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Adventure And Safari Market Report
Global Adventure and Safari Market, Dynamics, Trends, and Market Analysis
The report on the Global Adventure and Safari Market is segmented By Type (Island, Landscape, Polar Region, Others), By Application (Millennial, Generation X, Baby Boomers, Silver Hair), and Region. This market research report provides an in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global adventure and safari market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The Global Adventure and Safari Market is estimated to grow from USD 1.2 billion in 2020 to USD 1.8 billion by 2026 at a healthy CAGR of 7.7% during the forecast period.
Figure: Global Adventure and Safari Market Size, 2020-2026 (USD Million)
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Adventure and safari are tourism activities conducted by a tourism company that offers customers a service with a zoo-like commercial drive-in tourism attraction where visitors can drive their vehicles or ride in vehicles offered by the company to observe freely roaming animals.
Key players operating in the global adventure and safari market are-
The growing trend to have a sense of adventure and to freely watch roaming wild animals in their natural environment is expected to boost the industry's growth in the coming years. Also, personalized vacation aimed at safari and adventure is getting popular among all the age groups, which is augmenting the market growth.
Furthermore, rising purchasing power and consumer spending of the middle and upper class, increasing micro trips, growing demand for the accumulation of travel memories, and emerging tourism and corporate industries across the globe are expected to drive the industry growth.
Based on application, the adventure and safari market is classified into millennial, Generation X, baby boomers, and silver hair. The millennial segment held a significant share in 2020 and is projected to grow at the highest CAGR during the assessment period.
Millennials have a broad mindset for luxury and adventure. They are more independent in their religious and political views, less likely to be married, more entrepreneurial, distrustful of authority, and more travel-oriented than any other generation, further bolsters the segment growth.
By region, the Asia Pacific market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to a rise in spending power, the presence of several safari destinations & rich fauna, and improving the standard of living. The rising demand for adventure activities among corporate events, corporate stays, and leisure trips are rising as more money is being injected into the economy, which further proliferates the regional market growth.
The COVID-19 outbreak has moderately affected the Adventure and Safari industry.
Due to stringent lockdown and social distance norms, there is limited movement of people resulting in work from home policies with people stuck at home. Also, the tourism industry is badly affected by restricted activities and business travelling has also declined with a shift towards video conferencing, further affecting the market growth.
The following is a list of the customers that the Global Adventure and Safari market aims to convert the most:
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The adventure and safari market size is expected to reach USD 1.8 billion in the foreseeable future.
TUI Group (Germany), Thomas Cook Group (UK), Abercrombie and Kent Ltd (UK), Micato Safaris (The U.S), Cox and Kings Ltd (India), Scott Dunn (UK), Backroads (The U.S), Al Tayyar (Saudi Arabia), Travcoa (The U.S) and Zicasso (The U.S) are among the key players in the adventure and safari market.
The adventure and safari market is expected to witness an impressive growth of 7.7% CAGR in the coming years.
Asia Pacific market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR.
The millennial segment is expected to grow at the highest CAGR in the adventure and safari market in the coming years.
Adventure and Safari vendors, Adventure and Safari retailers, Tourism companies, Corporates are the target audience in the adventure and safari market.
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