The adventure tourism market is set to prosper over the next four years according to to a new report published by US firm Allied Market Research.
Over the past few years, adventure tourism industry has grown exponentially with the Covid-19 crisis having a positive impact. After two years of lock-down and restrictions, many travellers appear to be more interested than ever to visit undiscovered destinations.
In addition, an increase in government initiatives in the form of private and public partnerships to promote tourism is helping to fuel the growth of the global adventure tourism market.
According to the study – ‘Adventure Tourism Market by Type, Activity, Type of Traveller, Age Group, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026’ – by Allied Market Research, although there are risks linked to the essence of adventure tourism – unpredictable weather conditions for example – growth of the market will continue.
The report estimates the global adventure tourism market size to grow in value from US$586.3 billion in 2018 to US$1,626.7 billion in 2026, registering a compound annual growth rate (CAGR) of 13.3% from 2019 to 2026.
Adventure tourism is considered a niche area in the sector, which involves exploration or travel to remote exotic areas along with a significant degree of risk. It includes exceptional and challenging experiences during the holiday, in which travellers interact with local populations and connect with their core values. Adventure tourism includes numerous activities such as climbing, hunting, caving, cycling, rafting, hiking.
The key players profiled in the adventure tourism market are Austin Adventures, Inc., G Adventures Inc., Mountain Travel Sobek, TUI AG., ROW Adventures, REI Adventures, InnerAsia Travel Group, Inc., Intrepid Group Limited, Butterfield & Robinson Management Services, Inc., and Abercrombie & Kent Group of Companies S.A.
Europe dominates in the adventure tourism market
In 2018, Europe dominated the global adventure tourism market, generating more than one-third, in terms of value. Asia-Pacific is estimated to witness the highest growth rate during the forecast period.
The soft adventure segment is predicted to generate the highest revenue for the global market by 2026, and is expected to grow at a CAGR of 13.6% during the adventure tourism market analysis period.
The land-based activity segment is estimated to register the highest growth rate, in terms of revenue, with an estimated CAGR of 13.3%.
More details from the study are available here.