Agritourism – an untapped and unexplored concept of tourism, farmers urged to adopt agri-allied business, and government initiatives toward agritourism drive the growth of the global Agritourism Market.
WILMINGTON, Del, Nov. 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Agritourism Market By Sales Channel (Travel Agents, Direct), By ACTIVITY (On-Farm Sales, Outdoor Recreation, Agritainment, Educational Tourism, Accommodations, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global Agritourism market generated $33.8 billion in 2023 and is anticipated to generate $111.1 billion by 2032, witnessing a CAGR of 12.5% from 2023 to 2032.
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Prime determinants of growth
Agritourism, a rapidly expanding sector, offers a unique fusion of agriculture and tourism. Its growth is propelled by several key industry trends and growth drivers. First, the desire for authentic experiences has led to increasing demand, with travelers seeking hands-on, farm-to-table encounters. Moreover, aligning with sustainability and eco-tourism trends, many agritourism destinations emphasize environmentally responsible practices, further attracting conscientious tourists. The rise of food tourism also significantly contributes to agritourism's success, allowing visitors to engage in culinary experiences, such as wine-tasting in vineyards or cheese-making on dairy farms. This sector's educational and recreational offerings cater to a diverse array of tourists, from families to retirees, fostering a deeper appreciation for agriculture. Furthermore, agritourism positively impacts local economies, creating jobs and stimulating the development of supportive infrastructure, thereby contributing to rural development.
However, there are industry challenges that include seasonality, weather dependency, regulatory hurdles, and infrastructure limitations. Economic risk also plays a significant role in restraining agritourism growth, as it demands substantial investments in marketing and infrastructure, which may not guarantee immediate returns. Nevertheless, business opportunities within agritourism are abundant. Technology and digital marketing enable farms to reach a broader audience, while government support and incentives further encourage entry into this market. The pandemic's resilience demonstrated by agritourism positions it as a safer option for travelers, and the sector's flexibility and adaptability make it well-suited to cater to specialized markets and niche interests.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2023 |
Market Size in 2023 | $33,804.1 Million |
Market Size in 2032 | $111,124.1 Million |
CAGR | 12.5 % |
No. of Pages in Report | 473 |
Segments Covered | Sales Channel, Activity, and Region |
Drivers | Agritourism – an untapped and unexplored concept of tourism Farmers urged to adopt Agri-allied business Government initiatives toward agritourism |
Opportunities | Rise in health consciousness to support adoption of agritourism |
Restraints | Lack of awareness among tourists Improper commercialization of agritourism |
The on-farm sales segment to maintain its leadership status throughout the forecast period
Based on Activity, the on-farm sales segment held the highest market share in 2023, accounting for more than half of the global Agritourism Market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is majorly attributed to the growing commercialization of the agritourism centers and rise in demand for local food and handmade products. For commercialization of the agritourism centers, farm owners are inviting traditional craftspeople, traditional dresses and costume designers, and local specialty products. However, others segment is projected to manifest the highest CAGR of 16.9% from 2023 to 2032.
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The travel agents' segment to maintain its leadership status throughout the forecast period.
Based on the sales channel, the travel agents segment held the highest market share in 2022, accounting for two-thirds of the global Agritourism Market revenue, and is estimated to maintain its leadership status throughout the forecast period. Additionally, the direct segment is projected to manifest the highest CAGR of 13.1% from 2023 to 2032.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly half of the global Agritourism Market revenue. The wide penetration of agritourism services in the U.S., Canada, and Mexico is acting as a catalyst in creating dominance. The growing consumer demand for economical, nature-based, and sustainable tourism among tourists is acting as a crucial driving force for the market. First, there is a growth in the prevalence of gluten-related disorders, such as celiac disease, in the region. In addition, the LAMEA region is also expected to witness the fastest CAGR of 14.4% from 2023 to 2032 and is likely to dominate the market during the forecast period. Growth in disposable income and recovery in the economic stability of the African region countries are likely to upsurge the growth of the LAMEA agritourism market during the forecast period. Latin America and Africa are well occupied by a natural environment such as rivers and mountains.
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Leading Market Players: -
• Agricultural Tour Operators International
• Agrilys Voyages
• Bay Farm Tours
• Blackberry Farm, LLC
• Farm to Farm Tours
• Greenmount Travel
• Harvest Travel International
• Field Farm Tours Limited
• Select Holidays
• Stita Group
The report provides a detailed analysis of these key players in the global Agritourism Market. These players have adopted different strategies such as new Distribution Channel launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, Distribution Channel portfolio, and strategic moves of market players to showcase the competitive scenario.
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