According to a new Market Watch report, the ecotourism industry is expected to grow at a CAGR (Compound Annual Growth Rate) of 14.3% over the next five years, from an international value of 229 billion USD in 2022, to 510.4 billion by 2027.
This is a massive breakthrough not only for the industry itself, but also for environmental conservation initiatives and the local communities who rely on sustainable tourism to feed their families, preserve their land, and share their culture. This growth will change the lives of locals, travelers, and investors alike.
Prior to the COVID-19 pandemic, Southeast Asia’s tourism industry was valued at $393 billion. However, what made the region a popular destination also wreaked havoc on the environment; an influx of tourists polluted the areas and put a strain on the local food supply and infrastructure.
For example, in 2020, Thailand closed all 155 of its natural parks for the first time ever. In July of this year, they reopened. Noticing how the ecosystem healed in the absence of tourist pollution, the minister of Natural Resources and Environment decried that the parks would remain closed for one month out of the year going forward to allow the habitats to recover from human impacts.
Some islands have instated “carry capacity” regulations referring to the amount of visitors an island can take in at once before causing damage to the environment. In 2018, the island of Boracay in the Philippines closed temporarily to allow the environment and tourism industry recover from being overloaded in the months and years prior.
These breaks from typical tourism show a need to rethink how travel affects these areas. Ecotourism is the answer to these issues. By instating policies, and in some cases like Palau Island, pledges that travelers take to lower the impact of tourism, we can keep these areas healthy and thriving while allowing people access to bolster local economies and make meaningful memories all the while.
