NEWARK, DE / ACCESSWIRE / September 27, 2022 / As per a recent market analysis by Future Market Insights (FMI), the film tourism market is poised to reach a valuation of US$ 66.7 Bn in 2022. Sales are projected to increase at a 6.8% CAGR, with the market size reaching US$ 128.78 Bn by 2032.
The film tourism market is forecasted to grow at a consistent growth rate during the forecast period. This is majorly attributed to the growing popularity of global content and the trend of cultural integration. The parent market for Film Tourism I.e. Cultural Tourism has been on an upward growth for a long time due to globalization. These factors along with multiple other nudges have helped the film tourism market gain mainstream popularity and a highly lucrative market. The rise of film tours across the world to locations where the films have been shot, the production sets, film festivals, etc. have helped the firms increase their service offerings.
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The introduction of streaming services and increasing penetration of internet connectivity across the world has also helped immensely in making the different content globally famous. This along with the low cost of international travel and ease of availing accommodations has also made a significant impact on the growth of the film tourism sector. Untapped tourist locations get the limelight from the international broadcast of the films, documentaries, or shows filmed there.
Film locations and sets can be visited round the year making the film tourism sector consistent and safe from the seasonal aspects that other tourism markets suffer. This along with the ease of providing such tours has made the film tourism sector an easy market for new firms to enter.
Key Takeaways from the Film Tourism Market Study:
- The North America and Asia Pacific regions hold a market share of ~32.6% and ~35% respectively.
- The Covid-19 pandemic had a 45% impact on the value of the film tourism sector.
- New Zealand, the USA, France, India, Japan, the UK, and Ireland are some of the most popular destinations for film tourism.
- Film sets and theme parks are the most popular location types in the film tourism market.
- Online booking channels lead the charts in film tourism market booking channel segmentation.
"Customer satisfaction and a wide number of product offerings will be the key to grabbing the market leadership." - FMI Analyst said.
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Impact of COVID-19
The COVID-19 pandemic impacted the film tourism market negatively. The spread of the virus put a halt to travel around the globe; authorities around the globe implemented a lockdown that led to restriction of movement for anything that was not essential, this included tourism as well. The film tourism sector was left in a dire situation due to all these factors. Firms in the market devoted this time to rethinking their strategies and coming up with better services once the pandemic slowed down.
Post the slowdown of the pandemic the film tourism sector saw a resurgence in tour activities. Consumer demand slowly picked up, and then surged after the restrictions were fully lifted. The pent-up demand for travel saw the firms getting a lot of consumers immediately, improving the state of the market and setting it on a track of growth.
The Film Tourism Sector by Category
By Location Type:
- Film Sets
- Film Festivals
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tourist Type:
By Tour Type:
- Independent Traveler
- Package Traveler
- Tour Group
By Consumer Orientation:
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
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Who is winning?
By providing all-inclusive packages and sparing travelers from the trouble of navigating several channels for their excursions, the major players are able to keep their competitive advantage in the market. Government investments and initiatives are stimulating the market, and they have also assisted businesses in enhancing their service offerings.
The key players in the film tourism market are IIFTC, MP Tourism, Tourism Film Destinations, Scallywag Travel, and Onlocationtours.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global film tourism market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the film tourism market based on Location Type (Film Sets, Destinations, and Film Festivals), By Booking Channel (Online Travel Agents, Traditional Agents, and Direct Booking), By Tourist Type (Domestic and International), By Tour Type (Independent Traveler, Package Traveler, and Tour Group), By Consumer Orientation (Men and Women), By Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, and 66- 75 Years) & Region - Forecast to 2017 - 2032.
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