Exploring Ethical Travel: Sustainable Tourism Market Predicts 23.8% CAGR Growth by 2034

The global sustainable tourism market value in 2024 is estimated to be US$ 1,511,465.9 million. The overall market witnessed a severe setback during the pandemic years that decreased the total market valuation from 2,200,800 million in 2019.

The global demand for sustainable tourism services is expected to rise at a promising rate of 23.8% from 2024 to 2034. The sustainable tourism industry valuation is expected to reach US$ 12,815,005 million by the end of this forecast period.

With a rise in environmental awareness on a worldwide scale and growing efforts to lessen their influence on the environment travelers worldwide are selecting sustainable tourism choices. Eco-friendly materials, trash minimization, and energy efficiency are among the sustainable measures that traditional tourism industry participants are adopting to attract such clients. Moreover, a focus on helping out local communities has improved the general perception regarding eco-tourism practices and is expected to fuel the market through the projected years.

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Key Takeaways from the Sustainable Tourism Market Study Report

The global market is poised to witness an absolute growth opportunity of roughly US$ 11,300, 000 million over the next ten years.
The United States is expected to account for a significant market share and grow at a rate of 8% through the projected years.
Demand for sustainable tourism services in Germany is expected to grow at a rate of 4.8% from 2024 to 2034.
The United Kingdom regional market is forecasted to thrive with a CAGR of 5.5% during the projected years.
The sustainable tourism industry in China is anticipated to expand at a rate of 24.9% per year till 2034.
India is figured to witness the most lucrative CAGR of 27.1% during the forecast years.

Competitive Landscape for the Sustainable Tourism Market Participants

The overall market is currently diversified as companies providing sustainable tourism solutions are spread across historical sites and natural ecosystem hotspots. However, a few players have successfully established chains or networks of hotels and travel facilities in lucrative tourism destinations.

“More than 70% of visitors nowadays are choosing sustainable tourism options witnessing the effects that tourism has on the environment while on holiday. Public organizations are also raising awareness about sustainable tourism to counteract the damaging impacts of mass tourism on the environment.” – says a lead analyst at FMI

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Recent Developments by the Sustainable Tourism Industry Participants

In December 2023, the World Sustainability Organization added the Sustainable Travel Agencies Certification to its list of multi-industry certifications. Travel agencies that prioritize sustainable tourism are intended to receive recognition through this accreditation. Travel agencies who take steps to minimize, reuse, and recycle all waste products, besides following the regulations pertaining to safe and equitable working conditions for partners and workers, are granted this certification. They also have to give 1% of their profits to charitable or environmental causes and offer at least 10% of their travel packages to support these causes.

In January 2024, a new tour operator Sustainable Journeys was established in the United Kingdom to assist individuals in making the transition to more environmentally friendly travel. It offers itineraries and unique travel experiences for travelers to explore while taking into account social inclusivity, environmental conservation, and economic benefits to local communities. The operator also emphasizes lowering traveler emissions by using the train, driving an electric car, taking a bus, biking, hiking, and staying at environmentally conscious lodging.

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