Friday, March 22, 2024
The recent study released by Allied Market Research, entitled “Community Based Tourism Market,” offers a comprehensive overview, including insights into the most attractive investment opportunities, successful strategies, drivers and prospects, market size and forecasts, competitive dynamics, and evolving trends. The analysis delves deep into changing trends, key market segments, top investment areas, regional landscapes, the strategic framework of Porter’s Five Forces, and the competitive environment. Valued at $575.9 billion in 2022, the community-based tourism (CBT) market is projected to surge to $2136.8 billion by 2032, expanding at an annual growth rate of 14.1% from 2023 to 2032.
CBT, a facet of sustainable tourism, engages local communities in all aspects of tourism, emphasizing cultural preservation, environmental protection, and local empowerment, thereby providing travelers with authentic cultural experiences. It aims for mutual benefits, enhancing travelers’ experiences while fostering economic and social growth in communities through a focus on community economic benefits, environmental conservation, and cultural preservation. This approach has garnered attention for its potential in poverty reduction, promoting responsible travel, and fostering a deeper understanding of diverse cultures.
Governments have initiated various measures to enhance tourist accessibility and improve destination experiences to bolster CBT. Public-private partnerships (PPPs) are seen as crucial for the development and enhancement of tourism offerings, ranging from collaborative efforts to significant infrastructure projects, playing a key role in transforming CBT.
The market analysis segments CBT by age, traveler type, sales channel, and region, noting significant trends like the dominance of Generation Y in 2022, primarily due to their interest in wellness and community-centered travel, and their inclination towards exploring new cultures for meaningful engagements. Moreover, the group travel segment led the market in 2022, favored for its cost-effectiveness and the enhanced bonding it facilitates. Travel agents, responsible for crafting bespoke travel experiences, dominated the sales channel segment, reflecting their crucial role in the CBT ecosystem due to their expertise in destination knowledge and personalized service.
Region-wise, Asia-Pacific led the market in 2022, a trend expected to persist, driven by its large millennial population, increasing disposable incomes, and improved infrastructure, alongside its rich cultural diversity and attractive tourism destinations, with countries like China, Japan, Australia, and India being key outbound travel markets.
Key players in the CBT sector include G Adventures, Intrepid Travel, Local Alike, Village Ways, Elevate Destinations, Responsible Travel, Community Homestay Network, The Blue Yonder, Wilderness Travel, and WANDERLUST INDONESIA, showcasing a vibrant and dynamic market poised for continued growth and innovation.
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
