PORTLAND, Oregon, June 4, 2020
Pursuit of unique experiences to augment the global tourism industry and rise in usage of social media drive the global culinary tourism market
PORTLAND, Oregon, June 4, 2020 /PRNewswire/ -- Allied Market Research published a report, titled,"Culinary Tourism Market by Activity Type (Culinary Trials, Cooking Classes, Restaurants, Food Festivals, and Others), Age Group (Baby Boomers, Generation X, Generation Y, and Generation Z) and Mode of Booking (OTA, Traditional Agents, and Direct Travel): Global Opportunity Analysis and Industry Forecast, 2020–2027."According to the report, the global culinary tourismmarket garnered $1,116.7 billion in 2019, and is estimated to reach $1,796.5 billion by 2027, registering a CAGR of 16.8% from 2020 to 2027.
Drivers, restraints, and opportunities-
Pursuit of unique experiences to augment the global tourism industry and rise in usage of social media drive the growth of the global culinary tourismmarket. However, increase in terrorism & crime rate, political uncertainty, and natural calamities hinders the market growth. On the other hand, unique destinations and option for convenient and budget friendly accommodationare anticipated to offer new opportunities in the coming years.
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The food festivalsegment to maintain its lead status-
Based on activity type, the food festivalsegment accounted for nearly one-third of the global culinary tourism market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due togrowing affinity of tourists towards novel and rich food experiences.However, the cooking classes is estimated toportray the highest CAGR of 17.8% from 2020 to 2027. The rise in trend of learning through travel and increase in participation of chefs in culinary tourism to learn to cook food from different origins drives the growth of the segment.
The OTAsegment to maintain its leadership position-
Based on mode of booking, the OTA segment contributed to the highest market share with nearly half of the global culinary tourism market in 2019, and is estimated to maintain its leadership position during the forecast period. Moreover, the same segment is estimated to generate the fastest CAGR of 17.9% from 2020 to 2027. This is attributed togrowing adoption of smartphones as a way to make travel arrangements andavailability of convenience and attractive offers.
Asia-Pacific is anticipated to dominate the market,North America to grow at a significant pace by 2027-
Based on region, Asia-Pacificaccounted for the highest share based on revenue, holding for more thantwo-fifth of the global culinary tourism market in 2019, and is projected to maintain its dominant position throughout the forecast period.Moreover, the same region is estimated to generate the fastest CAGR of 17.8% from 2020 to 2027. This is attributed tothe availability of a wide variety of traditional food and unique beverages which motivates culinary tourist to make travel arrangements in Asia-Pacific region. Furthermore, North America region is anticipated to manifest the CAGR of14.5% from 2020 to 2027.
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