Ecotourism Market Size, Key Players, Growth Factors, Regions and Applications, Industry Forecast by 2021
The GCC ecotourism market is expected expand at a healthy 7% through the end of 2020. Closure of international borders to contain the coronavirus crisis has suspended most operations in the travel and tourism sector. This has resulted in severe cash shortages in terms of salaries, maintenance, and resources for animal populations. Recovery is likely to be gradual as the sector assesses risks of opening businesses with that of the contagion.
“The demand for ecotourism projects in GCC countries is largely dependent on overall services and improvements invested in by countries in the region to meet the need for foreign tourists, while also keeping up with sustainability requirements in the near future, after the end of the pandemic,” states the FMI analyst.
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GCC Ecotourism Market- Critical Takeaways
- Cultural tourism activities contribute substantially to market revenue, driven by government investments in travel programs.
- Water security and reforestation initiatives are contributing significantly to market developments.
- Saudi Arabia and the United Arab Emirates are prominent eco-tourism markets, propelled by cultural history and bio-diversity projects.
GCC Ecotourism Market- Drivers
- Growing consciousness about the impact of global warming supports ecotourism projects.
- Destruction of natural resources by conventional tourists, aids the growth of the ecotourism alternative.
- Contributions to local economy is supporting the adoption of ecotourism programs.
GCC Ecotourism Market- Restraints
- Higher cost of ecotourism in comparison to conventional tourism restrains market growth.
- Risk of tourist safety in unexplored natural tourism locations hurts revenue streams.
Coronavirus Impact on GCC Ecotourism Market
The coronavirus outbreak has closed tourism sites in GCC countries in the short term. Closure of borders and the resultant lack of international tourists have severely hurt the prospects of the GCC ecotourism market for the near future. Recovery of the market is likely to be slow as concerns over contagion among tourists and safety measures in tourist facilities will remain important.
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Most eco-tourism activities in GCC countries are run by government bodies. Investments into infrastructure, and biodiversity development remain the key strategies for business models in the industry. For instance, Bahrain is developing the world’s largest underwater theme park within a submerged Boeing 747, which will require tourists to dive to the site. Also, the Kuwait Environmental Society has set up a number of projects to encourage ecotourism in the country since liberalization.
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About the Study
The study offers an in-depth projection of the ecotourism market. Regional and national-level analysis of the latest trends influencing the GCC ecotourism market is covered in this FMI report. The study provides insights according to tourism type (cultural tourism and rural tourism) in six countries (United Arab Emirates, Bahrain, Oman, Kuwait, Saudi Arabia, and Qatar).