Heritage Tourism Market Size, Share & Trends Analysis Report By Type (Cultural, Natural, Intangible), By End-user (30 & Under, 31 To 50, 51 To 70, 71 And Above), By Booking Channel, By Region, And Segment Forecasts, 2022 - 2030

Heritage Tourism Market Size, Share & Trends Analysis Report By Type (Cultural, Natural, Intangible), By End-user (30 & Under, 31 To 50, 51 To 70, 71 And Above), By Booking Channel, By Region, And Segment Forecasts, 2022 - 2030

Heritage Tourism Market Growth & Trends

The global heritage tourism market size is expected to reach USD 778.07 billion by 2030, registering a CAGR of 3.8% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness promising growth due to the increasing affordability of travel and rising disposable income. The increasing interest of travelers in cultural and natural heritage is likely to drive the growth of the market. According to the UNWTO, about 40% of all tourists worldwide are cultural tourists, spending on heritage sites. Moreover, increasing initiatives by the governments to improve heritage tourism is likely to increase access and spending on heritage travel and drive the heritage travel market growth.

The cultural heritage segment accounted for the largest revenue share in 2021. This is significantly attributed to the higher consumer inclination to travel to historic monuments, palaces, buildings, and artifacts over other sites. Also, according to the UNESCO world heritage site list, cultural sites account for around 50% of all sites including natural as well as intangible heritage sites.

The 51 to 70 segment accounted for the largest revenue share in 2021. This is mainly attributed to the consumer interest and consumer inclination associated with travel destinations. Baby boomers and older generations are more likely to choose heritage travel due to a huge interest in the traditional and cultural aspects of the different communities. During the forecast period, the millennial’s rising inclination towards travel and tourism is likely to be a promising factor for cultural tourism market growth.

The online segment of the booking channel is expected to witness strong growth during the forecast period. This is attributable to the shift in the consumer profile. The increasing share of millennials and generation Z in the travel industry is likely to propel the online segment growth. Additionally, the implementation and launch of online booking channels by key players across the world are also expected to drive the growth of the segment during the forecast period.

The Asia Pacific accounted for the highest revenue share in 2021. This is highly attributable to the presence of affluent heritage sites in the region. According to UNESCO, Asia Pacific accounts for more than 450 heritage sites comprising cultural heritage, natural heritage, and intangible heritage sites. Also, the higher population, and developed domestic travel account for the higher market revenue share of the region.

Heritage Tourism Market Report Highlights

• The Middle East and Africa is anticipated to register the second fastest CAGR of around 4.0% during the forecast period. This is attributable to the increasing government initiative, increasing consumer spending, and increased transportation services
• The natural heritage segment is anticipated to witness the highest CAGR of around 4.4% during the forecast period. This is attributed to the increasing popularity and increasing consumer preference
• By end-user, the 31 to 50 segment is likely to grow at the highest CAGR of around 4.6% during the forecast period. This is attributable to the increasing interest by the millennials as well as gen z
• The offline channel held the largest revenue share of around 70% in 2021. The consumer preference, long-established channel, and widespread availability are the factors attributable to the higher revenue share of this segment