NEWARK, Del., April 26, 2022 (GLOBE NEWSWIRE) -- Companies Profiled in Faith Based Tourism Market are Martin Randall Travel Ltd , Heritage Tours & Travels, Best Way Tours & Safaris, Regina Tours, Travelway Europe, SpainTOP, 206 Tours Inc., Maranatha Tours, Indus Travels Inc., Brightspark Travel Inc., Wendy Wu Tours, ACE Cultural Tours, Kesari Tours Pvt Ltd, Go Thailand Tours, N.S. Travel & Tours Co., Ltd
As per a recent market analysis by Future Market Insights (FMI), the global faith based tourism market is poised to reach a valuation of US$ 13.7 Bn in 2022. Sales are projected to increase at a 10.4% CAGR, with the market size reaching US$ 37 Bn by 2032.
The travel and tourism sector benefits from faith based tourism. Increasing preference among tourists to explore untouched heritage sites across the globe is expected to drive the market over the forecast period.
Consumers are getting inclined towards religious locations and heritage sites for a variety of reasons such as to reflect on their faith, and to better understand and respect a religion.
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Governments across the globe are also recognizing the importance of religious tourism not just as a source of revenue, but also as a tool for promoting communal cohesion. For instance, IRCTC (Indian Railway Catering and Tourism Corporation) offers a comprehensive package that includes transportation, sightseeing, and lodging at the Buddhist Circuit. Apart from that, airports have been established in Bodh Gaya, allowing direct travel of tourists from Southeast Asian countries, who make up a significant portion of the clientele.
A list of Key Players Covered in the Faith Based Tourism Market are:
- Martin Randall Travel Ltd
- Heritage Tours & Travels
- Best Way Tours & Safaris
- Regina Tours
- Travelway Europe
- SpainTOP
- 206 Tours Inc.
- Maranatha Tours
- Indus Travels Inc.
- Brightspark Travel Inc.
- Wendy Wu Tours
- ACE Cultural Tours
- Kesari Tours Pvt Ltd
- Go Thailand Tours
- N.S. Travel & Tours Co., Ltd
- Vansol Travel & Tours
- Catholic Travel Centre
- Amiel Tours LTD
- Israel Travel Providers, LLC
- Gil Travel Group
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Similarly, churches of Goa, Kerala, and Tamil Nadu will be on the Christian circuit. To foster national cohesion, the Sarv Dharma Circuit will run through Tirupathi-Chennai-Velankanni-Nagoor and Vaishnodevi-Golden Temple-Sacred Heart Church (Delhi)-Nizamuddin.
The Ministry of Tourism has already identified 35 places for Phase I, with a total of 89 destinations to be covered in Phase II. The ministry has hired consultants to help identify infrastructure and amenity shortages, assess investment requirements and potential funding sources, and develop business models for operations. Such developments are anticipated to bode well for the market over the assessment period.
“Growing preference for more authentic experiences, such as the exploration of spiritual and cultural traditions associated with specific religions and pilgrimage sites, is driving the faith-based tourism market.” says an FMI analyst.
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Key Takeaways:
- Based on type, religious and heritage tours are predicted to account for a dominant share of the market through 2032.
- In terms of consumer orientation, the women segment held 63% of the total market share in 20212, and the trend is expected to continue over the forecast period.
- By booking channel, the online booking segment is anticipated to hold a noteworthy share of 48.0%.
- In terms of age group, demand in the 46-55 segment will continue gaining traction through 2032.
- Based on tour type, sales in the package segment will remain high over the forecast period.
- Canada will emerge as a lucrative pocket in North America faith based tourism market. Sales in the North America market are slated to increase at a 4.7% CAGR.
- Demand in. the South Asia faith based tourism market will grow at a 14% CAGR owing to increasing influx of spiritual tourists in India.
Impact of COVID-19 on the Faith Based Tourism Market
In 2020, the COVID-19 epidemic had a tremendous impact on the tourism sector due to lockdown restrictions imposed to contain the virus. According to the United Nations World Tourism Organization, international tourist arrivals (overnight visitors) decreased by 70% from January to August 2020 compared to the same time last year (UNWTO).
From January to August 2020, Asia-Pacific, which was the first to be impacted by the epidemic, saw a 79% decline in arrivals. While international travel demand continues to decline, regional tourism in several significant economies, such as China and Russia, is on the rise. Domestic tourism is contributing in the recovery of a number of locations, although only to a limited level in the majority of situations.
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Future Market Insights, in its new offering, provides an unbiased analysis of the global faith based tourism market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the faith based tourism market based on the type (day trips & local gateways, museums, pilgrimages, pilgrimages & others), booking channel (phone booking, online booking & in person booking) tourist type (domestic & international) tour type (independent traveller, tour group & package traveller) consumer orientation (men, women & children) age group (15-25 years, 26-35 years, 36-45 years, 46-55 years, 66-75 years) across seven major regions.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Who Is Travelling?
1.1.2. How Much Do They Spend?
1.1.3. Direct Contribution of Tourism To GDP
1.1.4. Direct Contribution of Tourism To Employment
1.2. Tourism Evolution Analysis
1.3. FMI Analysis and Recommendations
2. Market Introduction
2.1. Total Spending (US$ MnBn) and Forecast (2022-2032)
2.2. Number of Faith based Tourists (MnBn) and Forecast (2022-2032)
2.3. Total Spending Y-o-Y Growth Projections (2022-2032)
2.4. Number of Faith based Tourists Y-o-Y Growth Projections
3. Global Tourism Industry Analysis
3.1. Tourism Industry Overview
3.1.1. Travel & Tourism Industry Contribution To Global GDP
3.1.1.1. Business Spending v/s Leisure Spending
3.1.1.2. Domestic v/s Foreign
3.1.1.3. Direct, Indirect, and Induced
3.1.2. Travel Sector Contribution To Global Overall Employment
3.1.3. Travel & Tourism Growth Rate
3.1.4. Foreign Visitor Exports As Percentage of Total Exports
3.1.5. Capital Investment In Travel & Tourism Industry
3.1.6. Different Components of Travel & Tourism
3.1.7. Global Tourism Industry Outlook
3.1.7.1. Cultural Tourism
3.1.7.2. Culinary Tourism
3.1.7.3. Eco/Sustainable Tourism
3.1.7.4. Sports Tourism
3.1.7.5. Spiritual Tourism
3.1.7.6. Wellness Tourism
3.1.7.7. Others
4. Philippines Tourism Industry Analysis
4.1. Visitor Arrivals To The Philippines By Country Of Residence
4.2. Tourism Demand Statistics
4.3. Popular Religious Sites In Philippines
4.3.1. San Agustin Church
4.3.2. Manila Cathedral
4.3.3. Taoist Temple Cebu
4.3.4. Baclayon Church
4.3.5. Others
5. Diverse Beliefs: Tourism of Faith
5.1. Factors influencing Growth in Religious Tourism
5.1.1. Enforced Popularity of Domestic Travel
5.1.2. Cultural Preservation
5.1.3. Search for Authenticity
5.1.4. Personal Beliefs
5.1.5. Religious Routes
5.1.6. Faith-based Cruises
5.1.7. Others(during course study)
TOC Continued…!
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