CULTURAL TOURISM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The cultural tourism market is estimated to be valued at USD 6,952.53 Mn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 14.3% from 2024 to 2031. Cultural tourism refers to tours and visits undertaken by people to experience the culture of local communities in terms of their arts, heritage, languages, lifestyle, and history. It aims to foster understanding between cultures and people while boosting the economy and sense of identity. With globalization, many destinations are gaining popularity among tourists who seek to experience authentic cultural traditions. Some travelers are also keen to learn new skills and partake in cultural activities like food preparation or traditional handicrafts. The cultural tourism market has been steadily growing as more people wish to go beyond mere sightseeing and gain deeper exposure to different cultures through immersive experiences.

 Market Dynamics:

The global cultural tourism market growth is driven by rising preference for experiential travel that allows interaction with local populations. Tourists want authentic experiences away from superficial dealings. Additionally, growth of digital media has exposed people to diverse cultures, stimulating interest. However, this market still faces challenges from political instability and security issues in some destinations. Traditional societies also struggle to balance commercialization and preservation of culture. Meanwhile, operators recognize the need to promote sustainable tourism that benefits local communities. Collaborations between private players and cultural groups can boost opportunities through community-based programs. Standards ensuring authenticity and ethical practices would boost consumer confidence.

 Key Features of the Study:

• This report provides in-depth analysis of the global cultural tourism market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global cultural tourism market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Expedia Group, Priceline Group, China Travel, China CYTS Tours Holding, American Express Global Business Travel, Carlson Wagonlit Travel, BCD Travel, HRG North America, Travel Leaders Group, Fareportal/Travelong, AAA Travel, Corporate Travel Management, Travel and Transport, Altour, Direct Travel, World Travel Inc, Omega World Travel, Frosch, JTB Americas Group, and Ovation Travel Group.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global cultural tourism market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global cultural tourism market.

Market Segmentation

• Type:
  • Heritage Sites
  • Religious Sites
  • Parks & Gardens
  • Museums
  • Monuments
  • Others
• Purpose of Visit:
  • Pilgrimage
  • Leisure
  • Educational/Study
  • Photography/Art
  • Others
• Traveler Type:
  • Solo Travelers
  • Friends/Families
  • Others
• Regional:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
  • Expedia Group
  • Priceline Group
  • China Travel
  • China CYTS Tours Holding
  • American Express Global Business Travel
  • Carlson Wagonlit Travel
  • BCD Travel
  • HRG North America
  • Travel Leaders Group
  • Fareportal/Travelong
  • AAA Travel
  • Corporate Travel Management
  • Travel and Transport
  • Altour
  • Direct Travel
  • World Travel Inc
  • Omega World Travel
  • Frosch
  • JTB Americas Group
  • Ovation Travel Group