Theme Park Market Size, Share & Industry Analysis, By Service Type (Rides, Event & Tour, Food & Beverage, Merchandise & Retail, and Others), By End-User (Kids and Adults), By Visitor Type (Domestic and International), and Regional Forecast, 2024-2032

The global theme park market size was valued at USD 51.66 billion in 2023. The market is projected to grow from USD 55.90 billion in 2024 to USD 124.71 billion by 2032, exhibiting a CAGR of 10.55% during the forecast period. Asia Pacific dominated the Theme Park Market with a market share of 34.46% in 2023.

Theme parks differ from amusement parks in many ways. While an amusement park is a large outdoor space offering mechanical & water parks/rides, shows, games, and other entertainment, a theme park has a central theme. In this respect, a theme park is an increasingly popular themed amusement park. The global amusement park market can be broadly segmented into theme parks, water parks, adventure parks, and zoo parks. The emerging trends in the global amusement park market positively influence the global theme park market trends. On the other hand, the rapidly evolving theme park industry increases the market size.

Rising disposable incomes, especially in emerging countries, have led to increasing consumer spending on leisure activities, including amusement park visits, which has increased the market growth. Furthermore, growing tourism across countries boosts the number of visitors to these parks. At a macro level, the increasing popularity of mechanical rides in amusement parks increases the market share.

Prominent players operating in the market are focusing on mergers and acquisitions to diversify their portfolios and strengthen their presence. For instance, in November 2023, Six Flags Entertainment Corporation, a Texas, U.S.-based amusement park company, entered into a definitive merger agreement with Cedar Fair Entertainment Company, an Ohio, U.S.-based company, to combine in a merger of equals. According to the company, the new combined company will operate across 17 states in the U.S., Canada, and Mexico, with a portfolio of 27 amusement parks, 15 water parks, and 9 resorts.

The COVID-19 pandemic had a significant impact on the theme parks industry. Lockdown measures across countries led to a severe decline in revenue and attendance across amusement parks worldwide in 2020 due to travel restrictions and the closure of amusement parks. According to the Themed Entertainment Association, an international non-profit association for themed entertainment, the number of attendees across the top 25 themed amusement parks worldwide dropped from 253.7 million attendees in 2019 to 83.3 million attendees in 2020.

Theme Park Market Trends

Rising Popularity of Movies and Series-Theme-based Parks to Fuel Market Growth

The popularity of movies and series-theme-based parks is significantly growing among individuals. Movies and series-themed parks offer unique and immersive experiences to visitors by offering themed attractions and rides. Moreover, popular movies and series often have a global fan base, attracting international visitors. Theme parks offering exclusive merchandise and franchise-specific products boost the theme park market growth. Several prominent players focus on incorporating popular intellectual properties of popular movies and series to diversify their portfolios. For instance,

In May 2023, Merlin Entertainments, a U.K.-based entertainment company, entered an intellectual property partnership with Sony Pictures, a U.S.-based entertainment company, and opened its new Jumanji (a popular Hollywood movie) themed park. According to the company, the new park will feature movie-themed rides and hotel rooms.

In October 2022, Amazon Falls Co. Ltd., a Thailand-based attractions developer, partnered with Sony Pictures, a U.S.-based entertainment company, to open its new Colombia Picture theme park, Aquaverse, in Thailand. According to the company, the new theme park includes attractions from various popular movies, including Surfs Up, Hotel Transylvania, Jumanji, and Ghostbusters.

Theme Park Market Growth Factors

Increasing Number of International and Domestic Tourists to Propel Market Growth

The increasing number of international tourists worldwide looking for leisure and unique experiences drives the market growth. According to the United Nations World Tourism Organization (UNWTO), a government agency, over 975 million tourists traveled internationally between January & September 2023, with an increase of 38% compared to the same period in 2022.

The rising number of domestic tourists across countries and increasing family-oriented short vacations propels market growth. For instance, according to the Ministry of Saudi Arabia, the number of domestic tourists increased from 63.83 million in 2021 to 77.84 million in 2022. Furthermore, themed entertainment venues with attractions reflecting local culture and themes are boosting demand among domestic tourists looking for experiences that reflect their cultural background. Moreover, parks hosting special events, festivals, and seasonal offers throughout the year attract domestic tourists.

Rising Government Support to Favor Market Expansion

Increasing government investments & initiatives for infrastructure development and boosting tourism across countries, coupled with allocating specific areas for tourism & entertainment development, are propelling the theme park market share. Furthermore, government tourism boards promoting these parks as key attractions in their tourism campaigns attract more new domestic and international visitors.

In recent years, several governments across countries have introduced initiatives and policies to increase recreational activities to boost tourism. For instance, in September 2023, the Department of Tourism Tamil Nadu, an Indian state government agency, in their Tourism Policy 2023, announced the establishment of recreational facilities across various cities, including Chennai, Ooty, and Coimbatore, to boost recreation tourism. According to the department, the new themed amusement park will be launched with an area of over 100 acres in Chennai, which will be developed through private sector participation.

RESTRAINING FACTORS

High Initial Investment and Operational Costs to Limit New Players' Entry

The development of themed adventure parks requires substantial initial investment in land acquisition, construction, and infrastructure. This expenditure includes building rides, attractions, hotels & restaurants, and other required facilities that meet government and industry safety standards. Moreover, operating a themed adventure park requires various operational expenses, including staffing, maintenance, utilities, marketing, and insurance.  Maintaining attractions and ensuring safety standards involves continuous investment and staff training and retention, which can bring financial burden, especially for new entrants. Furthermore, substantial initial investment, coupled with ongoing high operational costs, restricts the entry of new players. Several prominent market players are also focusing on reducing their operational expenses. For instance, in April 2023, Disney, a California, U.S.-based entertainment and amusement park company, announced plans to lay off over 7,000 employees to save over USD 5.5 billion in operational costs.

Theme Park Market Segmentation Analysis

By Service Type Analysis

Increasing Number of Innovative Theme Rides to Propel Market Growth  

Based on service type, the market is segmented into rides, event & tour, food & beverage, merchandise & retail, and others. The rides segment dominated the global market in 2023 owing to the rising availability of theme-based rides and growing popularity of adventure rides worldwide. Moreover, several major industry participants are launching new innovative theme rides based on popular movies and series. For instance, in August 2023, Six Flags Entertainment Corporation, a U.S.-based entertainment company, launched various new theme rides, including the CYBORG Cyber Revolution air-time ride, SHAZAM! Tower of Eternity drop tower, THE FLASH: Vertical Velocity boomerang coaster, Bobcat wooden roller coaster, and Ultra Surf coaster across its themed adventure parks.

The food and beverage segment is expected to grow significantly throughout the forecast period due to the increasing number of theme-based restaurants and rising extended stays in adventure resorts. Several key market participants are focusing on partnerships to diversify their food & beverage offerings. For instance, in October 2022, Universal Parks and Resorts, a subsidiary of Universal Studios, partnered with Coca-Cola, a U.S.-based beverage company, to launch a new secret menu featuring new Coca‑Cola products across its Universal Studios Hollywood and Universal Orlando Resort.

Various prominent market players are also launching new restaurants across themed amusement parks to cater to the increasing demand for food and beverages among visitors. For instance, in August 2023, Disney, a California, U.S.-based entertainment company, launched its new Tiana's Palace restaurant (based on The Princess and the Frog movie) at Disneyland Park in New Orleans, U.S.

By End-User Analysis

Growing Emphasis on Introducing Adult Rides Worldwide to Favor Market Expansion

Based on end-user, the market is segmented into kids and adults. The adult segment dominates the global market owing to the wide availability of adult rides coupled with rising disposable incomes and growing demand for unique leisure experiences.

The kids segment is expected to grow significantly over the forecast period. The growing popularity of themed adventure parks among kids and the rising number of entertainment venues based on famous cartoons and animations propels the segment’s growth. Major industry participants have emphasized the launch of new adventure theme parks over the years. For instance, in May 2024, Merlin Entertainments, a U.K.-based entertainment company, launched its new PEPPA PIG themed park in Günzburg, Germany. According to the company, the new park will feature attractions for preschool children and their families.

In December 2023, Universal Destinations & Experiences, a division of Universal Studios, launched its new themed amusement park designed specifically for families with young children, Universal Kids Resort.

By Visitor Type Analysis

Growing Popularity of Short Trips & Family Vacations Among Domestic Tourists to Fuel Market Growth

Based on visitor type, the market is segmented into domestic and international. The domestic segment held the largest market share in 2023 owing to the rising disposable & spending power and rising accessible & affordable options. Moreover, the growing number of themed amusement parks in the city’s proximity offers convenient options for weekend gateways and short vacations among domestic tourists. In addition, increasing the availability of seasonal events & festivals coupled with various promotional offers during school holidays and national holidays attract domestic tourists looking for leisure activities.

The international segment is expected to grow significantly through the forecast period. The rising number of international tourists worldwide, owing to rising tourism, propels market growth. For instance, according to the Ministry of Tourism Saudi Arabia, a government agency, the number of international tourists increased from 16.64 million in 2022 to 27.4 million in 2023, with an increase of 65%.

REGIONAL INSIGHTS

The global theme park market analysis covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Asia Pacific dominated the global market in 2023 owing to the rising disposable incomes and increasing tourist arrivals across the region, coupled with the presence of various globally renowned themed amusement parks, including Universal Studios Japan, Universal Studios Singapore, Disneyland Tokyo, Disneyland Hong Kong, and LEGOLAND Malaysia. Furthermore, the rising number of themed amusement parks across the region fuels the market growth. For instance, in March 2024, Max-Matching Entertainments, a China-based themed entertainment company, in a strategic licensing partnership with Hasbro, a U.S.-based toys and game company, announced the launch of its new PEPPA PIG outdoor themed amusement park in China.

Several prominent international players are focusing on expansion to diversify their portfolios and expand their reach across the Asia Pacific. For instance, in October 2023, Disney, a California, U.S.-based entertainment company, launched its new Frozen (a popular animation movie)-themed land at its Disneyland Resort in Hong Kong as a part of its USD 60 billion investment plan worldwide.

North America is expected to grow significantly throughout the forecast period owing to the presence of various prominent players, including Disney Experiences, Universal Studios, Six Flags Entertainment Corporation, and Cedar Fair Entertainment Company, coupled with the growing number of visitors. According to the Themed Entertainment Association, an international non-profit association for themed entertainment, the number of attendees across the top 20 themed amusement parks across North America increased from 104.8 million in 2021 to 140.5 million in 2022.

Various major industry participants are launching new parks across North America. For instance, in July 2023, Mansion Entertainment Group, a Missouri, U.S.-based entertainment company, announced the launch of its new American Heartland Theme Park and Resort in Oklahoma, U.S. According to the company, the new 125-acre theme park will feature an Americana-themed environment with various rides, live shows, family attractions, waterways, and restaurants.

Europe is expected to grow considerably throughout the forecast period owing to increasing consumer spending power on leisure activities, increasing international tourist arrivals, and various cultural events & festivals held across theme parks. Various prominent players are focusing on partnerships to diversify their portfolios and expand immersive experiences for consumers. For instance, Merlin Entertainments, a U.K.-based entertainment company, partnered with Ferrari, an Italy-based luxury sports car company, to launch two Ferrari-themed brand experiences at two LEGOLAND theme parks.

The demand for theme parks in South America and Middle East & Africa market is forecast to witness positive growth in the future. The rising number of international tourists in the regions and growing number of theme parks in Dubai, Saudi Arabia, and South Africa will drive the market growth.

KEY INDUSTRY PLAYERS

Prominent Players to Focus on Mergers and Acquisitions to Stay Competitive

Intense competitive rivalry characterizes the global market. The presence of prominent players leverages their strong brand presence & loyalty to be abreast of the competition. In recent years, market players have focused on mergers and acquisitions as one of their key strategies to gain competitive advantage. For instance, in June 2022, Malpani Group, an India-based conglomerate company, acquired Imagicaaworld Entertainment Ltd., an India-based theme park company. Industry participants also emphasize introducing family-friendly and attractive entertainment options to cater to a broad demographic, positively influencing market trends. Prospective industry participants will likely offer attractive discounts in amusement parks and resorts to enhance the visitor experience.

List of Top Theme Park Companies:

• Disney (Walt Disney World/Magic Kingdom Park) (U.S.)


• Merlin Entertainments (U.K.)


• Overseas Chinese Town Company (China)


• Universal Studios (U.S.)


• Cedar Fair Entertainment Company (U.S.)


• Six Flags Entertainment Corporation (U.S.)


• United Parks & Resorts Inc. (U.S)


• PARQUES REUNIDOS (Spain)


• Fantawild Holdings Inc. (China)


• Aspro Parks (Spain)

KEY INDUSTRY DEVELOPMENTS:

• May 2024: Qiddiya Investment Company, a Saudi Arabia-based entertainment developer, announced the launch of its first water-themed amusement park, Aquarabia, in Saudi Arabia.


• May 2024: Merlin Entertainments, a U.K.-based entertainment company, partnered with SignLive, a U.K.-based sign language service provider, to offer all amusement parks in the U.K. access to video interpreting services via mobile devices. This included instant access to British Sign Language interpreters (BSL) for deaf and hard-of-hearing visitors.


• February 2024: Merlin Entertainments, a U.K.-based entertainment company, launched its new attraction, The Minifigure Skyflyer, a new gondola-style ride for traveling between theme lands of the theme land across LEGOLAND New York Resort.


• February 2024: United Parks and Resorts, a U.S.-based entertainment company, announced its partnership with Splash Beverage Group, a U.S.-based beverage company. According to the company, the company’s Pulpoloco Sangria will be offered in all Sea World Parks & Entertainment venues across the U.S.


• October 2023: Merlin Entertainments, a U.K.-based entertainment company, signed an exclusive distribution agreement with Hotelbeds, a Spain-based TravelTech space company, for its six LEGOLAND hotels within LEGOLAND Resorts across the U.S.

REPORT COVERAGE

The report analyzes the market in-depth and highlights crucial aspects, such as prominent companies, service types, end-users, and visitor types. Besides this, it provides insights into the market trends and highlights significant industry developments.

Report Scope & Segmentation