Agritourism Market Size, Share, and Trend Forecast

The global agritourism market is poised for remarkable growth in the coming years, driven by increasing government initiatives aimed at bolstering the agricultural economy through agritourism. According to a recent report by Fortune Business Insights™ titled "Agritourism Market Size, Share & Industry Analysis, By Type (Direct-market Agritourism, Education & Experience Agritourism, and Event & Recreation Agritourism), and Regional Forecast, 2020 – 2032," the agritourism market was valued at USD 69.24 billion in 2019 and is projected to reach USD 197.37 billion by 2032, exhibiting a CAGR of 8.88% during the forecast period (2020-2032).

While the emergence of the COVID-19 pandemic has severely impacted nearly every industry, many companies have resumed their production processes following relaxations in lockdown measures. However, they are implementing measures such as social distancing and reduced workforce to mitigate the spread of the virus. Our carefully curated reports provide valuable insights into various markets, enabling businesses to formulate appropriate strategies for success in this evolving landscape.

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

Tourism and recreational activities help in generating high revenue for the 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, the agritourism 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 low productivity of crops.

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 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. 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 4^th 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: