Heritage Tourism Market

Heritage Tourism Market outlook (2023 to 2033)

As per the latest findings of Future Market Insights, global heritage tourism market revenue is expected to be USD 657.2 Billion by the end of 2023. In the long-term, the heritage tourism market is estimated to reach at around USD 1,316.4 Billion in 2033.

Attribute	Details
Estimated Heritage Tourism Market Size (2023E)	USD 657.2 Billion
Projected Heritage Tourism Market Valuation (2033F)	USD 1,316.4 Billion
Value-based CAGR (2023 to 2033)	7.2%

2018 to 2022 Heritage Tourism Market Outlook Compared to 2023 to 2033 Forecast

As per newly released data by Future Market Insights, the heritage tourism market is estimated at USD 617.0 Billion in 2022 and is projected to reach USD 1,316.4 Billion by 2033, at a positive CAGR of 7.2% from 2023 to 2033.

The fabric of the tourism industry is changing fast with time. Many new streams of tourism are included in the global tourism ecosystem. The popularity of heritage tourism has surged in the last few years. According to data published by the USA government, heritage rich places such as New Jersey attract more than 10 million tourists every year. Countries like India and China are also attracting quite a number of tourists every year and have a prominent place in the heritage tourism segment. The revenue generated by heritage travel is likely to have a rippling effect on the global tourism economy.

A heritage tourism boom has contributed significantly to the GDP of several developing economies of the world. Over the years the development of heritage tourism has impacted the total revenue earning of several countries spread across the globe. Visitor spending on heritage sites has increased considerably. The culturally rich and heritage rich countries are rolling out special promotional measures to showcase heritage sites and to woo visitors.

Millions of enthusiastic visitors queue up in several historical and heritage sites every year. Heritage tourists are beneficial for the tourism industry as these tourists love to spend some extra hours at heritage sites to obtain in-depth knowledge of that place. The boost in heritage tourism can generate a feeling of pride amongst the denizens and it can also elevate the standards of living of the commoners. Heritage tourism is not only a boon to the global economy; it also has a positive effect on the lives of heritage properties.

Religion based travels also play an important role in the promotion of heritage tours and travels. Every year millions of religious travellers travel from one part of the world to other. Heritage tourism is a perfect mixture of education, economy and entertainment.

The global travel and tourism industry was harmed by the COVID-19 outbreak. Due to the strict rules and regulations, the pandemic had a significant impact on the heritage travel market. There was a substantial loss of visitors which led to the key players in this market to experience a financial slump. However, the tourism industry has started to witness a positive growth since then as more people are planning vacations and tours to escape the stressful life that resulted from the pandemic and this positive growth is likely to continue during the forecasted period.

What are the Key Drivers of the Heritage Tourism Market?

Government Initiatives are Likely to Contribute to the Growth of the Heritage Tourism Market

Several governments across the globe are promoting and preserving heritage sites. The Ministry of tourism of India, for instance, launched the Swadesh Darshan initiative to develop theme-based tourist circuits to cater to both mass and specialist tourism. Since its inception in January 2015, it has continuously launched projects which aim to construct world-class infrastructure to promote the country's cultural and heritage value and increase tourist attraction.

The Ministry has also announced the National Mission for Pilgrimage Rejuvenation and Spiritual Augmentation Drive (PRASAD) initiative for the development and beautification of pilgrimage sites in order to tap the growing number of domestic tourists drawn by spiritual/religious sentiments. Another initiative, Adarsh Samark, has selected 100 monuments to become Model Monuments which will be outfitted with basic tourist amenities such as Wi-Fi, security, signage, encroachment-free areas, interpretation centers presenting short films about the importance of monuments.

The Council on Library and Information Resources (CLIR) and Stanford Libraries announced the launch of the Digital Library of the Middle East (DLME), which intends to become one of the world's largest online repositories of Middle Eastern and North African antiquities. This would further lead to a boost of cultural tourism in this region.

Cultural and Natural Heritage are Becoming Increasingly Important at Various Levels of the Economy which has Become a Key Driver of this Market

Heritage, culture, and nature have become synonymous and are now being embraced as tools for social and economic development. Countries can tap into their rich history to gain competitive advantage as tourism industry is more closely associated with the culture and heritage of a country than any other industry.

Heritage has been a direct contributor to the economy and society by generating income and creating employment opportunities which has consequently led to social well-being and the formation of social capital. The relationship between culture and economy has changed from basic preservation of heritage sites to ensuring economic progress. Therefore, countries are trying to preserve their heritage sites and use it as an opportunity to grow their tourism sectors further giving a boost to global heritage tourism.

Restraints of the Heritage Tourism Market

The Tourism Business is Mostly Driven by Private Entities with the Primary Goal of Profit Maximization

There are various difficulties that must be addressed in order to build a successful heritage tourism sector, including considering the different views of tourism operators, cultural heritage managers, and communities themselves.

