ADVENTURE TOURISM SET TO PROGRESS BY 15% ANNUALLY TO 2027
A study by Research Dive projects that the global adventure tourism market is likely to register a revenue of US$1.8bn (eds. €1.54bn) by 2027 thanks to a Compound Annual Growth Rate (CAGR) of 15% from 2020 to 2027.
A growing interest for people to explore new destinations, including various activities in nature, cultural exchange, and physical activities, are the major factors anticipated to accelerate the growth of the global adventure tourism market over the forecast period. Furthermore, the incorporation of novel technologies such as artificial intelligence, virtual reality and other technologies by key operators are estimated to create massive growth opportunities for the global adventure market by 2027. However, the possible risks involved in adventure tourism such as unpredictable climate changes, cultural & language loss, and habitat loss are factors that may restrict market growth in the coming years.
By type, the soft adventure tourism sub segment dominated the global market in 2019 and is expected to continue its prominent growth during the forecast period. The growth of the sub-segment is mainly due to the benefit of lower risk rates and minimal experience requirement. In addition, the growing popularity of soft adventure among young people is expected to boost the sub-segment’s growth by 2027.
By activity, the land-based activity sub-segment valued at around US$380m (eds. €326m) in 2019 and is predicted to account for the majority of market share during the analysis period. This is mainly due to the huge demand for land-based activities such as trekking, cycling, and wildlife safaris among all the age groups.
By type of traveller, the family sub-segment valued at around US$168m (eds. €144m) in 2019 and is projected to experience significant growth by 2027. This is mainly because adventure trips encourage family members to spend quality time together.