Friday, February 2, 2024
The community-based tourism market saw a valuation of $575.9 billion in 2022, with an estimated surge to reach $2136.8 billion by 2032, marking a considerable rise from its value of $136.8 billion in 2023. This information is detailed in the recent report by Allied Market Research, titled “Community Based Tourism Market.” The report delves into various facets, including key investment areas, successful strategies, driving forces, opportunities, market size projections, competitive landscape, and evolving trends.
Sustainable tourism encompasses community-based tourism (CBT), which actively involves local communities in every aspect of the tourist experience. Emphasizing the preservation of cultural heritage, environmental protection, and empowerment of local residents, CBT offers authentic and immersive cultural encounters to tourists. Local involvement is integral to CBT, with residents playing active roles in decision-making, planning, and managing tourism-related activities.
CBT aims to create a mutually beneficial scenario where travelers enjoy enriching experiences, while communities thrive economically and socially. Prioritizing economic benefits for the community, environmental conservation, and the preservation of cultural traditions, CBT has gained attention for its potential to reduce poverty, promote ethical travel practices, and foster a deeper understanding of diverse cultures.
Government initiatives facilitating tourist access and enhancing destination experiences, along with public-private partnerships (PPPs), play a crucial role in promoting and expanding community-based tourism. These partnerships can effectively contribute to tourism product enhancement, development, research, promotion, and marketing.
The community-based tourism market analysis considers age, traveler type, sales channel, and region. Segmentation by age includes Generation X, Generation Y, and Generation Z. Traveler type is bifurcated into solo and group, while sales channels are categorized as travel agents and direct. The analysis based on regions encompasses North America, Europe, Asia-Pacific, and LAMEA.
In terms of age, the Generation Y segment held the largest market share in 2022, accounting for over two-fifths of the CBT market revenue. This segment is expected to maintain its dominance throughout the forecast period, driven by Generation Y’s inclination toward wellness tourism, community-centered travel, and a preference for genuine cultural interactions.
Regarding traveler type, the group segment captured more than four-fifths of the CBT market revenue in 2022 and is projected to sustain its leadership. Group travel, encompassing family, friends, couples, students, corporations, pilgrimage, and wellness groups, is favored for its cost-effectiveness, safety, and practicality.
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Sales channel analysis reveals that travel agents held the highest market share in 2022, accounting for over four-fifths of the CBT market revenue. Travel agents, serving as seasoned advisors with extensive local knowledge, are in demand due to the growing popularity of custom tours and the assurance of a smooth vacation experience.
Regionally, Asia-Pacific dominated the community-based tourism market in 2022 and is expected to maintain its position during the forecast period. The region’s growth is attributed to a sizable millennial population, rising disposable income, improved infrastructure, and rich cultural diversity. Key players in the community-based tourism industry include G Adventures, Intrepid Travel, Local Alike, Village Ways, Elevate Destinations, Responsible Travel, Community Homestay Network, The Blue Yonder, Wilderness Travel, and WANDERLUST INDONESIA.
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
