business together. Expanding internet penetration offers is helping travel agencies and people to choose the best, avail and offer the best vacation spots in budget-friendly prices.
Customized, Individualized Travel Experiences demand to Bode Well for Adventure Tourism Service Providers
A key driver of the adventure tourism market is the increasing demand for an authentic and individualized travel experience. This, in turn, is largely driven by driven by rapid urbanization, rising disposable incomes, the impact of social media, and economical airline tickets.
Key industry players are working together with marketing firms to draw in high-value clients through internet marketing, which is helping to increase demand for adventure tourism around the globe. Government organizations in many nations are also encouraging adventure tourism since it generates job opportunities and has a positive impact on community development. This, in turn, is increasing the global appeal of adventure tourism is anticipated to rise as a result.
Expensive Packages and Environmental Changes restraining Growth
Unpredictable climate change and environmental degradation due to careless behavior of travelers is affecting the growth of adventure tourism market. The risk of cultural and linguistic loss is looming heavily looming on the adventure tourism industry. Increasing prices of travel to certain geographical locations along with war like situation is derailing the progress of adventure tourism market.
Travelers are not traveling with companies that travel sustainably and are environmentally friendly. Certain tourism companies fail to deliver the service promised by them. This leaves the travelers unattended and stressed. Absence of safety measures in the adventure tourism package is further hampering the growth of the market.
Soft Adventure Tourism Takes the Cake in the Global Market
Inclination towards activities like trekking, hiking, cycling, camping, and scuba diving by all age groups is contributing to soft adventure growth. Soft adventure activities have a low-risk level and thus have become popular among adventure enthusiasts and grazers. Soft adventure is gaining popularity by people who are open to experimenting and traveling.
Soft adventure tourism is seeking extraordinary adventure experiences with low or no risk. Growth in demand for soft adventure activities among the elder age group is expected to drive market growth. The soft adventure segment was anticipated to possess 62.5% of market share for adventure tourism market in 2022.
Solo Travelers visiting Europe’s Undiscovered Tourist Spots
Improving the business environment, rising income levels, and government initiatives to promote tourism and travel activities are positively influencing the market for adventure tourism market in Europe. There is a tremendous demand for adventure tourism since Europeans appreciate the sense of exploring new areas. This factor is anticipated to fuel market expansion throughout the continent of Europe.
Rising visitor numbers also contribute to and highlight the region’s social and cultural worth by creating profits, supporting employment, and encouraging investment in addition to serving as a driver for economic growth. It is projected that the number of online travel agencies will increase in the next years due to an escalating number of independent/solo travelers. In 2022, the European adventure tourism market was expected to possess a 35.5% market share.
Adventure Tourism driving Employment and Economic Growth
Tourists from countries like India, China and Japan have shown a keen inclination towards exploring different parts of the world as well as the region. Government initiatives to promote adventure tourism especially in India is not only driving employment but also economic growth of the region.
Surveys state that intra-regional visitor arrivals would increase rapidly in Asia Pacific in the upcoming years. Asia Pacific has a plethora of opportunities for people of all age groups for leisure and adventure activities. The Asia Pacific group travel business has been considerably encouraged and accelerated by economic growth, loosening of travel restrictions, increased competition, and aggressive promotion techniques used by the involved players in the sector together with the regional government. The Asia Pacific was estimated to possess a 30.5% market share of the market in 2022.
Exotic Nature and Leisure Activities attracting Tourists
Countries such as United States, Mexico and Canada are attracting majority of travelers owing to the scenic spots they offer. With the region being largely developed, traveling across the same has become easier. Easy connectivity from all part of the world along with cheaper flight rates is accelerating the sales for adventure tourism in the region.
Government authorities from the region are aggressively marketing tourists’ spots of the region to other parts of the world. North America is a travel-friendly place as it has a mixture of cultures and has people of different countries visiting it regularly. With the presence of dense forest, wild forests and leisure activities, the region is attracting tourists across the globe. North America was estimated to procure a 25.9% market share in 2022.
Start-ups operating in the Adventure Tourism Market
Key start-up players in the adventure tourism market are TraWork, The Unhotel Co, Travelfloss, Anygo, Savely, Wayfinder, 2BLocal and GoBuddy.
2BLocal, a key start-up player in the adventure tourism market is focusing on providing authentic tourism to tourists by introducing tourists to the local lifestyle of the place along with helping them to explore the natural habitats of the place.
Three surf camps in Portugal, Bali, and Nicaragua make up the Rapturecamps network, which aims to give visitors from all around the world top-notch surf holidays and surfing instruction. They are here to assist to get the most out of the surfing experience, no matter if the traveler is a beginner searching for a surf school or a veteran surfer wishing to find new surf breaks.
These insights are based on a report on global adventure tourism industry by Future Market Insights.
The article The global adventure tourism industry to reach a market value of US$ 1Kbn. by 2033, says FMI Inc. first appeared in TravelDailyNews International.
Go to Source
Author: Tatiana Rokou