Burma tourism market to expand at a 2% CAGR through 2032

The Burma tourism market is poised to reach a valuation of US$ 1.02 million in 2022. Sales are projected to increase at a 2% CAGR, with the market size reaching US$ 1.52 Million by 2032.

Myanmar’s government has stated that it will invest 500 million USD to modernize its tourism infrastructure. The Asian Development Bank and the Norwegian government will work together to carry out the strategy.

The Myanmar Tourism Master Plan has six strategy programs. The strategies include enhancing destination planning and management safeguards and procedures, enhancing human resource capacity and promoting service quality, developing high-quality goods and services, enhancing connectivity and infrastructure related to tourism, and enhancing the image, position, and brand of Tourism Myanmar.

The Covid-19 pandemic had a 100% impact on the value of the Burma Tourism market. Leading players in the Burma Tourism market are estimated to account for approximately 1%-4% of the total market share. The pandemic has completely destroyed the global tourist and hospitality sector, resulting in widespread unemployment and placing airlines, hotels, and travel agencies in dire financial straits. 

According to the World Travel & Tourism Council, there has never been a crisis as severe for worldwide business as the current one, with the sector expected to lose a staggering 100 million jobs as a result of the coronavirus epidemic (WTTC). According to a WTTC study, the astonishing number has climbed by over 30% over the last four weeks, highlighting the sector’s severe predicament.

But in light of this circumstance, participants are now concentrating on promoting and revitalising their businesses through a variety of strategies, like the creation of online platforms and the provision of top-notch travel services, as this enables them to reach a larger consumer base at a lower cost.

Leading players of Burma Tourism are focusing on promotional strategies and advertising popular tourist destinations in Burma Tourism to improve sales in the market. Major players present in the Burma Tourism market are EMH Tours & Travel group, Aitken Spence Travel, Intrepid Travel, Legend Travel, Asia Focus Travel and others.