Costa Rica Tourism Market Size
| Study Period | 2024 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Costa Rica Tourism Market Analysis
The Costa Rica Tourism Market is valued at about USD 300.2 million and is expected to register a CAGR of more than 5% during the forecast period.
In recent years, some key influencers on the travel and tourism industry have been globalization, digitalization, sustainability, and the coronavirus pandemic. Ease of mobility increased awareness of new destinations, and the internet as a source of information and commerce has caused the industry to grow exponentially. When it comes to the industry's future, increased domestic tourism, excellent hygiene conditions, and contactless service are all examples of changing consumer interests due to the COVID-19 pandemic.
In the first six months of 2023, Costa Rica's tourism industry attracted 1.338,303 visitors, an increase of 19.4% over the same period of 2022 and surpassing the 2019 figures. Tourism in Costa Rica has been on the rise for several reasons, including its high level of safety, its natural environment, and its variety of attractions and activities. Tourism authorities estimate that about 90% of tourism to Costa Rica is by air, with 202,235 travelers arriving by plane in June 2023. Some 142,025 tourists entered via the Juan 厂补苍迟补尘补谤铆补 International Airport, while 60,177 arrived via the Guanacaste International Airport, both increasing by 10.1 percent and 5.5 percent, respectively, over the same month last year. Tourism from North America was on the rise, with 21% more visitors from that region than in 2022, according to the ICT. This year, Costa Rica welcomed 792, 944 extra visitors from the US, 148 973 visitors from Canada, and 35,866 visitors from Mexico.
Tourism is one of the fastest-growing economic sectors in Costa Rica, and it's expected to continue to grow in the months ahead. The tourism industry in Costa Rica has the potential to benefit from the increasing global interest in sustainable and responsible tourism. Costa Rica is well-positioned to continue to attract visitors from all over the globe, and tourism will continue to be a major contributor to the country's economic development in the years ahead.
Costa Rica Tourism Market Trends
Increase in the Number of International Tourists Arrival is Driving the Market
According to the Costa Rica Tourism Institute, approximately 632,000 tourists traveled through Costa Rica by all routes in the first three months of this year, representing 63% of all international tourism arrivals compared to the start of the year in 2019.
There are signs of recovery in tourism, recreation, and gastronomy. There is an increase in the number of people going to restaurants, resorts, or events like concerts and football games. According to the National Tourism Chamber, the occupancy rate in Sun and Beach Hotels during Easter Week of this year was 93%, while according to the Costa Rican Hotels Chamber, it was up to 98%. In 2022, the number of international tourists visiting Costa Rica increased by more than 74 percent, reaching nearly two and a half million. However, it was still 25 percent lower than the record-breaking three million visitors in 2019. Costa Rica's total visitor spending, including transportation costs, exceeded USD 1.7 billion in 2021. International tourists spent an average of USD 1.5 thousand dollars per trip, accounting for nearly one-fifth of Costa Rica's service exports in 2021.
Tourism-related indirect industries (from air transportation to domestic transportation, restaurant and hotel services, guides, handicraft sales, national park and resort tickets, etc.) demonstrate the importance of maintaining a level playing field for both domestic and international visitors. According to the CBP, tourism employs 245,253 individuals in 2018, which equates to 10.5 % of the EAP population. The direct and indirect impacts of tourism-related activities also affect the recovery of jobs in Costa Rica.
Increase in the Recreational Activities in Costa Rica is Driving the Market
The Costa Rica Outdoor Recreation Facility Construction Industry is one of the most established and fastest-growing industries in the country. Costa Rica is one of the world's most popular tourist destinations due to its abundance of natural beauty and eco-tourism. As a result, the country's popularity for outdoor recreation has skyrocketed, leading to an ever-growing demand for recreational facilities such as outdoor parks, outdoor playgrounds, outdoor sports fields, and more. In addition, Costa Rica has one of the most diverse and varied landscapes in the world, making it an ideal country to develop outdoor recreation facilities.
One of the main reasons for the industry's growth is the rise in leisure activity and recreation spending by Costa Ricans, as well as tourists. With increased disposable income, more people can afford to enjoy outdoor recreation facilities like sports clubs, pools, and more. This has increased private recreational facilities. Costa Rica's government is investing in infrastructure, which has resulted in a rise in public leisure facilities like parks, playgrounds, and more. As the tourism industry grows, so does the number of outdoor recreation hotels and resorts.