Tourism operators manage a tourism business and serve customers, but they have challenges in accessing the heritage sites and products they want to visit. Tourism operators rely on a market that can experience significant seasonal change, such as vacation seasons and yearly events. To provide dependable and efficient service to local and international clients, tourism operators try to focus on making money by getting access to all possible sites and facilities in order to attract tourists.

The primary responsibility of heritage managers is to safeguard and conserve the sites under their management. Because of the fragile nature of the cultural monument, public access is frequently prohibited. Aside from tourism operators and heritage managers, there is also the local community where the heritage site is located, which may also be protective of their privacy and concerned about the effects that tourism may have.

Lack of Maintenance of Heritage Sites Has Become a Challenge

Another obstacle is the management of heritage assets. In India, issues such as lack of conservation officers, economic downturns, terrorist activities, lack of strategic collaboration and awareness about the value of cultural heritage assets, and others are common. The involvement of stakeholders, particularly locals, is critical, and it is better to leave conservation approaches to them because they are historically associated with the location and the cultural heritage asset itself.

Category-wise Insights

Which Age Group Prefers Heritage Tourism the Most?

The Heritage Tourism Sector is Dominated by Millennials and Older Generations

Millennial travellers are eager to experiment with new travel opportunities and don't mind stretching their budget. The heritage tourism sector is dominated by an adult population and it plays a very important role in generating revenue. This age group values heritage trips more than normal vacations.

Which Tour Type will have the Maximum Number of Travelers During Forecasted Period?

There Will Be a Surge in the Number of Packaged Travellers

With numerous companies offering distinct services and all-inclusive programs, the 'Packaged Traveler' has become the majority class within this segmentation. The businesses provide heritage tourism programs with various activities, locations, and price ranges, thereby meeting the needs of the majority of the clientele without requiring them to go through several channels for various services, saving them time and money.

Which Booking Channel Do Tourists in the Market Place Prefer?

Online Booking Channels Lead the Booking Channel Segmentation

Planning a trip usually takes a lot of time and effort in terms of research and making the best possible choices. However, the existence of online travel agencies has unquestionably both sped up the procedure and offered clients access to more choices. People who book online prefer to compare travel on booking portals and hotel websites

Competitive Landscape

With the help of Heritage tourism, companies are likely to expand their customer base with attractive packages and services. Few collaborations between companies to boost heritage tourism are

• In partnership with the Beyond the Year of Return campaign, EF Go Ahead Tours, one of the major tour operators, presented a new historical trip package to Ghana in May 2022. This 12-day guided excursion across Ghana's history provides travelers with the opportunity for knowledge and reconnection.
• MyHeritage Ltd. collaborated with Expedia Group to establish the Heritage Travel Hub in November 2021, which will assist tourists in planning the best heritage tour and exploring the regions. Through this collaboration, the companies hope to support the meaningful experience of travelling with the planning of an unforgettable, heritage-focused holiday.

Scope of Report

Attribute	Details
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	USD Million for Value
Key Regions Covered	North America; Latin America; Europe; East Asia; South Asia; Oceania; MEA
Key Countries Covered	United Kingdom, China, India, Greece, Italy, Germany, France, Others
Key Segments Covered	By Direct Suppliers, By Indirect Suppliers, By Number of Bookings, Booking Channel, Visit Purpose, Tour Type, Tourism Type, Consumer Orientation, Age group
Report Coverage	Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives, Spending,
Customization & Pricing	Available upon Request

Heritage Tourism Market by Category

By Direct Suppliers:

• Airlines
• Hotel Companies
• Car Rental
• Train
• Tour Operators
• Government Bodies

By Indirect Suppliers:

• OTA (Online Travel Agency)
• Traditional Travel Agencies
• TMC’s (Travel Management Companies)

By Booking Channel:

• Phone Booking
• Online Booking
• In Person Booking

By Visit Purpose:

• Business Travel
• Leisure Travel
• Education-Employment-Pilgrimage
• Visiting Friends & Relatives

By Tour Type:

• Independent traveler
• Package traveler
• Tour Group

By Tourism Type:

• Domestic
• International

By Consumer Orientation:

• Male
• Female
• Kid

By Age Group:

• Under 15
• 16-25
• 26-35
• 36-45
• 46-55
• Over 55

Frequently Asked Questions

Which Countries Dominate the Global Heritage Tourism Market?

The United States, China, and France dominate the global market.

What is the Growth Forecast for the Heritage Tourism Market?

The heritage tourism market is forecast to register a CAGR of 7.2% through 2033.

How is the Historical Performance of the Heritage Tourism Market?

During 2018 to 2022, the heritage tourism market recorded a CAGR of 5.2%.

Which is the Top Trend in the Heritage Tourism Market?

The growing interest in sustainable tourism is disrupting the current market trends.

What is the Projected Size of the Market by 2033?

The global market size is projected to reach USD 1,316.4 million by 2033.