GCC Ecotourism Market Forecasted to Expand at a Single-Digit CAGR through 2020 on Account of Increase in Government Initiatives

Tourism is one of the largest industries in the world today. The advancement in information technology and transportation have had a major role to play in the growth of the global tourism market. It is estimated that travel and tourism accounts for around 10% of the world’s GDP. However, increasing concerns about environmental degradation and carbon emissions have made tourists to look for more eco-friendly alternatives. Ecotourism has emerged as a new travel ethic, focussed on conserving the environment and sustaining the well-being of the local communities. 

The revenues earned from oil exportation account for the major chunk of the GDP of GCC countries. In 2013, GCC’s economy was worth US$ 1.64 trillion, out of which the contribution of oil and oil subsidiary industries was around 50%. The governments in GCC are focusing on the development of non-oil sectors in order to decrease their economy’s reliance on oil exports.

Increase in Government Funding, Ethnic Attractions, & Aggressive marketing: Drivers for GCC Ecotourism Market

In the last few years, the governments in GCC have focussed on giving a boost to the region’s tourism sector. The ecotourism sector in particular has received a massive boost, and it is projected that the GCC ecotourism market will witness a CAGR of 6.2% through 2020. The key drivers for the growth of the GCC ecotourism market include ethnic attractions, aggressive marketing, highly developed regional infrastructure, and increase in government funding for tourism activities. Furthermore, the availability of wildlife and adventure related activities is also expected to give a boost to the GCC ecotourism market.

Positive Outlook on the GCC Ecotourism Market

Although the outlook on the GCC ecotourism market is positive, it is projected that low awareness among tourists will pose a key challenge to the growth of the market. GCC’s economic situation is much stable than other Middle East nations, but the recent slump in the oil prices has posed a challenge to the growth of the ecotourism market. Moreover, the options for landscape and scenery photography are limited, and this has further created challenges for the GCC ecotourism market.

GCC Ecotourism Market: Key Segments

The GCC ecotourism market is segmented into:

• Nature ecotourism
• Wildlife ecotourism
• Generic ecotourism

Among these segments, generic ecotourism is projected to be the fastest growing segment through 2020. It is forecasted that the generic tourism market will witness a double-digit CAGR through 2020. On the other hand, the nature ecotourism segment is the most dominant and had a market share of 60.6% in 2014.

Infrastructural development is anticipated to provide a boost to the GCC ecotourism market. Qatar will be hosting the FIFA World Cup in 2022 and preparations are underway to make the event a grand success. Other GCC countries have also recognised the need for boosting the tourism sector and there has been an increase in the marketing activities in both print and digital media. It is expected that marketing activities will raise further awareness about the ecotourism sector in GCC.

Saudi Arabia: Preferred Destination for Ecotourists

Saudi Arabia is the preferred ecotourism destination in GCC and had the largest revenue percentage in 2014. Unstable political and economic climate in the recent past curtailed the influx of foreign tourists, but the situation is expected to improve during the forecast period and this will augur well for the growth of the GCC ecotourism market.

Browse full Report of GCC Ecotourism Market: http://www.futuremarketinsights.com/reports/details/gcc-ecotourism-market