The rising demand for theme parks has been visible within the low and middle-income countries.
As per a recent market analysis by Future Market Insights (FMI), the Theme Park tourism market is poised to reach a valuation of US$ 49.1 Bn in 2022. Sales are projected to increase at a 13% CAGR, with the market size reaching US$ 166.67 Bn by 2032.
The Theme Park tourism market is expected to grow at an outstanding rate during the forecast period. This is due to multiple factors that are set to positively affect the market. The rising demand for theme parks has been visible within the low and middle-income countries, where the consumer base is modernizing and looking to explore different outdoor activities.
Theme park tourism is an all-season business, with demand for the attractions being present round the year. This makes it attractive for investors as well, who also look at the diversified revenue stream this market possesses.
The emergence of new technology has helped the industry keep itself up to speed with the increasing consumer demand for variety. Merchandising and other high-profit margin revenue sources have kept the market in a good situation, where the operators can focus on investing and improving their services. All these factors continue making the theme park tourism market extremely lucrative.
Key Takeaways from the Theme Park Tourism Market Study:
– Themes related to popular culture help in attracting more consumers to the theme park tourism market.
– The majority of demand is fuelled by domestic tourists.
– Ticket sales and merchandise remain the prominent revenue sources.
– Countries like China, Singapore, and India are rapidly growing, with the Asia Pacific region currently holding 18% of the total market share.
– The majority of the travelers are packaged and prefer booking their tours with the help of online booking channels.
"Popular culture trends and ease of travel are healthily boosting the market" FMI Analyst said.
Impact of COVID-19
COVID-19 pandemic was a major blow to the theme park tourism market, where operations were halted across the globe. The implementation of strict lockdowns around the world by the health authorities meant that travel and social interactions were cut-off for non-essential activities. The market was estimated to be impacted ~30% by the spread of the pandemic, resulting in panic among investors and key industry firms. The hesitancy of tourists to visit the parks due to safety issues was another blow to the theme park tourism market.
Post-pandemic the theme park operators took some drastic safety measures and improved their operating protocols. Addressing the safety concerns of the consumers was the priority of the businesses in the theme park tourism market. The current market situation has improved with the arrival of vaccines and the lifting of restrictions.
Theme parks are now expected to operate at full capacity, with demand from consumers increasing. People who missed outdoor activities during the pandemic are expected to explore more in the coming years, leading to faster growth in the market.
Who is winning?
The companies are continually improving their offerings, and the owners of theme parks are working to replace older equipment with modern technology as soon as they can. The key to maintaining a competitive edge in the industry would be the requirement to make the services hassle-free and boost the brand presence.
The key players in the Theme Park tourism market are The Walt Disney Company, Ardent Leisure Group Limited, Cedar Fair Entertainment Company, Changlong Group Co., Ltd., Comcast Corporation, Fanta Wild Holdings, Inc., Ilyas & Mustafa Galadari Group, Merlin Entertainments Group, Seaworld Parks & Entertainment, Inc., Six Flags Entertainment Corporation, Blackpool Pleasure Beach, Yokohama Hakkeijima Sea Paradise, Lotte World, and Overseas Chinese Town Enterprises Co.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
