Agritourism Market Expanding at a Healthy 12.5% CAGR, To Reach a Value of $111.1 billion by 2032
According to a new report published by Allied Market Research, titled, “Agritourism Market," The agritourism market size was valued at $33.8 billion in 2022, and is estimated to reach $111.1 billion by 2032, growing at a CAGR of 12.5% from 2023 to 2032. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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the agritourism market is segmented into activity, sales channel, and region. On the basis of activity, the agritourism market report is categorized into on-farm sales, outdoor recreation, agritainment, educational tourism, accommodations, and others. By sales channel, it is segregated into travel agents and direct. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific) and LAMEA (Latin America, Middle East, Africa).
By activity, the market is classified into on-farm sales, outdoor recreation, agritainment, educational tourism, accommodations, and others. The on-farm sales segment accounted for a major Agritourism Market Share in 2022 and is expected to grow at a significant CAGR during the forecast period. This is attributed to the fact that agriculture universities and non-agricultural universities are progressively involved in providing agriculture related educational experience. Some courses in agriculture universities are compulsory subjects to study agritourism and compulsory for every agriculture college to arrange one tour to nearby agritourism center. This collectively attributes to upsurge the Agritourism Market demand through educational tourism segment.
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By sales channel, the market is classified into travel agents and direct. The travel agents segment accounted for a major share of the agritourism market in 2022 and is expected to grow at a significant CAGR during the forecast period. Direct segment of the sales channel in Agritourism is gaining significant traction among the people. This is majorly attributed to growing use of internet, smartphones, and availability of the platforms where people can find information and booking facilities. Internet is actively used to promote agritourism sites through farm owner and agriculturist.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly half of the global Agritourism Market revenue. The wide penetration of agritourism services in the U.S., Canada, and Mexico is acting as a catalyst in creating dominance. The growing consumer demand for economical, nature-based, and sustainable tourism among tourists is acting as a crucial driving force for the market. First, there is a growth in the prevalence of gluten-related disorders, such as celiac disease, in the region. In addition, the LAMEA region is also expected to witness the fastest CAGR of 14.4% from 2023 to 2032 and is likely to dominate the market during the forecast period. Growth in disposable income and recovery in the economic stability of the African region countries are likely to upsurge the growth of the LAMEA agritourism market during the forecast period. Latin America and Africa are well occupied by a natural environment such as rivers and mountains.
The players operating in the agritourism industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Agricultural Tour Operators International, Agrilys Voyages, Bay Farm Tours, Blackberry Farm, LLC, Farm to Farm Tours, Greenmount Travel, Harvest Travel International, Field Farm Tours Limited, Select Holidays, and Stita Group.
Key Benefits For Stakeholders: > This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the agritourism market analysis from 2022 to 2032 to identify the prevailing agritourism market opportunities. > The market research is offered along with information related to key drivers, restraints, and opportunities. > Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. > In-depth analysis of the agritourism market segmentation assists to determine the prevailing market opportunities. > Major countries in each region are mapped according to their revenue contribution to the global market. > Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. > The report includes the analysis of the regional as well as global agritourism market trends, key players, market segments, application areas, and market growth strategies.
