Community based tourism Market Expected to Reach $ 2136.8 Billion, Globally, by 2032 at 14.1% CAGR--Allied Market Research

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Nov 09, 2023, 10:10 ET

Community based tourism market is driven by rise in sustainable tourism practice, increased digital and social media influence, surge in cultural immersion and growth in adventure and nature tourism. Moreover, the rapid technological advancement in the tourism industry has led to change in dynamics and made it easier for both customers and organizers to organize the market smoothly

PORTLAND, Ore., Nov. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Community Based Tourism Market by Age ( Generation X, Generation Y, and Generation Z) , Traveler Type ( Solo and Group ), and Sales Channel (Travel Agents and Direct ): Global Opportunity Analysis and Industry Forecast, 2023–2032 : Global Opportunity Analysis and Industry Forecast, (, 2022–2032". According to the report, The global Community Based Tourism Market was valued at $575.9 billion in 2022, and is projected to reach $2136.8 billion by 2032, growing at a CAGR of 14.1% from 2023 to 2032.

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Prime determinants of growth

The growth of the community based tourism industry is majorly driven by many factors. Market expansion for community based tourism is significantly fueled by the tourism sector. Community-based tourism has been increasingly adopting sustainable practices. Travelers are seeking experiences that minimize their impact on the environment and benefit local communities. This trend includes eco-friendly accommodations, waste reduction, and responsible wildlife and nature tourism. Moreover, the role of digital and social media in promoting community-based tourism has grown. Travelers are involved in using platforms like Instagram, Facebook, and travel blogs to discover and share authentic experiences, which has helped smaller, community-based businesses reach a wider audience.

Report coverage & details:

Report Coverage	Details
Forecast Period	2022–2032
Base Year	2022
Market Size in 2022	$ 575.9 billion
Market Size in 2032	$ 2136.8 billion
CAGR	14.1 %
No. of Pages in Report	290
Segments covered	age, traveler type, sales channel, and region.
Drivers	Rise in self-sustained and locally managed economy Increased value and protection of local culture Surge in demand for authentic cultural experience in the tourism industry
Opportunities	Public-private partnerships to create lucrative opportunities for destinations
Restraints	Inadequate support infrastructure challenging market expansion Sustainability is a long-term challenge for community based tourism

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The Generation Y segment to maintain its leadership status throughout the forecast period

Based on age, the Generation Y segment held the highest market share in 2022, accounting for more than two-fifth of the community based tourism market revenue and is estimated to maintain its leadership status throughout the forecast period. Generation Y has shown recently that they have a soft spot for wellness tourism and travel centered around communities. Furthermore, people in this age range are more likely to research nearby groups and cultures in search of genuine and significant interactions. Furthermore, as they are in the family life stage, they place a high priority on family vacations. Family vacations might be better off being replaced by CBT since it usually offers a secure, immersive setting where children can learn about a variety of cultures and geographical areas. They travel more than any other group and comprise the largest generation. Millennials nowadays would rather have one-of-a-kind experiences than amass material possessions. In addition, as generation Y is highly environmentally sensitive and seeks unique experiences, community-based tourism has become more and more popular with this group of people.

The group segment to maintain its leadership status throughout the forecast period

Based on traveler type, the group segment held the highest market share in 2022, accounting for more than four-fifth of the community based tourism market revenue and is estimated to maintain its leadership status throughout the forecast period. A family group, a group of friends, a couple on vacation, a group of students, a group from a corporation, a group on a pilgrimage, a group for wellness, or a group on a tour are considered in group segment. Moreover, the lower costs associated with group travel influence travelers' preferences. Bonding is facilitated by shared experiences and interests. Individual travel is far less affordable, safe, and practical than group travel. Group reservations are often booked concurrently with other aspects of the trip, such as lodging, transportation, and logistics. As meals are shared, traveling in a group also costs less than traveling alone for hotel, transportation, and activities.

The travel agents segment to maintain its leadership status throughout the forecast period

Based on sales channel, the travel agents segment held the highest market share in 2022, accounting for more than four-fifth of the community based tourism market revenue and is estimated to maintain its leadership status throughout the forecast period. The travel agents are in charge of creating personalized vacation experiences. These companies are seasoned advisors with extensive knowledge of the area who provide recommendations and firsthand knowledge for creating customized trips. Moreover, the operators collaborate closely with a local agent in the country of destination. The demand for travel agencies has surged in recent years due to the growing popularity of custom tours. vacation agents are in high demand in the community-based tourism sector since they are knowledgeable about researching and choosing locations and work closely with operators to guarantee a smooth vacation experience. They also promise to educate the visitors on the customs and values of the host community in addition to the basic principles of CBT.

The Asia-Pacific to maintain its leadership status throughout the forecast period

Based on region, the Asia-Pacific segment held the highest market share in 2022, accounting for more than nearly half of the community based tourism market revenue and is estimated to maintain its leadership status throughout the forecast period. The market for community-based tourism is the largest in Asia-Pacific, and it is also growing at one of the fastest rates. The Asia-Pacific region now accounts for a larger share of the outbound tourism market. Large numbers of millennials, more disposable wealth, and improved infrastructure are all blamed for this. Asia-Pacific is renowned for both its vast cultural richness and its alluring travel locations. Households with higher earnings are more likely to travel abroad to China, Japan, Australia, and India. Data on household income indicates that over 73% of all outbound travel originates from households earning more than $10,000 annually. This might have to do with the Asia-Pacific region's economies expanding quickly and the abundance of new job opportunities.

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Leading Market Players: -

G Adventures
Intrepid Travel
Local Alike
Village Ways
Elevate Destinations
Responsible Travel
Community Homestay Network
The Blue Yonder
Wilderness Travel
WANDERLUST INDONESIA

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.

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