Adventure tourism market to reach $215.6 million by 2031

31-07-24

According to a new report published by Allied Market Research, the global adventure tourism market size was valued at $324.9 billion in 2022 and is projected to reach $2 billion by 2032, growing at a compound annual growth rate (CAGR) of 19.5% from 2023 to 2032. 

The report provides detailed analysis of key investment opportunities, winning strategies, drivers and opportunities, market size and estimates, competitive landscape, and changing market trends.

The global adventure travel market is experiencing growth due to several factors, including rising revenue levels in emerging geographies and decreasing costs related to air travel and accommodation, mobile applications, big data analytics and artificial intelligence evolving along with the proliferation of the travel industry, and high internet penetration.

By traveler type, the couples segment was the largest and fastest growing segment in 2022. By activity, the land-based activities segment dominated the market in 2022. According to Roshan Deshmukh, “Land-based activities are often easier and require less monetary investment by travelers.”

By type, the soft segment accounted for the largest market share in 2022, accounting for more than half of the global adventure travel market revenue, and is expected to maintain its dominance throughout the forecast period. This same segment would also show the fastest compound annual growth rate of 19.7% from 2023 to 2032, due to the moderate to low risk activities in this category making it highly accessible to people of different age groups.

By age group, the 30 to 41 years segment held the largest market share in 2022, contributing to more than two-fifths of the global adventure tourism market revenue, and is expected to maintain its majority share throughout the forecast period. 

This same segment would also show the fastest compound annual growth rate of 19.8% from 2023 to 2032, as people in this age group can afford to travel frequently to various parts of the world, positively impacting the growth of the tourism industry globally.

By sales channel, the direct segment held the largest market share in 2022, accounting for nearly three-fifths of the global adventure travel market revenue, and is expected to maintain its leading position during the forecast period. The same segment would also cite the fastest compound annual growth rate of 19.7% from 2023 to 2032, owing to increase in ease of making travel arrangements due to improvements in technology.

By region, Asia-Pacific is expected to experience the highest growth during the forecast period, as the Asia-Pacific adventure travel market attracts numerous adventurous travelers from around the world. 

The region offers diverse activities such as wildlife reserves and national parks, including the Sundarbans in India, Mount Everest in Nepal, the rainforests of Borneo, and whale and kiwi watching in New Zealand.