Agritourism Market Size, Share, Global Market Overview and Forecast Through 2032

The global agritourism market was valued at USD 69.24 billion in 2019 and is forecasted to reach USD 197.37 billion by 2032, exhibiting a CAGR of 8.88% over the forecast period, based on our analysis. In 2019, Europe dominated the market with a 47.07% share.

A significant factor driving growth in the agritourism industry is the increasing trend of farmers worldwide adopting entrepreneurship. Moreover, government initiatives designed to enhance revenue streams in both the agriculture and tourism sectors are accelerating market expansion. The rising consumer preference for affordable, nature-centric, and sustainable tourism experiences is a major market driver. Additionally, intensified efforts by governments, private entities, and associations to develop agritourism through various programs and projects are expected to further support market growth.

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

This Report Covers the Following Questions:

What are the primary drivers and challenges facing this market?
What opportunities and obstacles exist within the industry?
Which segment is projected to lead in the future?
Which region is expected to dominate in the upcoming years?
What strategies are companies employing to promote agritourism?

Drivers & Restraints

Farmers Converting Properties into Agritourism Sites to Propel Growth

Tourism and recreational activities play a vital role in generating revenue for farms worldwide. Consequently, many farmers are swiftly transforming their land into agritourism venues, which acts as a key growth catalyst. According to the Census of Agriculture, revenues from agritourism on U.S. farms tripled between 2002 and 2017, reflecting rising investment in this sector. This movement continues to gain traction as farmers look for alternative income sources amid falling crop yields.

Impact of COVID-19 on the Global Market

The COVID-19 pandemic severely disrupted the tourism industry.
Lockdowns and travel restrictions imposed by numerous countries significantly impacted agritourism.
Market growth remains uncertain due to the dynamic situation.
Nonetheless, a recovery is anticipated as circumstances improve.

Segment Analysis

Direct-Market Agritourism Segment Poised to Benefit from Rising Farm Product Sales

In terms of type, the direct-market agritourism segment held 36.06% of the market share. This growth is fueled by increasing government funding focused on bolstering the agricultural economy and boosting sales of farm products. Visitors attracted to rural lifestyles show strong interest in purchasing authentic farm goods and services, which helps stimulate economic growth for farmers. In recent years, many farm owners have broadened their product ranges to include diverse fresh produce, further supporting segment expansion.

Regional Insights

Europe Expected to Lead Due to Distinctive Promotional Approaches

Europe generated revenues of USD 32.59 billion in 2019 and is forecasted to maintain its dominance in the agritourism market. This is largely driven by rising interest from both international and domestic tourists in on-farm agritourism experiences that are educational and recreational in nature. Furthermore, robust government backing, expansion of farm product varieties, and innovative promotional methods are anticipated to boost growth in this region.

Competitive Landscape

Leading Companies Emphasize Partnerships to Enhance Market Presence

The agritourism sector is highly fragmented, with many small, medium, and large-scale firms operating globally. Numerous organizations are partnering with local startups to broaden their reach and increase farmers’ earnings.

Notable Industry Developments:

2019: Field Farm Tours, a UK agricultural tour expert, conducted several major events including the Devon World Conference, IFMA Pre & Post Tours, World Charolais Congress, Red Poll World Conference, and the 4th World Guernsey Conference to strengthen revenue and market position.
January 2017: Stayzilla, an Indian homestay network, collaborated with the Agri Tourism Development Company (ATDC) to promote agritourism homestays nationwide, expanding its rural tourism presence.

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Major Companies in the Global Agritourism Market: