According to a new report published by Allied Market Research titled, “SAVE Tourism Market by Type, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the global SAVE tourism market size was valued at $69.5 Billion in 2018, and is projected to reach $106.9 Billion by 2026, growing at a CAGR of 5.8% from 2019 to 2026. In 2018, Europe accounted for nearly 41.7% share of the SAVE tourism market.
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The key players profiled for SAVE tourism industry include :-
- Inter IKEA Systems BV
- Forbo International SA
- Armstrong World Industries, Inc.
- Mannington Mills Inc.
- Mohawk Industries Inc.
- Shaw Industries Group, Inc.
- Herman Miller Inc.
- Ashley Furniture Industries Ltd.
- Kimball International
- Duresta Upholstery Ltd.
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GROWTH AND DEMAND OF SAVE TOURISM
The growth in value sales for such products is attributable to the surge in demand for education and exploration of geographical horizons, which facilitate easy life for its target customers. Some SAVE tours that attracts the customers include Agro-cooking, educational, scientific expeditions, volunteering for a cause, and academic visits. SAVE tourism is an innovative entry in the tourism market and offers different types of tours providing different purposes. These tours thus witness higher rate of demand among the science studying customers, and visiting faculties of academic institutes who desire to explore new regions all the time.
The SAVE tourism industry has been evolving in terms of its demand and purpose of tours. Travel agencies focus on places where volunteers are needed and organize tours especially for the volunteers. For instance, in the case of natural calamities travel agencies organizes tours for volunteers to take them to the calamity hit places and help the people. Some agencies organize special tours targeting the scientific expedition in the rarely explored areas such as Antarctica glaciers and remote places like Amazon forests.
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There is an increase in the awareness for nature conservation and environment care among most of the people residing in the developed as well as the developing countries around the globe. This has led travelers to indulge in various types of activities, such as pollution control campaigns, spreading awareness about the conservation of nature and natural resources, and other environment friendly activities. Among these environment friendly consumers, there are a set of consumers that have taken their nature care and environment awareness to the next level by indulging into organizing various campaigns and programs spreading awareness amongst the people all around the world. This results in demand for such programs from various NGOs around the world, and other organizations involved in the same work also invites such people in their countries to spread awareness about the nature and environment.
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REGIONAL ANALYSIS OF SAVE TOURISM
The SAVE tourism market has witnessed higher adoption from travelers in North America as well as Europe. However, there is lack of awareness of this concept in some of the major parts of Asia-Pacific as well as LAMEA, which is attributable to some of the low performing macro-economic factors. Thus, lack of awareness of such tours results in lower value share in the global SAVE tourism market. This in turn limits the SAVE tourism market growth.
There has been an increase in number of travelers in various social media sites with the rise in internet penetration. Taking this into consideration, most of the organizations active in the community wellness and agencies involved in the market strategize on promoting such special tours on these social media platforms. Thus, through social media marketing strategy, the global SAVE tourism market demand sights critical opportunity in gaining traction and eventually increase its reach among its target customers.
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Key Findings of the SAVE Tourism Market :
In 2018, based on type, the academic tours segment accounted for around 35.1% SAVE tourism market share, growing at a CAGR of 6.2% from 2019 to 2026
In 2018, based on sales channel, the online segment accounted for 10.0% share of the SAVE tourism market is expected to grow at the highest CAGR of 11.6% during SAVE tourism market forecast
based on region, Asia-Pacific accounted for a prominent SAVE tourism market share and is anticipated to grow at a CAGR of 8.5% throughout the SAVE tourism market analysis period IN 2018