As per the report published by Allied Market Research, the global agritourism market was pegged at $42.46 billion in 2019, and is projected to reach $62.98 billion by 2027, growing at a CAGR of 13.4% from 2021 to 2027.
Key findings of the study
- The agritourism market was valued at $42,460.3million in 2019, and is estimated to reach $62,982.6 million by 2027, growing at a CAGR of 13.4% during the forecast period.
- By activity, the accommodations segment is estimated to witness the fastest growth, registering a CAGR of 18.0% during the forecast period.
- In 2019, depending on sales channel, the travel agent segment was valued at $28,678.3 million, accounting for 67.8% of the global agritourism market share.
- In 2019, the Italy was the most prominent market in Europe, and is projected to reach $3,351.1 million by 2027, growing at a CAGR of 12.6% during the forecast period.
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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 and gain agritourism market opportunities. 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.
According to agritourism market forecast, on the basis of activity, the educational tourism segment was valued at $2,761.5 million in 2019, and is projected to reach $4,548.6 million by 2027, registering a CAGR of 14.9% from 2021 to 2027. This is attributed to the fact that agriculture universities and non- agricultural universities are progressively involving 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 agritourism market growth through educational tourism segment.
According to agritourism market trends, on the basis of sales channel, the direct segment is estimated to reach $21,314.4 million by 2027, at a CAGR of 14.0%. 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. Furthermore, various companies operating in the tourism industries are exploring their segment in agritourism and ecotourism and providing platforms to book their Agritourism packages to people.
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Region wise, Asia-Pacific has been gaining considerable traction in the Agritourism market and is expected to grow at a highest CAGR during the forecast period. Asia-Pacific is very well blessed with natural surrounding and suitable agriculture climatic conditions. Many countries in Asia-Pacific have backboned agriculture sector such as India and China. Diversification of the farm activities is majorly considering in Asia-Pacific as decreasing soil productivity and insufficient income form farm are making farmers to think to start adjacent business related to agriculture. Availability of farm, cattle’s, green area, and nature surrounded places, adequate rural resources and emerging concept of Agritourism and government subsidies and technical support are promoting the growth of the market in Asia-Pacific.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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