Luxury Safari Tourism Market REPORT OVERVIEW
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global luxury safari tourism market size was USD 1460 million in 2021 and market to touch USD 3369.68 million by 2032 at CAGR 7.9% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a CAGR of 7.9% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
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COVID-19 Impact: Less Crowded Destinations among Population to Fuel Market Growth
Amidst the COVID-19 pandemic, the luxury safari tourism sector encountered the favorable outcome of destinations being less crowded. This alteration in travel dynamics yielded numerous benefits for both travelers and the locales they visited. The reduced influx of tourists facilitated a heightened sense of exclusivity and intimacy for tourism enthusiasts, allowing them to relish a more personalized and private encounter with their chosen destinations. The market was heavily affected by the COVID-19 pandemic, primarily due to extensive travel limitations put in place to curb the virus's transmission. These constraints on travel had considerable adverse effects on both travelers and the tourism sector as a whole.
LATEST TRENDS
"Sustainable and Eco-Friendly Experiences to Fuel Market Growth "
In the realm of luxury safari tourism, there is a prevailing trend towards sustainable and eco-conscious experiences, mirroring the growing consciousness and commitment of travelers to environmental preservation. This movement encompasses a spectrum of measures and endeavors that hold the safeguarding of natural resources, wildlife, and local communities in high regard, all while ensuring top-tier travel experiences. Within this context, upscale safari lodges and camps are embracing eco-friendly architectural designs and incorporating sustainable materials to diminish their ecological impact. These accommodations harmoniously blend with their surroundings and harness renewable energy solutions, such as solar power.
Luxury Safari Tourism Market SEGMENTATION
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- By Type
Based on type, the market is classified as adventure travel, personalized vacations, and others.
- By Application
Based on application, the market is classified as millennial, generation x, baby boomers, and others.
DRIVING FACTORS
"Rising Affluence and Disposable Income to Fuel Market Growth "
The luxury safari tourism market growth has been significantly influenced by the escalating affluence and disposable income of people worldwide. As disposable income increases, a particular group of prosperous travelers seeks experiences that transcend the commonplace. This tourism market present an opportunity for these individuals to embrace a lifestyle of exclusivity and opulence that resonates with their heightened financial resources and refined way of living.
"Desire for Authentic Experiences to Stimulate Market Progress"
A significant propellant within the luxury safari tourism market is the yearning for authentic encounters. This potent driving force reflects the growing inclination of well-to-do travelers to engage in sincere and profound interactions with destinations, cultures, and wildlife. Among luxury travelers, there exists a strong aspiration to establish links with the indigenous cultures, customs, and everyday existences of the places they venture to. Genuine safari experiences provide the means to immerse themselves in local communities, absorb the richness of indigenous cultures, and glean insights into the intricacies of daily life.
RESTRAINING FACTOR
"Environmental Concerns to Harm Market Growth "
With the growing environmental consciousness among luxury travelers, apprehensions regarding the ecological footprint of luxury safari tourism might dissuade certain individuals from engaging. Factors such as travel-related carbon emissions, potential disturbances to habitats, and the management of waste can pose ethical quandaries for these travelers.
Luxury Safari Tourism Market REGIONAL INSIGHTS
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"South America Emerges As Serving As the Epicenter of This Market to Drive Market Share "
South America serving as the epicenter of this market, commands a significant share. Regional disparities and preferences contribute to the varying luxury safari tourism market share within the tourism industry. Countries like Kenya, Tanzania, South Africa, Botswana, and Namibia have garnered acclaim for their abundant wildlife, captivating landscapes, and well-entrenched luxury safari offerings. Notably, iconic destinations such as the Serengeti-Masai Mara ecosystem, Kruger National Park, Okavango Delta, and Victoria Falls hold considerable market share by enticing affluent travelers in search of unparalleled experiences.
KEY INDUSTRY PLAYERS
"Multitude of Companies That Played a Pivotal Role in Expansion of the Market"
Prominent figures within the market have been pivotal in influencing its trajectory. Among these is a distinguished luxury travel company renowned for its top-tier safari encounters across diverse African nations. This company places emphasis on tailoring itineraries to individual preferences, providing exceptional accommodations, and facilitating exclusive wildlife interactions.
List of Market Players Profiled
- Wilderness (South America)
- TUI Group (Europe)
- Thomas Cook Group (U.K.)
- Singita (South America)
- Great Plains (U.S.)
REPORT COVERAGE
The future demand for the luxury safari tourism market is covered in this study. The research report includes the impact of increased demand for less crowded destinations due to the COVID-19 Impact. The report covers the latest trends in sustainable and eco-friendly experiences. The paper includes a segmentation of the market. The research paper includes the driving factors that are rising affluence and disposable income to fuel market growth. The report also covers information on regional insights where the region which has emerged leading market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 1460 Million in 2021 |
Market Size Value By |
US$ 3369.68 Million by 2032 |
Growth Rate |
CAGR of 7.9% from 2021 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What is the global luxury safari tourism market size in 2032?
The global luxury safari tourism market size in 2032 is USD 3369.68 million.
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What CAGR is the global luxury safari tourism market expected to exhibit by 2032?
The global luxury safari tourism market is expected to exhibit a CAGR of 7.9% by 2032.
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Which are the driving factors of the luxury safari tourism market?
The driving factors of the luxury safari tourism market are Rising Affluence and Disposable Income and Desire for Authentic Experiences.
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Which are the key players or most dominating companies functioning in the luxury safari tourism market?
Wilderness, TUI Group, Thomas Cook Group, Singita and Great Plains are the key players or most dominating companies functioning in the luxury safari tourism market.
