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As the COVID tide begins to turn, the recreation sector looks set to bounce back with a new report suggesting the market could be worth as much as US$1.92tn by 2025
Tom Anstey | Planet Attractions | 29 Jun 2021
The global recreation market is forecast to have significant growth in 2021 Credit: Canva
The global recreation market is expected to grow by US$172.5bn (€145bn, £124.7bn) in 2021, indicating positive results for a sector currently in recovery following a COVID-hit 2020.
The recreation umbrella, currently valued at US$1.25tn (€1.05tn, £900bn) includes a number of sectors, including the visitor attractions and culture markets, sporting activities and the wider use of recreational services and activities.
The rise to US$1.42tn (€1.19tn, £1.03tn) represents a growth in the recreation sector of 13.8%, growth which has been primarily driven by companies rearranging their operations and recovering from the impact of COVID-19.
With the tide starting to turn in the fight against COVID, governments are able to lift and relax health restrictions, which has helped to reduce social distancing and remote working, while also enabling the resumption of commercial activities in attractions and recreation venues.
With significant recovery predicted in 2021, looking at market growth over five years to 2025, the recreation market is expected to increase significantly, rising by US$663.1bn (€557.65bn, £479.6bn) to US$1.92tn (€1.61tn, £1.39tn) - a compound annual growth rate of 8%.
In addition to growth, the report also looked at market characteristics, regional and country breakdowns, competitive landscape, market shares, trends and strategies.
The Asia Pacific region is the largest for recreation, accounting for 33% of the market in 2020. North America is the second largest region accounting for 30% of the global recreation market. Of the global regions, Africa is ranked as the smallest for recreation.
The report also highlighted the increased use of virtual and augmented reality technology in theme parks, specifically mentioning Belgium’s Plopsaland De Panne, which has a new wooden VR coaster and SeaWorld, which has turned its Kraken coaster into a VR hybrid experience. The report also looks at Universal Studios, which has used AR inside its Walking Dead mazes.
Recreation Global Market Report 2021: COVID-19 Impact and Recovery to 2030 was conducted by ResearchAndMarkets.com. To read the full report, click here.
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