Demand for hiking & trekking tourism in Sri Lanka is estimated to grow at 7.2% CAGR during the assessment period. In 2023, Sri Lanka's hiking & trekking tourism revenue totaled US$ 779.4 million. Total valuation in the country is set to reach US$ 834.7 million in 2024 and US$ 1,673.0 million by 2034.
Attributes | Key Insights |
---|---|
Base Value (2023) | US$ 779.4 million |
Estimated Sri Lanka Hiking & Trekking Tourism Business Size (2024) | US$ 834.7 million |
Projected Sri Lanka Hiking & Trekking Tourism Revenue (2034) | US$ 1,673.0 million |
Value-based CAGR (2024 to 2034) | 7.2% |
Tourism has become a crucial sector of Sri Lanka's economy, substantially contributing to GDP, employment, and foreign exchange earnings. In 2019, tourism constituted more than 5% of the GDP, employing over 300,000 individuals in Sri Lanka.
The hiking and trekking tourism sector is a burgeoning and specialized business within Sri Lanka's broader tourism industry. This growth is attributed to the diverse and exquisite natural landscape of Sri Lanka, encompassing mountains, rainforests, and beaches.
Hiking and trekking tours present visitors with a chance to intimately experience the natural beauty of Sri Lanka while gaining insights into the country's rich culture and heritage. Growing interest in exploring the rich bounties of nature in Sri Lanka is expected to drive demand for hiking & trekking tour packages.
Sri Lanka's abundant biodiversity is well known worldwide. Through hiking in national parks and protected regions, travelers might encounter several flora and wildlife, such as unusual plants, animals, and birds.
Trekking in Sri Lanka is a total experience of friendly hospitality. Local groups are frequently involved in offering lodging and tour assistance to travelers and visitors. The government of Sri Lanka is building infrastructure and encouraging ethical tourist practices after realizing the potential of hiking and trekking.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Sri Lanka's hiking & trekking tourism business grew at a CAGR of -4.9% from 2019 to 2023. The COVID-19 outbreak significantly impacted the tourism industry for hiking and trekking in Sri Lanka. Over the forecast period, hiking & trekking demand in Sri Lanka is set to rise at 7.2% CAGR.
Historical CAGR (2019 to 2023) | -4.9% |
---|---|
Forecast CAGR (2024 to 2034) | 7.2% |
The hiking and trekking sector in Sri Lanka suffered greatly due to the drastic reduction in visitor arrivals brought about by the worldwide travel restrictions and lockdown. The epidemic also affected the hiking and trekking industry's supply chain. Because there were not enough visitors, tour companies and lodging providers were forced to close, leaving some local communities without revenue.
The hiking and trekking tourism sector in Sri Lanka is recovering despite these obstacles. The number of tourists visiting Sri Lanka is steadily rising as the travel restrictions are removed. Further, as Sri Lankans rediscover the natural beauty of their land, there is an increasing demand for hiking and trekking vacations within the country.
Sustainability is evolving from being a 'standard' to becoming a criterion for selection. In the case of locations or sites that fully incorporate all aspects of sustainability, it may even constitute a compelling argument for travel.
Several tourists are becoming increasingly conscious of the need for sustainability as they gain travel experience and read more and more news articles on the detrimental effects of tourism. As a result, visitors are changing the way they make travel-related decisions and travel on-site.
Travelers are choosing locations based on their commitment to sustainability. They are ready to make reasonable changes to their spending habits and are willing to actively contribute to these beliefs. Therefore, putting an emphasis on sustainability presents commercial potential.
When properly executed, tourism can add value to the preservation of ecosystems and the sustainability of sociocultural practices. Hence, shift toward sustainability can present new growth prospects for the target business.
Visitors are looking for experiences that make a lasting impression, enhance their quality of life, or advance larger (SDG) objectives. Their search for quality experiences, distinctiveness, authenticity, local culture, and cuisine is fueled by their need for luxury, convenience, beautiful architecture, and exceptional hospitality. Stakeholders are challenged by this trend to consistently improve the (spatial) quality and experience value of regional tourist destinations.
Nature-based tourism is one form of tourism or exercise that travelers may seek as a component of or a place to stay during a longer, more varied trip. For instance, they combine a city visit with a getaway to a more natural, rural setting.
The implications for SMEs are to broaden the range of reasons why people travel, to adapt to the changing identities of travelers, and to draw in more significant audiences. This will support expansion of the target business in Sri Lanka.
The below section shows the 26 to 35 years segment dominating the Sri Lanka hiking and trekking business in terms of age group. It is forecast to thrive at 6.5% CAGR between 2023 and 2033.
Based on travel group, the solo segment is anticipated to hold a dominant share through 2033. It is poised to exhibit a CAGR of 8.4% during the forecast period. By tour type, the tour guide segment is expected to grow at 6.9% CAGR.
Age Group | 26 to 35 Years |
---|---|
Value CAGR | 6.5% |
Participating in hiking and trekking remains a favored pastime, particularly among individuals aged 26 to 35. The popularity of these activities can be ascribed to several factors. Firstly, individuals within this age bracket typically seek avenues to sustain an active and health-conscious lifestyle.
Hiking and trekking are practical workout activities that foster cardiovascular health, strength, and balance. These physical endeavors also contribute to the alleviation of stress and anxiety.
Individuals in the 26 to 35 age range often possess a higher disposable income than their younger counterparts. This financial capability enables them to invest in top-tier equipment and explore novel hiking and trekking destinations, enhancing the overall enjoyment of their outdoor adventures.
As per the latest analysis, the 26 to 35 years segment will likely retain its dominance in Sri Lanka hiking & trekking tourism business. It is projected to grow at a CAGR of 6.5% from 2024 to 2034.
Group Composition | Solo |
---|---|
Value CAGR | 8.4% |
Trekking and hiking offer an ideal environment for contemplation and self-examination. Individuals can ponder their life objectives, connect with their inner selves, and gain insights into their capabilities amid the tranquility of the trail. This journey of self-discovery may lead to self-improvement, enhanced independence, and increased self-confidence.
Nevertheless, embarking on solo travel grants complete command over one's itinerary, pace, and decisions. Those engaged in trekking and hiking can set their schedules, move at their preferred pace, and adjust plans as needed.
With this adaptability, they can fully relish the trekking experience without compromising or accommodating the preferences of others. As a result, the solo travelers segment is anticipated to grow at a CAGR of 8.4% during the projection period.
Tour Type | Tour Guide |
---|---|
Value CAGR | 6.9% |
Most hiking and trekking excursions are typically arranged through local guides for various reasons. Local guides possess extensive knowledge about the regions and trails, enriching the hiking experience with valuable insights. They manage the logistical aspects, ensuring a seamless and enjoyable journey for participants.
Local guides also play a crucial role in bridging cultural gaps and facilitating interactions with local communities, fostering a deeper understanding of the destination. They undergo training to assess risks, implement safety protocols, and effectively respond to emergencies, prioritizing the safety and well-being of the group.
Opting for tours arranged by local guides also directly contributes to the economic prosperity of local communities. Selecting a local guide guarantees a secure, enlightening, and authentic hiking experience.
It is estimated that the tour guide segment will grow at a CAGR of 6.9% during the forecast years. The target segment is expected to generate significant revenue throughout the forecast period.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The competitive landscape of the Sri Lanka hiking and trekking tourism business is characterized by a growing number of tour operators, both domestic and international. Top companies are offering a variety of hiking and trekking packages to suit all interests and budgets.
The sector is also becoming increasingly crowded, with new operators constantly entering the business. This is making it increasingly difficult for tour operators to stand out from the crowd and attract customers. To address this, key companies are utilizing online platforms as well as adopting celebrity endorsement strategies.
Recent developments in the Sri Lanka Hiking & Trekking Tourism Business
Attribute | Details |
---|---|
Estimated Business Value (2023) | US$ 834.7 million |
Projected Business Value (2033) | US$ 1,673.0 million |
Anticipated Growth Rate (2023 to 2033) | 7.2% |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Industry Analysis | US$ million/billion for Value |
Key Segments Covered | Demographic, Group Composition, Tour Type, Interest, Age Group, Duration, Spending |
Key Companies Profiled | Lanka Travel; Walkers Tours; Nature Trails Sri Lanka; Ceylon Hiking Club; Adventures Unlimited; Eco Trails Lanka; Mountain Adventures Lanka; Travel Mate Sri Lanka; Sri Lanka Travel Agency; Lanka Safari Tours; Leopard Safaris Sri Lanka; Rainforest Tours Sri Lanka; Lanka Hiking Tours; Backpack Lanka Tours; Trekking Lanka Tours |
Report Coverage | Demand Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Dynamics and Challenges, and Strategic Growth Initiatives |
Demand in Sri Lanka is expected to rise at a CAGR of 7.2% through 2034.
