LONDON--(BUSINESS WIRE)--Future Market Insights (FMI) announces its latest report titled, “GCC Ecotourism Market Analysis & Opportunity Assessment, 2014 - 2020”. According to the report, Ecotourism in GCC contributes 7% of the total tourism revenue and is expected to exhibit a CAGR of 6.2% from 2014 to 2020.
GCC ecotourism market is driven by factors such as increasing government funding for tourism-related initiatives, region-specific ethnic attractions, thematic sites & zones, city marketing, and advanced regional infrastructure. However, low ecotourism awareness, limited photography options with regard to landscape and scenery, extreme climate, and political and economic instability in the region are anticipated to restrict growth of the ecotourism market during the forecast period.
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Segment-wise, the nature ecotourism accounted for over 60.6% of the GCC ecotourism market share in 2014 and is expected to increase significantly at a CAGR of 4.7% in the near future. Furthermore, generic ecotourism is the fastest growing segment, witnessing 10.5% CAGR between 2015 and 2020.
Europe was the largest contributor in terms of international tourist with 53%, as resultant, tourist inflow in GCC is expected to contribute significantly to growth of the ecotourism market. Moreover, the highest GVA contributor is hotel stay, accounting for approximately 40% of the total share, followed by shopping and leisure at 22%.
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Country-wise, Saudi Arabia accounted for the largest revenue percentage at 30.9%, compared to other member nations in 2014. Growth of the ecotourism market remained flat between 2012 and 2013 due to economic and political turmoil. However, recent improvements in this regard is expected to drive the demand for ecotourism in the region over the next five years.
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Future Market Insights (FMI) is a premier provider of syndicated research reports, custom research reports, and consulting services. Our research services cover global as well as regional emerging markets such as GCC, ASEAN, and BRICS. Our offerings cover a broad spectrum of industries including Chemicals, Materials, Energy, Technology, Healthcare, and Retail. FMI’s operating model blends cross-disciplinary research experience to deploy in-depth, insightful, and actionable research.