Wildlife tourism market projected to be USD 303 billion by 2032

Europe likely to be fastest growing source market, says Polaris report
/ New Delhi
Wildlife tourism market projected to be USD 303 billion by 2032

A report by Polaris Market Research estimates that wildlife tourism will reach USD 303.35 billion by 2032

A recent report by Polaris Market Research says that the global wildlife tourism market is expected to reach USD 303.35 billion by 2032. It goes on to say that Europe is likely to be the fastest growing source market for wildlife tourism.
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The global wildlife tourism market is size is expected to grow at a relatively faster rate of 6.9 pc CAGR over the next decade to reach USD 303.35 billion by 2032, says a new report by market analysis firm Polaris Market Research.

The report “Wildlife Tourism Market Share, Size, Trends, Industry Analysis Report, By Group; By Booking Mode; By Wildlife Tour Type; By Region; Segment Forecast, 2023 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Polaris says that the global wildlife tourism market was valued at USD 155.59 billion in 2022 and is expected to reach USD 165.84 billion this year. It is likely to grow at a CAGR of 6.9 pc from 2023 to 2032 to reach USD 303.35 billion. It adds that wildlife tourism describes travel that focuses on observing and interacting with various animal species while traveling. It says that three specialised niche markets for wildlife tourism exist, along with corresponding interest groups.

Non-consumptive tourism includes activities for observing animals, such as safaris, marine life viewing, and wildlife viewing. Non-consumptive travel only involves seeing and taking pictures of wild creatures living in their natural environment. It says that consumptive wildlife tourism is interfering with wildlife’s ability to operate naturally through the use of practices like fishing, shooting, and horseriding. It goes on to warn that such activities have a high likelihood of endangering wild creatures and their habitat.

Polaris says in its report that the factor propelling the growth of the market is the rising visits for wildlife tourism which have assisted the development of wildlife sanctuaries and the preservation of animals due to the fees collected from tourism visits. Polaris adds that tourists understand that the money they pay for admission goes toward the preservation of species and are willing to return to wildlife sanctuaries and are even willing to pay more to do so. It adds that visitors are educated about various fauna and flora species, which promotes the expansion of the wildlife tourism industry.

In addition to the ability to see animals, near the area wildlife sanctuaries now have a variety of hotels, guesthouses, eco-tourism villages, and jungles. Promoting wildlife tourism helps to conserve species and habitats, promote wildlife-based economies, fight wildlife crime, and decrease demand for illegal wildlife items. It adds that important organisations like the World Bank are interested in its development.

It adds that the Covid-19 outbreak has severely hurt the industry. However, this specialist sector is anticipated to rebound more quickly than others because wildlife tourism demands spacious locations. The biggest source nations for wildlife tourism in Europe, North America, and Asia-Pacific are the United Kingdom, the US, India, Australia, Germany, and France.

The study says that wildlife photographers’ enthusiasm for visiting wildlife sanctuaries is fueling the industry’s expansion. Social media has a big impact on wildlife tourism, especially with visitors from generations Y and Z. Individual travellers share their travel tales with their followers on their TripAdvisor, Facebook, or Instagram profiles. For instance, tourism organisations frequently post updates about events on their accounts or promote on social media.

The statement added how these platforms provide continuous engagement with current, former, and potential clients, and also, easy access to guest comments and improve the tourist experience. These are beneficial tools that aid in educating people and emphasising safety procedures when viewing wildlife. A tour guide app such as Voice Map is a great example. The market’s expansion is thus being supported by the technological acceptance in the various mapping software.

The Polaris Market Research adds that during the course of the projected period, the groups/Friends category is expected to expand quickly. Many wildlife tourism group excursions are kept small to increase the likelihood of good animal encounters and to provide comfort while travelling. The direct booking mode segment is anticipated to grow prominently with the lower commission fees to be paid to third parties and the opportunity to build relationships with guests, both consumers and venue authorities favour direct bookings.

Due to tourists from Europe being increasingly concerned about wildlife welfare, Europe is predicted to increase at a high CAGR during the projected timeframe. European tourists are conscious about the ethics of tour operators when it comes to animal care and are more likely to book their vacations with those that share their worries.

The global players include Absolute Zambia Safaris, Adventure Canada, Birding Ecotours, Rockjumper Wildlife Tours, Chinkara Journeys, Elm Wildlife Tours, Frontiers North Adventure, G Adventures, Nature Trek, and WildTrails Technologies, adds the survey.

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