According to a recent study by Future Market Insights (FMI), the rural tourism market is poised to reach a valuation of US$ 102.7 billion in 2023. Sales are projected to increase at a healthy 6.8% CAGR, which should result in a market valuation of US$ 198.3 billion in 2033.
Rural tourism essentially means activities that are conducted in locations that are less populated. These locations are predominantly close to farms and agricultural land, and possess scenic natural beauty. Rural tourism is primarily affected by factors such as season and local cultural events.
The market for rural tourism is highly participatory and is anticipated to improve the economic and social well-being of people. In recent years, burgeoning popularity of rural tourism has resulted in the establishment of several local businesses. These businesses are thriving by showcasing local cultures, cuisines, landscapes, and activities.
However, rural tourism development is facing several challenges. For instance, waste is increasing across rural regions in the world where tourism is escalating. These regions do not have the infrastructure to manage waste. As a result, most of the waste is being dumped in the open.
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Players in the market for rural tourism need to find ways of reducing the burden of waste. Governments should also get involved to make people aware of the damage to the environment being done through poor waste disposal practices. Green tourism, a particular sub-segment of rural travel, is picking up pace as a result.
Local players responsible for accommodation, food, and activities for tourists should step up to ensure that visitors follow sustainable practices. They should also maintain a fine balance between profitability and sustainability.
Key Takeaways:
- The global market for rural tourism reached a valuation of US$ 96.9 billion in 2022.
- In 2023, the global market is likely to reach a US$ 102.7 billion
- Between 2023 and 2033, the global market is poised to register a healthy 8% CAGR.
- From 2018 to 2022, the global market recorded a slow CAGR of 9%.
- By booking channel, the online segment is anticipated to hold a noteworthy share of 70% in the rural tourism industry.
- The online segment is set to accelerate at an impressive 4% CAGR in the coming years.
- Elderly people between the age group of 55 to 59 should reflect a CAGR of 5% and drive market expansion.
“From developing local economies to creating multiple job and business opportunities, there are several benefits that rural tourism has to offer. However, it is up to market participants to ensure that the benefits outweigh negative effects of rural tourism such as environmental damage and pressure on hosts to adapt to needs of tourists..”-Says an FMI analyst.
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Who is Winning?
The global market for rural tourism is quite fragmented. As more players enter the market, the fragmentation is likely to increase in the years ahead. Governments are also poised to play a prominent role in accelerating the market through the implementation of sustainable policies and schemes.
Leading players in the rural tourism market include Village Ways, Himalayan Ark, Butterfield & Robinson, World Expeditions, Yatra.com, Condor Airlines, Lufthansa, Singapore Airlines, Martin Randall Exodus Travel, and Beaches of Normandy Tours.
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Future Market Insights, in its new offering, provides an unbiased analysis of the rural tourism market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023-2033.
The study divulges compelling insights on rural tourism by direct suppliers (airlines, hotel campaigns, car rental, train, tour operators, government bodies), indirect suppliers (online travel agency, traditional travel agencies, travel management companies, corporate Buyers, aggregators), age (below 15 years, 16 to 25, 26 to 35, 36 to 45, 46 to 55, over 55), tourism type (agro tourism, farm tourism, wilderness and forest tourism, green tourism, eco-tourism), demographic (male, female, kid), nationality (domestic, international), booking channel (offline booking, online booking), and tour type (individual travel, professional groups, group travels) across 30+ countries.
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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