Agritourism Market Size, Share, Trends, Market Demand, Growth, Opportunities and Forecast 2027
The global agritourism market is anticipated to exhibit astonishing growth in the near future because of the rising government initiatives to refine agriculture economy through agritourism. This information is given byFortune Business Insights™, in a recently published report, titled,“Agritourism Market Size, Share and COVID-19 Impact Analysis, By Type (Direct-market, Education and Experience, and Event and Recreation), and Regional Forecast, 2020 2027.”The report further mentions that the market size wasUSD 69.24 billionin 2019 and is projected to reachUSD 117.37 billion by 2027, exhibiting aCAGR of 7.42%during the forecast period (2020-2027).
The emergence of the COVID-19 pandemic has affected almost every industry
severely. But, due to relaxations in the lockdown measures, numerous companies
have begun their production processes. However, they are maintaining social
distancing and low workforce to prevent the spread of this deadly infection.
Our specially curated reports would help you in better understanding the
scenario of various markets. This way, you will be able to adopt the most
appropriate strategy to gain success in business.
Drivers and Restraints-
Transformation of
Properties into Agritourism Destinations by Farmers to Aid Growth
Tourism and recreational activities help in
generating high revenue for the agricultural farms worldwide. Hence, nowadays,
various farm owners are shifting towards transforming their properties into
agriculture tourism destinations at a fast pace. This is a major agritourism
market growth driver. The Census of Agriculture data, for instance, declared
that in the U.S., between the period of 2002 and 2017, these revenues tripled from
farms. This proves that investments in the agro-tourism business are surging
rapidly as the farmers are suffering huge losses on account of low productivity
of crops.
How will COVID-19 Pandemic
Impact the Global Market?
- The
present outbreak of the COVID-19 pandemic has severely impacted the
tourism sector.
- Lockdown
measures, as well as the complete halt in transportation in many countries
across the globe have majorly affected this industry.
- The
market statistics is unpredictable owing to the uncertainty associated
with this situation.
- But,
the growth is likely to revive in the near future stoked by the
improvements in this situation.
Segments-
Direct-market Agritourism
Segment to Gain from Rising Sales of Farm Products
In terms of type, the direct-market segment
generated 36.06% in terms of agritourism market share. This growth is
attributable to the rising government investments to enhance the agricultural
economy. The agencies are aiming to surge sales of farm products to achieve
their goals. Many tourists admiring the rural lifestyle are seeking to purchase
authentic farm products and services while visiting the farms. It would further
help in augmenting the economy of farmers. Since the past few years, several
farm owners have been offering a wide range of vegetables, fruits, and other
farm-grown products to tourists. This factor would also contribute to the
growth of this segment in the coming years.
Regional Analysis-
Europe to Remain at the
Forefront Backed by Adoption of Unique Promotional Strategies
Geographically, Europe held USD 32.59 billion in
terms of revenue in 2019 and is set to dominate the market throughout the
forthcoming years. This growth is mainly attributable to the increasing
interest of international and domestic tourists in on-farm agritourism for
educational and recreational purposes. In addition to that, the immense
governmental support, amplification of product ranges sold at the farms, and
state-of-the-art strategies for promoting the sales of farm products and
services would contribute to the market growth in this region.
Competitive Landscape-
Key Companies Engage in
Collaborative Efforts to Gain Competitive Edge
The market is highly fragmented with the
presence of numerous small, medium, and large sized companies operating from
various parts of the world. They are mainly focusing on collaborating with
local start-ups to promote their businesses and generate more income for the
farmers.
Below are two of the
significant industry developments:
- 2019: Field Farm
Tours, specialist in the organization of farming based tours worldwide
headquartered in the U.K., organized the Devon World Conference, IFMA Pre
and Post Tours, World Charolais Congress, Red Poll World Conference, and
the 4thWorld Guernsey Conference to accelerate its revenue and
strengthen their position.
- January
2017:
Stayzilla, a homestay network in India, joined hands with the Agri Tourism
Development Company (ATDC) to promote agritourism home stays in the
country. It would help the company in broadening its footprint in the
field of rural tourism
Gain More
Insights into this Industry with Impact of COVID-19 Analysis:
https://www.fortunebusinessinsights.com/agritourism-market-103297
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