Exploring the Bounty of the Land: The Growing Agritourism Market



The global agritourism market size is anticipated to exhibit astonishing growth in the near future because of the rising government initiatives to refine agriculture 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 – 2028.” 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 refers to a type of tourism that involves visiting farms, ranches, vineyards, and other agricultural businesses for the purpose of experiencing rural life and gaining a deeper understanding of where food comes from. Agritourism activities can include farm tours, pick-your-own produce experiences, wine tastings, farm-to-table meals, and other rural-based recreational activities. The agritourism industry can provide economic benefits to rural communities, as it can create jobs, stimulate local businesses, and increase revenue for farmers. At the same time, agritourism can also help to promote agricultural education, conservation, and sustainable farming practices.


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, 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 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.

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.

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.</p

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/agritourism-market-103297