The increasing number of government efforts targeted at promoting agritourism as a means of supporting the agricultural economy is expected to propel the global agritourism market into extraordinary growth in the years to come. As per the latest report by Fortune Business InsightsTM, "Agritourism Market Size, Share & Industry Analysis, By Type (Direct-market Agritourism, Education & Experience Agritourism, and Event & Recreation Agritourism), and Regional Forecast, 2020 – 2032," the market for agritourism was assessed to be worth USD 69.24 billion in 2019 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.88% between 2020 and 2032.
Although the COVID-19 epidemic has had a negative impact on almost every industry, several businesses have been able to restart operations as a result of lockdown restrictions being loosened. But in an effort to slow the virus's spread, they are reducing employment and instituting social isolation. Our meticulously selected studies offer insightful analysis of a range of markets, helping companies to develop winning plans in this dynamic environment.
Information Source: https://www.fortunebusinessinsights.com/agritourism-market-103297
This Report Answers the Following Questions:
- What are the growth drivers and obstacles in this market?
- What are the opportunities and challenges in this market?
- Which segment is expected to lead in the coming years?
- Which region is anticipated to dominate in the near future?
- Which strategies are being adopted by companies to promote agro-tourism?
Drivers & Restraints-
Transformation of Properties into Agritourism Destinations by Farmers to Aid Growth
Around the world, tourism and leisure pursuits contribute significantly to the high revenue that agricultural farms generate. As a result, many farm owners these days are quickly turning their estates into agricultural tourism attractions. This is a significant market growth driver for agritourism. For example, data from the Census of Agriculture stated that, in the United States, farm revenues from agritourism tripled between 2002 and 2017. This demonstrates that agrotourism investments are growing quickly, while farmers are losing a lot of money due to low crop output.
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.
Segment-
Direct-market Agritourism Segment to Gain from Rising Sales of Farm Products
In terms of type, the direct-market agritourism 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 accounted for USD 32.59 billion in revenue in 2019 and is expected to continue leading the market in the years to come. The primary reason for this rise is the rising interest in on-farm agritourism among local and foreign travelers for both educational and recreational purposes. In addition, the region's market would increase due to the strong backing from the government, the expansion of the product lines offered by the farms, and the use of cutting-edge techniques to boost the sales of agricultural goods and services.
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 & Post Tours, World Charolais Congress, Red Poll World Conference, and the 4th World 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.
Fortune Business Insights™ presents a list of all the prominent companies operating in the global market. They are as follows:
- 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 – Canada
- Agritours Canada Inc. – Canada
- Kisima Safaris – Kenya
- Field Farm Tours Limited – United Kingdom
- Greenmount Travel - Australia
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