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The Agritourism Market Size is estimated to grow at a CAGR of 4.58% between 2022 and 2027. The size of the market is forecast to increase by USD 8.84 billion. The growth of the market depends on several factors, including the growing tourism industry, technological advances, and the rise in popularity of outdoor recreational activities.
This report extensively covers market segmentation by distribution channel (offline and online), type (domestic and international), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing tourism industry is notably driving the market growth, although factors such as inconsistent service quality may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Agritourism Market Driver
The expansion of the global tourism industry had a positive impact on the GDP of several nations.
Hence, several governments have implemented strategies to accelerate the growth of their tourism industries.
The increase in the number of tourists has also accelerated the demand for farm stays.
The popularity of adventure travel and tourism also had a positive impact on the agritourism market. For instance, according to World Travel and Tourism Council's recent Economic Impact Report (EIR), the travel and tourism sector in North America is expected to grow at a rate of 3.9% annually over the next decade
Thus, the growth in the tourism industry will drive the growth of the global agricultural tourism market during the forecast period.
Significant Agritourism Market Trend
Instant bookings have minimal or zero wait time, which will improve the convenience of booking agricultural tours and contribute to customer satisfaction.
Several vendors have multiple options on their websites to ease the process of booking agritourism services. For instance, Holiday Travel Triangle has introduced provisions.
Many vendors have invested in autoresponder technology, which enables automated responses to inquiry emails and repetitive inquiries.
The growing adoption of such technologies is expected to create a unique user experience, which, in turn, will have a positive impact on the global agritourism market during the forecast period.
Major Agritourism Market Challenge
Market players have to cater to the diverse preferences and seasonal demands of different customers.
However, inconsistency in a certain aspect of the value chain, such as delay in service delivery, can impact other aspects.
For example, fake advertisements can often lead to customer dissatisfaction.
Poor rural infrastructure in developing countries also poses a challenge to the global agritourism market.
Key Agritourism Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Agritourism Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The increasing number of people seeking authentic rural experiences is driving the growth of the offline segment. Offline sales channel offers various ways to market agritourism services and products. Travel agencies play an important role in promoting and selling agritourism experiences to tourists by providing information about different destinations, packages, and activities. Many agencies specialize in eco-tourism, adventure tourism, or cultural tourism.
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The offline segment was valued at USD 26.99 billion in 2017 and continued to grow by 2021. Tour operators typically more specialized and comprehensive agritourism packages than travel agencies. They can provide guided tours, hands-on experiences, and educational programs. Local retailers sell a wide range of agritourism products, including locally produced food and beverages, handicrafts, souvenirs, and agricultural products. These channels play an important role in promoting and selling agritourism experiences to tourists. Thus, the offline segment will boost the growth of the global agricultural tourism market during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Factors such as technological advances and portal-design innovations are expected to provide growth opportunities to vendors in the global agricultural tourism market. The rapid growth of the tourism industry will also drive the growth of the agritourism market in North America. For instance, Agrotours Inc. offers specialized agricultural tours to groups and individuals. The company has contracts with farmers, extension advisory personnel, and government and agricultural business executives globally.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The COVID-19 pandemic in 2020 adversely affected the growth of the agritourism market in North America. However, after the lockdowns were relaxed, the operations of the tourism industry in the region resumed, which increased the demand for agritourism. Sustainable tourism is expected to drive the growth of the agricultural tourism market in North America during the forecast period due to the growing consumer demand for economical, nature-based, and sustainable tourism among tourists.
The market reserach report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the global agritourism market as a part of the Leisure Products market, which covers a variety of categories, including sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer-oriented games. Technavio calculates the global leisure products market size based on combined revenues generated by manufacturers of household durables, including consumer electronics, home furnishings, home building products, household appliances, houseware and specialties, and leisure products. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Agritourism Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.58% |
Market growth 2023-2027 |
USD 8.84 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
3.15 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Germany, France, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agrotours Inc., agroverde GmbH, Bay Farm Tours, Blackberry Farm LLC, Diniscor, Domiruth PeruTravel, Expedia Group Inc., Farm To Farm Tours, Greenmount Travel, GTI Travel, Liberty Hill Farm, Monteillet Fromagerie, Nokyo Tourist Corp., Orange Grove Farm, Quadrant Australia, Star Destinations, Stita Group, Tate Farms, Wheatacre Hall Barns, and Innisfail Travel Service Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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