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Global sustainable tourism growth to reduce by USD 130bn due to inability of developing countries to implement policies: Technavio

Friday, December 18, 2020, 12:15 Hrs  [IST]
HBI Staff | Mumbai

Market research firm Technavio estimates the global sustainable tourism market growth to reduce by USD 130.12 billion and accelerate at a CAGR of about -5% during 2020-2024. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

The rising popularity of sustainability practices is driving the demand for sustainable tourism globally, according to the latest #marketresearch report by Technavio. The market is driven by the shifting preference toward local and authentic experiences. However, the inability of developing countries to implement sustainable tourism policies might challenge growth.

Based on the type, the market saw maximum growth in the domestic segment in 2019. The segment is driven by the tourists’ familiarity with the country’s sustainable tourism policies and rules. Besides factors such as the growing middle-class population and the government support for promoting new tourist locations are fueling the growth of the segment.

MEA was the leading geographical segment in the market in 2019. Countries such as Qatar and the UAE are promoting their sustainable tourism sectors by launching awareness campaigns and presenting industry awards. In addition, the rising focus on infrastructural development in the region will provide several opportunities for market players during the forecast period.

Qatar and the UAE are the key markets for sustainable tourism in MEA. Market growth in this region will be faster than the growth of the market in South America, North America, and Europe.

 
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