The global agritourism market is set to reach a massive valuation of US$ 622.1 Bn during the forecast period (2019-2029), as projected by a new report of Future Market Insights (FMI). Leading market players are investing in collaborations and acquisitions of smaller players, with increased focus on a wider range of offerings, and innovative marketing and services.
“Low awareness among consumers about agritourism is a major barrier to market growth in developing countries. Advertising is thus essential for the agritourism market,” states the FMI report.
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Agritourism Market: Key Findings
- Millennials will remain the key target demographic that will choose to take up agritourism tools and will continue to generate profitability.
- Individual travelers will account for a larger share of the total market value, driven by higher awareness and easier availability of farm study tours.
- Off the farm activities will account for 60% of the total demand share, with substantial impetus coming from direct marketing efforts.
- Europe and North America will retain leading positions in the agritourism market, while developing nations in Asia and Latin America will display strong growth.
Agritourism Market: Key Driving Factors
- Easy access to agritourism packages through online sales channels is a key growth driver for the market.
- Novel off the farm activities such as musical festivals and haunted hay rides are generating profitable opportunities.
- Low prices associated with on-farm fruit and vegetable harvests is increasing the popularity of agritourism among potential visitors.
- Favorable government initiatives towards protection of environment and agricultural land is a major driver for global demand.
Agritourism Market – Key Restraints
- Low awareness among tourists about agritourism options, especially in developing regions remains a key factor that can hamper the market growth.
- Limitations of seasonality and unpredictability of weather will limit growth of the agritourism market.
- High liability, property tax, and insurance costs, is a deterrent to agritourism businesses.
Competition Landscape of Agritourism Market
Some of the key players in the global agritourism landscape that are covered in this study include, but are not limited to, Expedia Group, Missao, Domiruth Peru Travel, Field Farm Tours, Quadrant Australia, Bay Farm Tours, Select Holidays, AGRILYS Voyages, Star Destinations, Agritourismo France, Trump Tours, AL VERNETO, Farm to Farm Tours, A.C.T. Tours, and Star Destinations and others. Leading market players remain focused on capitalizing on collaborations within the industry. Market leaders are also targeting social media advertising, service innovations, and new product launches to strengthen their foothold in the global agritourism market.
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Agritourism Market Taxonomy
The global agritourism market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
- Overnight Stay
- Special Events and Festivals
- Off the Farm
- Recreation Activities And Events
- Group Travelers
- Individual Travelers
- 55 Years and above
- North America
- Latin America
- East Asia
- South Asia & Pacific
About Future Market Insights, Inc.
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