Revenue in Sri Lanka is expected to total US$ 834.7 million in 2024.
Total sales are projected to reach US$ 1,673.0 million in 2034.
Nestle Purina and Trixie Heimtierbedarf GmbH & Co. KG are key players.
The business grew at -4.9% CAGR from 2019 to 2023.
Increasing variation in travel motivation and surging trend of solo travel.
1. Executive Summary 1.1. Industry Outlook 1.1.1. Who Is Travelling? 1.1.2. Travel Gross Bookings 1.1.3. Travel Gross Revenue 1.1.4. How Much Do They Spend? 1.2. Evolution Analysis 1.3. FMI Analysis and Recommendations 2. Gross Revenue 2.1. Gross Revenue (US$ million) and Forecast (2023 to 2033) 2.2. Number of Bookings (mm) and Forecast (2023 to 2033) 2.3. Total Spending Y-o-Y Growth Projections (2023 to 2033) 2.4. Number of Tourists Y-o-Y Growth Projections 3. Growth Parameters 3.1. Government’s Patronage Towards Contributing to Growth 3.2. Tourist Attraction Towards Visiting Battleground is Driving the Business 3.3. The launch of various programs by government is building Wine Tourism Infrastructure 3.4. Others (During the course study) 4. Supply to Demand: Today’s Travel Distribution Network 4.1. Direct v/s Indirect Distribution 4.2. Travel Gross Revenues, by Channel, 2024 4.2.1. Supplier Direct 4.2.2. TMC 4.2.3. Tour Operator 4.2.4. OTA 5. Direct Suppliers 5.1. Total Supplier, Share by Segment (%), 2024 5.1.1. Airlines 5.1.2. Hotel Companies 5.1.3. Tour Operators 6. Indirect Suppliers 6.1. OTA (Online Travel Agency) 6.2. Traditional Travel Agencies 6.3. TMC's (Travel Management Companies) 6.4. Corporate Buyers 6.5. Aggregators 7. Number of Bookings, 2024 7.1. By Demographic 7.1.1. Male 7.1.2. Female 7.1.3. Kids 7.2. By Group Composition 7.2.1. Family 7.2.2. Couple 7.2.3. Solo 7.2.4. Group 7.3. By Interest 7.3.1. Nature 7.3.2. Culture 7.3.3. Sports 7.3.4. Others 7.4. By Age Group 7.4.1. 15 to 25 Years 7.4.2. 26 to 35 Years 7.4.3. 36 to 45 Years 7.4.4. 46 to 55 Years 7.4.5. 55+ Years 7.5. By Duration 7.5.1. Day hike 7.5.2. 1 to 4 Overnights 7.5.3. 5+ Nights 7.6. By Spending 7.6.1. Accommodation 7.6.2. Food 7.6.3. Shopping 7.6.4. Others 8. Challenges and Looking Forward 8.1. Success Stories: Case Studies 8.2. FMI Recommendations 9. Stakeholders Landscape - Key Direct Suppliers 9.1. Airlines 9.1.1. Top Players 9.1.2. Business Concentration 9.1.3. Industry Share 9.2. Hotel Companies 9.2.1. Top Players 9.2.2. Business Concentration 9.2.3. Industry Share 9.3. Tour Operators 9.3.1. Top Players 9.3.2. Business Concentration 9.3.3. Industry Share 10. Social Media Sentimental Analysis 10.1. Travel Influencers: A new Phenomenon in the world of Tourism 10.2. Social Media Platforms Preferred 10.3. Trending #Hashtags 10.4. Social Media Platform Mentions (% of Total Mentions) 10.5. Trending Subject Titles 11. Assumptions and Acronyms Used 12. Research Methodology
Explore Travel and Tourism Insights
View Reports