Of the adventure tourism categories, “soft adventure” is the more pursued, according to the report (Photo: India Outbound)
After having grown at about 10 pc CAGR in 2017-2021, the growth in global adventure tourism market is set to accelerate to 16 pc CAGR in the 10 years from 2022-2032, says Future Markets Insight, a multi-disciplinary market analysis firm.
FMI report says that adventure tourism involves domestic and international traveling that entails various adventurous activities such as rafting, trekking, cycling, caving, among others, natural environment, and cultural immersion. It says that besides offering a wide variety of outdoor experiences and better cultural understanding, the adventure tourism segment also provides practical and cost-effective incentives to promote bio-cultural variety while bringing in revenue for regional and private sectors.
Of the adventure tourism categories, “soft adventure” is the more pursued, according to the report. Soft adventure activities have a low risk level and, thus, have become popular among adventure enthusiasts and “grazers.” For this same reason, it also caters well to older travellers and women travellers as well as still seeking adventures. Overall, the category makes up 60 pc of the entire adventure tourism market currently.
Due to its adaptability, ability to support economies, and promotion of sustainable practices, adventure tourism is now becoming more popular than traditional mass tourism across the globe, it adds.
“The adventure tourism industry witnessed humongous growth and related spending due to the increased number of travellers in recent years. Driven by rising income levels in developing geographical locations and reduction in prices of costs in aviation and accommodation, the demand for adventure tourism is expected to expand. Moreover, the number of international tourists has increased to an exorbitant number, thus, favouring the growth of the market,” says FMI.
Like all other tourism segments, the Covid-19 pandemic also disrupted the sales of adventure tourism owing to the restriction on flights across the globe. Moreover, most countries applied a ban on tourist spots to curb the virus. Post-pandemic, different geographical locations have lifted the restrictions and are welcoming tourists with attractive packages. This, in turn, is positively influencing the market for adventure tourism, it says.
Moreover, aggressive advertising by travel and tourism companies along with companies investing in websites to make booking user-friendly is propelling the revenue of adventure tourism. Furthermore, with more local and international players penetrating the market, the sales of adventure market are expected to escalate.
One of the key factors behind the growth in the sector, says FMI, is that travel agencies across the globe are launching quick, mobile-friendly websites that are simple to use on smartphones. These services provide peer evaluations, 360° video tours, and straightforward pricing comparisons. This helps tourists in understanding the travel location, benefits and the places they would like to visit.
“Thus, online vacation planning and booking among travellers is gaining popularity. This, in turn, is providing a profit outlook for the adventure tourism business together. Furthermore, expanding internet penetration offers is helping travel agencies and people to choose the best, avail and offer the best vacation spots in budget-friendly prices,” says the report.
Another key driver of the adventure tourism market is the increasing demand for an authentic and individualised travel experience. This, in turn, is largely driven by driven by rapid urbanisation, rising disposable incomes, the impact of social media, and economical airline tickets.
Key industry players are working together with marketing firms to draw in high-value clients through internet marketing, which is helping to increase demand for adventure tourism around the globe. Government organisations in many nations are also encouraging adventure tourism since it generates job opportunities and has a positive impact on community development. This, in turn, is increasing the global appeal of adventure tourism is anticipated to rise as a result, says FMI.
