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Agritourism Market Expected to Reach $62,982.6 Million by 2027

01-28-2021 09:11 AM CET | Tourism, Cars, Traffic

Press release from: Allied Market Research

Agritourism Market

Agritourism Market

According to a new report published by Allied Market Research, titled, Agritourism Market size is expected to reach $62,982.6 million by 2027 at a CAGR of 13.4% from 2021 to 2027.

Agritourism is subset of the rural tourism. It is known by various names, depend on the region and type of farming, such as agriculture tourism, Agrotourism, farm tourism, farm vacation tourism, wine tourism, agritourism, as well as some related terms that are used interchangeably with agritourism or that are complementary to agritourism include nature tourism, rural tourism, alternative farming, wildlife enterprises, ecotourism, Agritainment, heritage tourism, Agri education, and value-added agriculture. It is generally defend as visiting a working agricultural setting for leisure, recreation or educational purposes. These usually include farm-based recreation activities. It is emerging concept of tourism industry, which has been gaining opportunistic ground in terms of traveler awareness, media exposure, and adoption by agriculturalist looking for diversified income streams. Stress, frustration, and mental disorders such as depression are some of the problems faced by urban people. People are getting rid of hectic life style and materialistic & cement world so people are actively finding green world to spend some time. Agritourism is one of such option where people can find peace and calmness, furthermore, they can involve in farm activates, which can reduce the stress and frustration. There are various activities involved in Agritourism such as agriculture museum & displays, archery, barn dances, bed and breakfast accommodations, cabin living, camping, canning produce, farm cooking contest, farm stores & markets, farm scavenger hunts, heritage trails, and hunting. These kinds of innovative activities are increasingly attracting tourist specially family and student groups, which is expected to boost the growth of the Agritourism market during the forecast period.

According to agritourism market analysis, the 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).

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. For instance, Savitribai Phule Agriculture University, Rahuri, Pune India, Conduct, RAWE (Rural Agriculture Work Experience) program in which the students primarily to understand the rural situations, status of agricultural technologies adopted by farmers, study Agritourism, visiting wine processing units, prioritize the farmer's problems, and to develop skills & attitude of working with farm families for overall development in rural area.

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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. Internet platform such as booking.com, Airbnb, and individual websites operated by Agritourism are majorly used for booking holiday and vacation packages to customers. People also go directly to the offices of the Agritourism providing companies and book their holiday tour.

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. For instance, in September 2020, the Government of India passed the agri-tourism policy of Maharashtra, this will invigorate the rural sector and agricultural practitioners with a steady source of an alternative income and an alternative employment through tourism like farm stays. Local cuisine and cultural aspects can be enjoyed by visitors, people visiting rural areas require accommodation. Growing tourist in Asia-Pacific is further anticipated to surge the growth of the Agritourism market during the forecast period. For instance, according to the report published by the World Tourism Organization, 2019, Asia and Pacific region hold 25% share of the international tourist arrivals, which accounts for 348 million tourist arrivals.

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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.

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.

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About Allied Market Research:

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 services to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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