In 2019, the global agritourism Industry was valued at USD 69.24 billion and is projected to reach USD 197.37 billion by 2032, expanding at a compound annual growth rate (CAGR) of 8.88% during the forecast period. Europe emerged as the dominant region, accounting for 47.07% of the market share in 2019.
One of the key growth drivers in the agritourism market is the increasing trend among farmers to adopt entrepreneurial practices. Furthermore, government efforts to create supplementary income streams for both the agriculture and tourism industries are accelerating market development. The growing preference among travelers for eco-friendly, budget-conscious, and sustainable travel experiences also plays a significant role in boosting demand. Various public and private sector initiatives aimed at developing agritourism through dedicated projects and programs are further enhancing growth prospects.
Information Source: https://www.fortunebusinessinsights.com/agritourism-market-103297
Key Questions Addressed in This Report:
- What are the main factors propelling and restraining market growth?
- What opportunities and barriers exist within the market landscape?
- Which segment is expected to lead over the forecast period?
- Which region is anticipated to dominate the market in the coming years?
- What strategies are companies using to promote agritourism?
Market Drivers and Restraints
Rising Adoption of Agritourism by Farmers to Drive Market Growth
Farm-based tourism and leisure activities have become important revenue generators for farmers globally. As a result, many are converting their agricultural land into tourism-friendly spaces. According to the U.S. Census of Agriculture, income from agritourism tripled between 2002 and 2017, highlighting a shift toward diversification in farm revenue sources due to declining crop yields.
Impact of COVID-19
The COVID-19 pandemic had a significant negative impact on the tourism sector. Travel restrictions and lockdowns imposed across many countries disrupted agritourism operations. While the market faced uncertainties during the pandemic, a recovery is expected as travel resumes and conditions stabilize.
Segment Analysis
Direct-Market Agritourism to Gain Momentum with Farm Product Sales
Within the agritourism market, the direct-market segment accounted for 36.06% of the market share. This growth is being driven by government funding aimed at strengthening rural economies and increasing the sale of local agricultural products. Tourists are increasingly drawn to authentic, farm-based experiences that offer access to fresh, local produce. Many farm operators have expanded their offerings to include a wider variety of goods, supporting continued segment growth.
Regional Outlook
Europe to Maintain Leadership with Innovative Promotional Strategies
Europe generated USD 32.59 billion in revenue from agritourism in 2019 and is expected to retain its market-leading position. The region’s popularity is fueled by a growing interest in educational and leisure-based on-farm tourism experiences among both international and local tourists. Strong government support, product diversification, and creative marketing approaches are expected to continue driving growth across Europe.
Competitive Landscape
Strategic Collaborations Strengthen Market Presence
The agritourism market is highly fragmented, consisting of a wide array of small to large enterprises operating globally. Many companies are forming partnerships with regional startups to expand market reach and improve farmers’ income streams.
Key Players in the Global Agritourism Market:
- Liberty Hill Farm (USA)
- Harvest Travel International (USA)
- Farm to Farm International (New Zealand)
- STAR Destinations (USA)
- Stita Group (UK)
- Select Holidays (Canada)
- Agritours Canada Inc. (Canada)
- Kisima Safaris (Kenya)
- Field Farm Tours Limited (UK)
- Greenmount Travel (Australia)
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Noteworthy Developments:
- 2019: Field Farm Tours, a prominent UK-based agricultural tourism company, organized several large-scale events, including the Devon World Conference, IFMA Pre & Post Tours, World Charolais Congress, Red Poll World Conference, and the 4th World Guernsey Conference, to enhance revenue and market footprint.
- January 2017: Stayzilla, an Indian homestay platform, partnered with the Agri Tourism Development Company (ATDC) to promote agritourism homestays, expanding rural tourism nationwide.
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