Nearly the next ten years, there will be a significant increase in demand for the agritourism market; the industry is expected to rise from US$ 213.9 billion in 2019 to US$ 622.1 billion in 2029, with a compound annual growth rate of nearly 11.3%.
It is anticipated that innovative services provided by agritourism farm vendors, such haunted hay rides, music festivals, and ate farms, would draw more customers to the industry and create profitable prospects.
Innovative services provided by agritourism farm vendors, such as haunted hayrides, music festivals, ate farms, and others, are anticipated to raise consumer interest in agritourism and to create profitable market prospects.
Off-farm activities, such as farmer’s markets, fair vendors, and roadside product booths, are anticipated to maintain a commanding position over the predicted years. Farmers provide a sizeable portion of the off-farm activities in the worldwide agritourism business through active engagement and the chance to make extra money.
The most popular way for travelers to make reservations is online, and during the forecast period, the popularity of online booking is predicted to expand as more people around the world use smartphones and the internet.
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“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.
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.
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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.
Key Players of Agritourism Market
- Expedia Group Domiruth PeruTravel
- Quadrant Australia
- Select Holidays
- Star Destinations
- Trump Tours
- Farm To Farm Tours
- Kansas Agritourism
- C.T. Tours
- AL VERNETO
- Bay Farm Tours
- Agriturismo France
- AGRILYS Voyages
- Bay Farm Tours
- Field Farm Tours
- Missão and others.
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.
Activities
- Overnight Stay
- Special Events and Festivals
- Off the Farm
- Recreation Activities And Events
Tour Types
- Group Travelers
- Individual Travelers
Consumer Demographics
- Men
- Women
- Kids
Age Group
- 15-25
- 26-36
- 36-45
- 46-55
- 55 Years and above
Booking Channel
- Online
- Offline
Country
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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