Another reason for the industry's growth is the growing population. As Costa Rica's population increases, so does the need for housing and amenities, such as outdoor recreation facilities (ORFs). This has resulted in an increase in residential developments with ORFs. The government's efforts to encourage tourism, the nation's growing population, the growing trend of leisure spending among citizens and tourists, and the increased demand for outdoor recreation facilities are all factors that will continue to drive the growth of this industry. As disposable income continues to rise, so will the number of people using outdoor recreational facilities.
Costa Rica Tourism Industry Overview
The major competitors are Expedia Group, Booking Holdings, Amex GBT, BCD Travel, CWT, Flight Centre, Travel Leaders Group, American Express, and Direct Travel. There are a limited number of domestic hotel chains in Costa Rica, although some smaller groups within the country are starting to expand. Most international groups are located in the capital, San Jos茅, along the Pacific coast, where the major resorts are located.
Costa Rica Tourism Market Leaders
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Expedia Group
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Booking Holdings
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Amex GBT
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BCD Travel
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CWT
*Disclaimer: Major Players sorted in no particular order
Costa Rica Tourism Market News
- March 2023: Expedia Group announced a new API partnership with Wheel the World, a travel booking platform for accessible travelers in wheelchairs, effectively enhancing a seamless, end-to-end travel experience for travelers with disabilities. Through this partnership, Expedia Group will serve as the exclusive partner to power Wheel the World's lodging supply. Through Expedia Group's Rapid API technology, Wheel the World customers will have access to Expedia Group's extensive directly sourced hotel inventory with the ability to filter properties by their accessibility needs and preferences.
- November 2022: Booking Holdings, the world's leading provider of online travel and related services, expanded the Travel Sustainable program to relevant brands across the Booking Holdings family. The news marked the company's delivery of its commitment to launch its first-of-its-kind program for accommodations enterprise-wide by the end of 2023. Travel Sustainable provides credible information on impactful sustainability efforts taken by properties worldwide. It gives travelers a transparent, consistent, and easy-to-understand way to identify a wider range of more sustainable stays, no matter where they want to travel.
Costa Rica Tourism Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Technological Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Local/Domestic
5.1.2 International
5.2 By Purpose
5.2.1 Adventure
5.2.2 Business
5.2.3 Medical
5.2.4 Sea Farming
5.2.5 Other Purposes
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Expedia Group
6.2.2 Booking Holdings
6.2.3 Amex GBT
6.2.4 BCD Travel
6.2.5 CWT
6.2.6 Flight Centre
6.2.7 Travel Leaders Group
6.2.8 American Express Travel
6.2.9 Direct Travel*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Costa Rica Tourism Industry Segmentation
The Costa Rica Tourism Market can be segmented on the basis of type (local/domestic, international) and by purpose (Adventure, Business, Medical, Sea Farming, and others).
Costa Rica is located in parts of North America and the Central American region. Market prospects are excellent in a variety of sectors, including building products, construction equipment, hotel and restaurant equipment, solar energy, franchising, cosmetics, auto parts and service equipment, electric vehicles and related equipment, pharmaceuticals, packaging, education, and tourism to the Costa Rica market. The report offers market size and forecasts for the US Real Estate Services Market in value (USD) for all the above segments.
| By Type | |
| Local/Domestic | |
| International |
| By Purpose | |
| Adventure | |
| Business | |
| Medical | |
| Sea Farming | |
| Other Purposes |
Costa Rica Tourism Market Research FAQs
What is the current Costarica Tourism Market size?
The Costarica Tourism Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Costarica Tourism Market?
Expedia Group, Booking Holdings, Amex GBT, BCD Travel and CWT are the major companies operating in the Costarica Tourism Market.
What years does this Costarica Tourism Market cover?
The report covers the Costarica Tourism Market historical market size for years: . The report also forecasts the Costarica Tourism Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Costa Rica Tourism Industry Report
Statistics for the 2024 Costa Rica Tourism market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Costa Rica Tourism analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
