The global agritourism market was valued at USD 69.24 billion in 2019 and is projected to reach USD 197.37 billion by 2032, exhibiting a CAGR of 8.88% over the forecast period, according to our analysis. In 2019, Europe led the market, accounting for a 47.07% share.
The rising entrepreneurial approach among farmers worldwide is playing a crucial role in shaping the agritourism sector. Additionally, government initiatives aimed at boosting revenue from both agriculture and tourism are fueling market expansion. Growing consumer interest in affordable, nature-based, and sustainable tourism experiences is further driving demand. Moreover, increasing efforts by governments, private organizations, and industry associations to promote agritourism projects and programs are expected to accelerate market growth.
Information Source: https://www.fortunebusinessinsights.com/agritourism-market-103297
Leading Companies in the Global Market
Fortune Business Insights™ highlights key players operating in the agritourism sector:
- Liberty Hill Farm – United States
- Harvest Travel International – United States
- Farm to Farm International – New Zealand
- STAR Destinations – United States
- Stita Group – United Kingdom
- Select Holidays
- Agritours Canada Inc.
- Kisima Safaris
- Field Farm Tours Limited
- Greenmount Travel
Market Segmentation
Direct-Market Agritourism Segment to Gain from Rising Farm Product Sales
The direct-market agritourism segment held 36.06% of the market share, driven by increasing government investments to strengthen the agricultural economy. Various organizations are working to boost farm product sales, aligning with their strategic objectives. Tourists seeking authentic rural experiences are contributing to the demand for fresh farm products and services, thereby supporting farmers' livelihoods. In response, many farm owners have expanded their offerings, providing visitors with fresh produce such as fruits and vegetables. This trend is expected to propel further growth in this segment.
Market Drivers & Challenges
Growth Fueled by Farmers Transforming Properties into Agritourism Destinations
Recreational activities and tourism generate significant revenue for agricultural farms globally. As a result, more farm owners are converting their properties into agritourism destinations, driving market expansion. According to the Census of Agriculture, agritourism revenues in the U.S. tripled between 2002 and 2017, reflecting the sector's growing investment appeal. Many farmers, facing financial losses due to declining crop yields, are increasingly turning to agritourism as an alternative revenue source.
Impact of COVID-19 on the Market
The COVID-19 pandemic significantly disrupted the tourism industry:
- Lockdowns and travel restrictions across multiple countries severely affected agritourism.
- Market trends remain uncertain due to ongoing unpredictability.
- However, as conditions stabilize, renewed consumer interest and increased government support are expected to drive sector recovery.
Regional Insights
Europe to Maintain Market Leadership with Innovative Promotional Strategies
Europe generated USD 32.59 billion in revenue in 2019 and is anticipated to maintain its dominance in the coming years. The region’s growth is fueled by increasing demand from both domestic and international tourists for on-farm agritourism experiences focused on education and recreation. Government support, diversification of farm product offerings, and advanced marketing strategies are key factors driving market expansion in Europe.
Competitive Landscape
Companies Focus on Strategic Partnerships to Strengthen Market Presence
The agritourism market remains highly fragmented, with numerous small, medium, and large enterprises operating across various regions. Leading players are increasingly partnering with local startups to expand their businesses and enhance farmer incomes.
Key Industry Developments
- 2019: Field Farm Tours, a U.K.-based agritourism company, hosted the Devon World Conference, IFMA Pre & Post Tours, World Charolais Congress, Red Poll World Conference, and the 4th World Guernsey Conference to enhance its market presence and revenue.
- January 2017: Stayzilla, an Indian homestay network, collaborated with the Agri Tourism Development Company (ATDC) to promote agritourism homestays, strengthening its foothold in rural tourism.
Key Questions Answered in the Report
- What are the primary drivers and challenges shaping the agritourism market?
- What opportunities and potential obstacles exist in the industry?
- Which segment is expected to lead in the coming years?
- Which region is projected to dominate the market?
- What strategies are companies implementing to promote agritourism?
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