Impact Investing Conference

Impact Investing Conference

Impact Investing Conference

DUBLIN, March 21, 2024 /PRNewswire/ — The “U.S. Sustainable Travel Market – Focused Insights 2024-2029” report has been added to  ResearchAndMarkets.com’s offering.

The U.S. sustainable travel market was valued at $66.22 billion in 2023 and is expected to reach a value of $116.46 billion in 2029, growing at a CAGR of 9.87% from 2023-2029.

The U.S. sustainable travel or tourism market has seen remarkable growth and transformation in recent years, reflecting an increasing awareness and concern for environmental and social issues. Sustainable travel encompasses a range of aspects, including eco-friendly accommodations, responsible tourism practices, and eco-conscious transportation options.

Additionally, travelers can opt for eco-friendly lodgings like ecolodges, treehouses, and sustainable resorts that aim to provide a low-impact, immersive experience in nature. Responsible tourism practices are also central to the U.S. sustainable travel market. Travelers are increasingly interested in supporting local communities and preserving cultural heritage. This has led to a rise in community-based tourism initiatives, cultural exchanges, and volunteering opportunities. Sustainable travel encourages travelers to engage with and respect the destinations they visit.

The U.S. sustainable travel market report contains exclusive data on 36 vendors. The competitive U.S. sustainable travel market is intensifying, with global and domestic players offering diverse products and services. The competitions focus on revenue generation, product & service diversification, global presence, and others. A few major players, such as G Adventures, Intrepid Travel, Natural Habitat Adventures, REI, and Responsible Travel, dominate the market.

MARKET DRIVERS

Escalating Environmental Concerns: The U.S. is the world’s most significant contributor to plastic waste and emitters of greenhouse gases. Travelers are increasingly concerned about their environmental impact during journeys, leading to a growing demand for eco-friendly and low-impact travel options like electric vehicles, cycling, or public transit. Market players must adopt sustainable practices and reduce their environmental footprint. This includes implementing energy-efficient technologies, reducing single-use plastics, and supporting conservation efforts. Travelers are likelier to choose businesses and destinations that actively address environmental concerns, providing a competitive advantage.

Government Policies Promoting Sustainable Tourism: Governments at various levels in the U.S. are introducing policies and regulations like the Federal Travel Regulation (FTR), which has already encouraged measures to support sustainable tourism. This includes incentives for businesses to adopt eco-friendly practices, tax breaks for renewable energy installations, and requirements for sustainable building standards in the hospitality industry. Market players must comply with these policies and utilize available incentives. Adhering to government standards benefits the environment and contributes to a positive public image. Government support can also increase investment in sustainable infrastructure, creating opportunities for sustainable travel businesses.

U.S. SUSTAINABLE TOURISM MARKET INSIGHTS

Sustainable tourism in the U.S. caters to travelers of all generations, from millennials to baby boomers and Generation Z. Each generation has unique preferences and values, and sustainable travel providers have tailored offerings to meet their specific needs and interests. Sustainable travel providers have tapped into these generational differences, creating experiences that resonate with each group’s particular desires and ethical stances, ensuring that travelers from all walks of life can engage in meaningful and sustainable travel.
The ecolodges accommodation type is growing significantly, with the highest CAGR of 11.29% in the U.S. market during the forecast period. The growth of this segment is due to an increasing demand for ecolodges that follow the principles of ecotourism, such as minimizing negative impacts, conserving biodiversity, supporting local communities, and educating visitors.
The millennial age group is the fastest-growing segment in the U.S. sustainable travel market during the forecast period. The segment’s growth can be attributed to the increasing preference for experiential and authentic travel, which motivates millennials to seek alternative and responsible travel options, such as ecotourism, voluntourism, and cultural immersion.
The female segment has the most prominent U.S. sustainable travel market share in 2023. The awareness and concern for sustainability influence travel decisions and habits of female travelers, as they are more mindful and proactive about their travel’s environmental and social impacts and more likely to adopt sustainable travel practices and behaviors, thus resulting in the growth of sustainable travel in the U.S.
Based on end-users, the group segment holds the largest share, with over 85% of 2023 of the U.S. sustainable travel market. Group travelers, whether families or corporate groups, are helping the segment to grow as they seek accommodations and activities supporting community engagement and responsible tourism. Sustainable travel providers have stepped up to create family-friendly and group-friendly eco-resorts and accommodations that offer eco-activities suitable for various ages and interests.
The online booking channels are the fastest-growing segment during the forecast period. Travelers choose online as it is convenient and easily accessible. The online channel allows travelers to research, compare, and book eco-friendly accommodations and activities through websites, apps, and online platforms.
In July 2023, REI, one of the key vendors, launched an expansion of its multi-day travel offerings, including three Canadian Rockies trips and new U.S. destinations, reflecting a positive trend in the market. This growth supports their multiyear strategy to help three million people get outdoors annually. The doubling of REI’s paddling locations and the expansion of day tours indicate a rising demand for sustainable outdoor experiences. Market players can cope with this development by diversifying their offerings to include outdoor experiences and focusing on sustainability efforts, such as reducing their environmental footprint and offering guided eco-tours.

KEY QUESTIONS ANSWERED

How big is the U.S. sustainable travel market?
What is the growth rate of the U.S. sustainable travel market?
What are the key drivers of the U.S. sustainable travel market?
Who are the key players in the U.S. sustainable travel market?

Key Vendors

G Adventures
Intrepid Travel
Natural Habitat Adventures
REI
Responsible Travel

Other Prominent Vendors

Gondwana Ecotours
Kind Traveler
SafariSmiths Travel
Preferred Travel Group
Backroads
Green Tortoise Adventure Travel
Alaska Alpine Adventures
Naturalist Journeys
Discover Corps
Adventure Life
Contiki
Much Better Adventures
Cheesemans’ Ecology Safaris
Lindblad Expeditions
Go Ask A Local
TourRadar
OARS
Wyndham Destinations
National Geographic Society
Evergreen Escapes
Country Walkers
Enchanting Travels
Exodus Travels
&BEYOND
Aurora Expeditions
Geographic Expeditions
Elevate Destinations
Goko
Byway Travel
Terra Incognita ECOTOURS
Sustainable Travel International

Segmentation & Forecast

Accommodation Type (Revenue)

Hotels, Resorts & Villas
Cottages & Cabins
Tents
Ecolodges
Others

Age Group (Revenue)

Millennials
Generation X
Baby Boomers
Generation Z

Gender (Revenue)

Male
Female

End-users (Revenue)

Individual
Group

Booking Channels (Revenue)

Online
Offline

For more information about this report visit https://www.researchandmarkets.com/r/vlgtlp

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