The global adventure tourism industry currently stands at a market value of USD 292 billion in the year 2022, and is expected to achieve a market value of USD 1, 491. 5 billion by the year 2033 to grow at a CAGR of 16.2%.
Undefined the market in adventure travel appears to be growing which may be associated with increase in traveller interest and affordable flight costs.
Adventure tourism includes domestic and international traveling which is an engaging in adventurous activities like Rafting, Trekking, Cycling, Caving among others natural environment, cultural experience. This ensures that biological and cultural diversity is encouraged by offering pragmatic and economically sustainable options of creating revenue for regional and private sectors. Now, adventure tourism has emerged to be more popular than the conventional mass tourism all over the world for its flexibility, ability to enhance the economic status, and advocacy for sustainable purposes.
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.
| Report Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 292 billion |
| Expected Market Value (2023) | USD 338.4 billion |
| Projected Forecast Value (2033) | USD 1,491.5 billion |
| Anticipated Growth Rate (2023 to 2033) | 1 6.2% CAGR |
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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 USD 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
Another factor influencing the adventure tourism market is the growing need for personalization and the desire to appreciate the uniqueness of a place. This is mainly propelled by factors such as: urbanization, increased disposable income, effects of social media, and cheap flight charges.
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.
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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.
User-friendly websites offering a plethora of options
An increasing number of adventure tourists across the globe have shown a preference towards booking their tours and packages through direct channels due to the tailored experience and convenience. Key initiatives taken by market players such as online campaigns, and social media advertising, among others are expected to attract prospect customers to initiate their bookings through direct booking mode.
Consumers can compare, explore and analyze adventurous packages by themselves. This, in turn, is attracting people to use direct channels. All these factors ae boosting the use of direct channels. Direct booking mode captured the largest revenue share and accounted for a revenue share of 65% in 2022.
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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.
Key start-up players in the adventure tourism market are TraWork, The Unhotel Co, Travelfloss, Anygo, Savely, Wayfinder, 2BLocal and GoBuddy.
The top market players are dedicated to creating new goods, while also moving quickly to make investments and complete mergers and acquisitions. The key industry participants' increasing innovation is creating a competitive environment for new market entrants.
The key players in this market include:
Some key developments in the adventure tourism domain are as follows:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 16.2% from 2022 to 2032 |
| Market value in 2023 | USD 338.4 billion |
| Market value in 2033 | USD 1,491.5 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Activity Type, Group, Booking Mode, Age Group, Region |
| Regions Covered |
North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Countries Profiled |
United States, Canada, Mexico, Brazil, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, Japan, China, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled |
Intrepid Group Ltd.; Mountain Travel Sobek; G Adventures; Geographic Expeditions Inc.; Discovery Nomads; Row Adventures; Austin Adventures Inc.; Butterfield & Robinson Inc.; Tui Group; Cox & Kings Ltd. |
| Customization & Pricing | Available on Request |
The market is valued at USD 338.4 billion in 2023.
Intrepid Group Ltd., and Mountain Travel Sobek are key market players.
The market is forecast to register a CAGR of 16.2% through 2033.
From 2018 to 2022, the market registered a CAGR of 11.1%.
Rising influence of social media is encouraging the market growth.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Soft 5.2. Hard 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Group 6.1. Groups 6.2. Family 6.3. Couples 6.4. Solo Travellers 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Booking Mode 7.1. Direct 7.2. Travel Agents 7.3. Marketplace 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Age Group 8.1. 28 and Under 8.2. 29-40 8.3. 41-50 8.4. 51-60 8.5. 61-70 8.6. 71 and Over 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Intrepid Group Ltd. 19.2. Mountain Travel Sobek 19.3. G Adventures 19.4. Geographic Expeditions Inc. 19.5. Discovery Nomads 19.6. Row Adventures 19.7. Austin Adventures, Inc. 19.8. Butterfield & Robinson Inc. 19.9. Tui Group 19.10. Cox & Kings Ltd. 20. Assumptions & Acronyms Used 21. Research Methodology
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Adventure Tourism Market
