Pune, India, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The global agritourism market size is anticipated to exhibit astonishing growth in the near future because of the rising government initiatives to refine the agricultural economy through agritourism. This information is given by Fortune Business Insights™, in a recently published report, titled, “Agritourism Market Size, Share & COVID-19 Impact Analysis, By Type (Direct-market, Education & Experience, and Event & Recreation), and Regional Forecast, 2023-2027.” The report further mentions that the market size was USD 69.24 billion in 2019 and is projected to reach USD 117.37 billion by 2027, exhibiting a CAGR of 7.42% during the forecast period (2020-2027).
Agritourism, a combination of "agriculture" and "tourism," refers to the practice of attracting visitors to a working farm, ranch, or agricultural business for educational, recreational, or entertainment purposes. It offers an opportunity for people to experience and learn about farming and agricultural activities while enjoying rural or farm settings. Agritourism has gained popularity as a way to diversify farm income and promote rural tourism.
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List of Key Players Mentioned in the Agritourism Market Report:
- 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
The emergence of the COVID-19 pandemic has affected almost every industry severely. But, due to relaxations in the lockdown measures, numerous companies have begun their production processes. However, they are maintaining social distancing and low workforce to prevent the spread of this deadly infection. Our specially curated reports would help you in better understanding the scenario of various markets. This way, you will be able to adopt the most appropriate strategy to gain success in business.
Drivers & Restraints-
Transformation of Properties into Agritourism Destinations by Farmers to Aid Growth
Tourism and recreational activities help generate high revenue for agricultural farms worldwide. Hence, nowadays, various farm owners are shifting towards transforming their properties into agriculture tourism destinations at a fast pace. This is a major agritourism market growth driver. The Census of Agriculture data, for instance, declared that in the U.S., between the period of 2002 and 2017, these revenues tripled from farms. This proves that investments in the agro-tourism business are surging rapidly as the farmers are suffering huge losses on account of the low productivity of crops.
How will the 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.
Agritourism Market Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 7.42% |
| 2027 Value Projection | USD 117.37 billion |
| Market Size in 2020 | USD 69.24 billion |
| Historical Data | 2016-2018 |
| No. of Pages | 150 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Agritourism Market Growth Drivers | Governmental Support to Agritourism is Projected to Strengthen Growth |
| Enhancement of Rural Economy Through This Tourism is Positively Influencing Growth |
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Segments-
Direct-market Agritourism Segment to Gain from Rising Sales of Farm Products
In terms of type, the direct-market 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.
Agritourism can have several benefits, including providing additional income for farmers, promoting a greater understanding of agriculture among the public, and contributing to rural development. However, it also comes with challenges, such as managing the safety and liability of visitors and addressing local regulations and zoning issues.
The specific activities and offerings of agritourism destinations can vary widely, and they often reflect the unique character and resources of the farm or agricultural business. Agritourism has gained popularity as a way for people to reconnect with the sources of their food and enjoy a leisurely escape to the countryside.
Leading Players Featured in the Research Report:
Companies covered in agritourism market are 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) and many more
Agritourism Market Segmentation:
By Type
- Direct-market
- Education Experience
- Event & Recreation
By Region
Regional Analysis-
Europe to Remain at the Forefront Backed by Adoption of Unique Promotional Strategies
Geographically, Europe held USD 32.59 billion in terms of revenue in 2019 and is set to dominate the market throughout the forthcoming years. This growth is mainly attributable to the increasing interest of international and domestic tourists in on-farm agritourism for educational and recreational purposes. In addition to that, the immense governmental support, amplification of product ranges sold at the farms, and state-of-the-art strategies for promoting the sales of farm products and services would contribute to the market growth in this region.
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.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Formology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Tourism Market
- Industry SWOT Analysis
- Supply Chain Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Agritourism Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Direct-market Agritourism
- Education & Experience Agritourism
- Event & Recreation Agritourism
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
TOC Continued…!
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