International Tourism Market

International Tourism Market Size (2024 - 2029)

The International Tourism Market was worth US$  7.88 trillion in 2023 and is anticipated to reach a valuation of US$ 9.46 trillion by 2029 and it is predicted to register a CAGR of 3.1% during the forecast period 2024-2029.

International tourism is tourism where tourists cross national borders. Globalization has made tourism a popular leisure activity around the world. International tourism has become popular around the world as a leisure activity with easy travelling facilities. International tourism has grown into a multi-billion-dollar industry. Tourism is very important in many countries like the United Arab Emirates, Nepal, Thailand, Nepal, Maldives, etc. Tourism has a direct impact on the social, cultural, educational, and economic sectors of many countries and helps to build international relationships.

The increase in per capita income stimulates the growth of the global tourism market, resulting in the growth of international tourism. Over the past five years, the tourism market in emerging economies, especially countries in South America and Asia, has driven the global tourism market. Compared to ten years ago, the tourism market has undergone many changes. Emerging economies now represent a larger market share than developed economies. Government agencies and organizations such as the World Tourism Organization promote tourism to attract various tourists from around the world. These initiatives lead to the growth of the international tourism market. Adventure tourism is a new concept in the international tourism market that drives the international tourism market in general. In addition, medical tourism is also a new trend observed in the global tourism market. The significant difference in the price of medical procedures between different countries is behind the trend of medical tourism around the world. Another driver of the global tourism market is world games and sporting events. People travel to enjoy sporting events like FIFA World Cup, ICC World Cup Formula 1, etc.

MARKET DRIVERS

The increase in income is driving the growth of the global tourism market leading to continuous growth in international tourism.

The urge to explore the world among young adults is expected to expand the global international tourism market. Travelling has become increasingly common all over the world. Hence, spending on leisure travel and business travel has seen a yearly increase. This increase in travel has also allowed the number of hotel guests and in turn the hospitality markets to grow. The growth of the international Tourism market also helps other industries to grow such as the airline industry. The increasing spending on tourism, the urge for consumers to explore new cultures and cultural food, diverse attractions, and many other factors are driving the growth of the global international tourism market.

MARKET RESTRAINTS

However, disease outbreaks such as Ebola in specific countries affect global tourism to a large extent. The Ebola outbreak in West Africa affected the tourism market in the African region.

Also, fear of COVID-19 and travel restrictions posed due to COVID-19 are expected to hinder the growth of the global international tourism market. The growing domestic tourism in developing countries, the high cost of travelling internationally, Cultural and communal barriers, cultural clashes among various countries, Seasonal fluctuations, and low-paying jobs in the service sector are expected to hinder growth in the global international tourism market. The rising prices for travel and hotels are making customers opt out of international tourism. Many cultural and communal barriers such as language barriers among tourists and locals. The high-security risks for tourists travelling to underdeveloped and developing countries pose an immense challenge to the global international tourism market.

IMPACT OF COVID-19 ON THE INTERNATIONAL TOURISM MARKET

Due to the COVID-19 pandemic, there are unprecedented global health, social and economic crises. International tourism, considered one of the most affected areas experiences a massive fall since all the borders were closed in order to get rid of the virus. The global revenue dropped by 17 percent with an estimated loss of 2.4 trillion $. With the launch of vaccines, the industry is expected to recover. However, the fear of Covid-19 among tourists is slowing market growth. A full recovery is expected in 2023. The recent growth is due to countries easing travel restrictions and coming out of lockdowns and businesses resuming operations.

REPORT COVERAGE:

SEGMENTAL ANALYSIS

International Tourism Market Analysis By Type:

The Business tourism sector is the fastest-growing segment of the global international tourism market. The Adventure tourism segment is expected to have immense growth potential. The Medical tourism segment is also growing at a high rate due to price changes and the availability of various medical procedures in various countries. The culinary tourism segment is also growing at a fast pace due to changes in consumer preferences and the rise in the trend of food blogging.

International Tourism Market Analysis By Services Provided:

The Food & Beverages segment is the largest in the global international tourism market, it is made up of establishments that deliver food, snacks, and drinks for immediate consumption, inside or outside the premises Facilities.  The accommodation segment is expected to be the fastest-growing segment in the global international tourism market. The accommodation sector covers an extremely diverse spectrum of properties and consists of luxury palaces, boutique hotels, bed and breakfasts, campsites, inns, and other establishments.

REGIONAL ANALYSIS

The Middle East & African region is the fastest-growing region for the global international tourism market, growing at an annual rate of 8% almost double the global average. The Asia-Pacific region is expected to grow at an annual rate of 5%. The European region is expected to grow at an annual rate of 4% and continues to lead in terms of international arrivals. The North American region is the second-largest region with more than 107 million international arrivals and accounts for 18% of the global international tourism market. The Latin American region is expected to grow at a fast pace due to the rise of cruise tourism in the region.

KEY PLAYERS IN THE INTERNATIONAL TOURISM MARKET

TCS World Travel, Expedia Group, American Express Global Business Travel, Gray & CoBooking Holdings, Air BnB, DuVine, Crown Ltd, Balkan Holidays Ltd, G Adventures, Accor Group, Fred Harvey Company, MakeMyTrip, Adris Group, and Others.

RECENT HAPPENINGS IN THE MARKET

• In 2021, Expedia Group launched the COVID-19 Travel Advisor, an online tool that provides travellers with details about travel restrictions around the world to help restore confidence in travellers.

DETAILED SEGMENTATION OF THE INTERNATIONAL TOURISM MARKET

This research report on the global international tourism market has been segmented and sub-segmented based on type, and services provided.

By Type:

• Adventure Tourismf
• Cultural Tourism
• Hospitality Tourism
• Culinary Tourism
• Business Tourism
• Medical Tourism
• Others

By Services Provided:

• Accommodation
• Food & Beverages
• Recreation & Entertainment
• Transportation
• Travel

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa