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The global agritourism market size was valued at USD 69.24 billion in 2019 and is projected to reach USD 117.37 billion by 2027, exhibiting a CAGR of 7.42% during the forecast period.
The global market is expanding rapidly on account of the rising adoption of relevant strategies by the governments of various economies to boost the revenue from agriculture, as well as the tourism industry. The growing consumer demand for economical, nature-based, and sustainable tourism among tourists is acting as a crucial driving force for the market. Moreover, the increasing initiatives by the governments, private organizations, and associations to develop a strong industry by launching agritour projects and programs will further boost the agritourism market growth.
Impact of COVID-19: Suspension of Travel & Tourism Activities Reported Worldwide
The current global outbreak of COVID-19, followed by lockdowns across several economies is impacting almost all the industry and this market is no exception. Tourism is one of the worst-hit industries that is facing severe economic loss. The crisis is expected to continue in the upcoming months due to complete or partial suspension of all the travel and tourism activities across several economies. The uncertainty associated with the situation is making it difficult to predict the market statistics for this agritourism industry for the future years, however with improvement in the situation, the market is expected to revive at a decent pace. The spread of the virus in urban set-up, where the population is dense is high, which is predicted to motivate travellers in the upcoming time to opt for rural and nature tourism for refreshment. This will help the market to grow.
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Increasing Demand for Agri-food Tourism is Emerging as a Significant Market Trend
Agri-food tourism is getting rapid recognition across several communities and is expanding at a significant pace. Agri-food tourism has a great potential to augment the earnings and profitability of agritourism farm owners, along with promoting their regional or local cuisines. In agri-food tourism, visitors are allowed to tour across rural areas and farms and taste specialty food produced or prepared by the locals of the place. Agri-food tourism offers agrotourism farms to display their history, culture, and landscape through local cuisine, food and drinks, and agriculture products. Furthermore, agri-food tourism enables producers, artisans, and farmers to improve their skills and develop their brand and products among the local visitors, as well as tourists coming from overseas.
Governmental Support to Agritourism is Projected to Strengthen Growth
The governments across various economies are focusing on improving the agriculture economy by promoting agritourism, which is predicted to be a crucial growth driving factor for the market.
Moreover, the incorporation of agritourism departments and the launch of agro-tourism projects by the governments of different economies are expected to further augment the global market size.
Enhancement of Rural Economy Through This Tourism is Positively Influencing Growth
High revenue generation associated with tourism and recreational activities at the agricultural farms is significantly driving the market. Farm-owners are getting increasingly inclined towards developing their properties into agriculture tourism destinations to achieve higher revenues.
For farmers suffering from losses due to lower crop productivity, investing into agriculture tourism business is becoming a significant option to support their livelihood and boost income, which is further projected to augment the market growth across the globe.
Prevalence of Less Organized Industry Across Developing Economies to Hinder Growth
A major restraint for the growth of the agritourism market is it’s unorganized structure. The concept of agrotourism is niche and it lacks legal definition across several economies, which is restricting the speedy growth of the market. The lack of awareness about these type of tourism destinations and lower number of established tour agritourism operators in this industry, especially across the developing countries is acting as a major obstacle for the market growth.
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Event & Recreation Segment to Lead Attributed to Rising Consumer Interest in Rural Holidays
The event & recreation segment is expected to hold a prominent share in the global market. This can be attributed to a significant increase in the demand for recreational tours & activities at farms and at places that have a rural ambiance. Growth of the on-farm recreation through the commencement of generic and specialized activities such as tours in orchard farms, fishing, and tea garden visits for leaf-picking in the western economies is beneficial for the segment’s growth. The rising number of comfortable and well-equipped farm stays in the rural areas across developed, as well as developing economies is playing a crucial role in luring tourists to spend their leisure at these places.
The direct-market segment is projected to exhibit significant rise during the forthcoming years due to the increasing government investments and efforts to boost the agricultural economy through farm product sales. Many tourists who admire the rural lifestyle prefer to purchase farm products and services during their visit to farms to help boost the economy of farmers. In recent years, it has been observed that the farm owners are inclining towards offering a range of fresh farm-grown products such as fruits, vegetables, and others to visitors in order to give a boost to their income. The factor is expected to accelerate the growth of the direct-market segment crucially.
Europe Agritourism Market Size, 2016-2027 (USD Billion)
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Europe to Dominate the Global Market due to Presence of Abundance of Agritourism Destinations
At present, Europe holds the dominant agritourism market share in the global market and the region is predicted to lead throughout the forecast period. The presence of countries such as the U.K., France, Italy, Belgium, Croatia, Germany, and others where farm and agriculture tourism has gained significant recognition in the past decades is contributing significantly in aiding the market growth of the region. The presence of abundance of dispersed and small-scale agribusiness and farms in the European countries, which are mostly family-owned, is a huge opportunity for the development of agrotourism business within Europe. Moreover, legalization and formal recognition of this particular tourism by countries such as Italy is fueling the market across the region. In the forthcoming years, the adoption of sophisticated marketing systems for agritourism, amplification of product range sold at farms, and the extensive governmental support can immensely boost the market within Europe.
Asia Pacific is expected to be the fastest-growing region in the global market. This can be attributed to the presence of agri-dominant countries such as China and India within the region. The government across the aforementioned countries and the other southeast Asian countries are intensifying their efforts to develop agrotourism business to improve agricultural and tourism economy remarkably. High investment by the government in the sector, coupled with the increased involvement of private and semi-government organizations in this business can fetch abundant success to the industry of Asia Pacific in the upcoming years. Furthermore, the swiftly growing industry in Australia is playing a significant role in augmenting the market size across Asia. The increasing preference of domestic tourists and tourists from overseas to visit Australia for rural holidays and farm stays is expected to boost this market in Australia.
Expansion of Businesses across Various Countries to Aid Them in Intensifying Competition
The global agritourism market is highly fragmented due to the presence of a large number of small and large market key players existing in different regions of the globe. Select Holidays, STAR Destinations, Liberty Hill Farm, and Stita Group are some of the well-established agrotourism firms that offer farm stays and other activities. One of the primary reasons for the high fragmentation within the market is its varying technical definition across different countries and regions. In the forthcoming years the market is expected to showcase increased consolidation due to the rising collaboration between agrotourism firms and the rising number of acquisitions and partnerships.
The market research report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of its types for which they are used, their market size, and growth rate for all possible segments in the market.
An Infographic Representation of Agritourism Market
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Along with this, the report provides an elaborative analysis of the market dynamics and the competitive landscape. Various key insights presented in the report are an overview of the related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
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Value (USD Billion)
Fortune Business Insights says that the value of the market was at USD 69.24 billion in 2019 and is projected to reach USD 117.37 billion by 2027.
Registering a CAGR of 7.42%, the Market will exhibit steady growth during the forecast period (2020-2027).
The event & recreation is expected to be the leading type segment with major Market share during the forecast period.
The increasing promotion and advertisement of farm tourism by the farm owners and the governments is expected to aid the growth of the market.
Liberty Hill Farm, Star Destinations, Select Holidays, Blackberry Farm, and Stita Group are few of the top players in the global market.
Europe is expected to hold the highest market share throughout the forecast period.
Rising interest of consumers in on-farm tourism or farm stays is one of the major market growth drivers.
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