Business

Increasing Government Support is Contributing to the Growth of the Alternative Tourism Market

Posted on by Neha Malakar

Alternative tourism market is anticipated to grow at a considerable CAGR of 6.9% during the forecast period (2024-2031). The market growth is driven by the surge in new and innovative tour packages that cater to the evolving demands and interests of travelers. Additionally, the growing funding from the government and other organizations to support the tourism industry is anticipated to drive the market for alternative tourism. The global alternative tourism market is segmented by Tourism Type (Ecotourism, Dark Tourism, Volunteer Tourism, Rural Tourism, and Others), by Tour Package (Independent Traveller, Tour Group, and Package Traveller), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).

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Market Dynamics

  • The ecotourism segment is anticipated to register significant growth for the forecast period. The segmental growth is attributed to the rise in disposable income and growing initiatives to fund and support eco-tourism and sustainable tourism practices. Additionally, the growing launches of new and attractive packages from the key market players are anticipated to drive segmental growth.
  • The Asia-Pacific region is anticipated to account for a significant share of the alternative tourism market during the forecast period. This is attributed to the rich cultural diversity, with many different ethnic groups, religions, and traditions. The region is also equipped with natural attractions, such as beaches, mountains, rainforests, and wildlife travel, and is often more affordable compared to other destinations.

The major players in the global alternative tourism market include Expedia, Inc., priceline.com LLC, China Cyts Tours, American Express Global Business Travel, Carlson Wagonlit Travel, Bcd Travel (BCD Group), and others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.

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Recent Developments

  • In September 2024, Ministers responsible for tourism across the Intergovernmental Authority on Development (IGAD) region launched the Sustainable Tourism Master Plan (STMP) 2024-2034. The plan is jointly developed with the United Nations Economic Commission for Africa (UNECA) and lays out a strategic vision for sustainable tourism across the IGAD member states.
  • In September 2024, the OleotourJaén Tourism Sustainability Plan obtained €4.5 million from the 2022 National Food and Wine Plan. The province of Jaén has been given more than €40 million in aid to 18 18 sustainability, digitalization, and heritage plans.
  • In August 2024, India and Malaysia signed a Memorandum of Understanding (MoU) between the Ministry of Tourism, Government of the Republic of India, and the Ministry of Tourism, Arts and Culture, Government of Malaysia to strengthen cooperation in the field of tourism. Malaysia is important to inbound tourism for India. In the year 2022, more than 2.5 lacs of Malaysian tourists visited India.

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Neha Malakar