Monday, June 17, 2024 The Tourism Source Market was valued at approximately $599.40 billion in 2022 and is projected to reach around $1.1 trillion by 2032, with a compound annual growth rate (CAGR) of 6.
6% from 2023 to 2032. Tourism involves traveling for pleasure, recreation, or business to destinations outside one’s usual environment. It includes a range of activities such as sightseeing, exploring natural landscapes, engaging in adventure sports, experiencing different cultures, attending local events, or simply relaxing at resorts or vacation spots.
Tourism also encompasses the management, administration, and promotion of tourist activities. It is recognized as a social, cultural, and economic phenomenon, with people traveling to places beyond their usual surroundings for personal, business, or professional reasons. Globally, the travel and tourism sector has shown remarkable resilience, with countries like Iceland, Kenya, Palau, and Nepal emerging as hotspots for unique eco-tourism destinations.
Notably, Nepal saw a significant increase of 24% in traveler numbers in 2018, reaching approximately 1,173,072 by year-end. Similarly, Kenya experienced a more than 37% increase in tourist arrivals in 2018, surpassing two million. Additionally, destinations like Costa Rica, the Galapagos Islands, and Panama are gaining attention as centers for eco-tourism.
Ethiopia has effectively focused on niche tourism markets, leveraging its historical, natural, and cultural assets. Third-w.
