menu
Agritourism Market Demand Analysis in 2019, Global Revenue,Top Companies Growth Forecast to 2026
Agritourism Market Demand Analysis in 2019, Global Revenue,Top Companies Growth Forecast to 2026
The global agritourism market isanticipated to exhibit astonishing growth in the near future because of therising government initiatives to refine agriculture economy throughagritourism.

The global agritourism market isanticipated to exhibit astonishing growth in the near future because of therising government initiatives to refine agriculture economy throughagritourism. 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, 2020 – 2027.” Thereport further mentions that the market size was USD 69.24 billion in2019 and is projected to reach USD 117.37 billion by 2027,exhibiting a CAGR of 7.42% during the forecast period(2020-2027).


The emergence of the COVID-19 pandemic has affected almost every industry severely.But, due to relaxations in the lockdown measures, numerous companies have beguntheir production processes. However, they are maintaining social distancing andlow workforce to prevent the spread of this deadly infection. Our speciallycurated reports would help you in better understanding the scenario of variousmarkets. This way, you will be able to adopt the most appropriate strategy togain success in business.

Drivers & Restraints-

Transformation of Properties into AgritourismDestinations by Farmers to Aid Growth

Tourism and recreational activities help in generating high revenue for theagricultural farms worldwide. Hence, nowadays, various farm owners are shiftingtowards transforming their properties into agriculture tourism destinations ata fast pace. This is a major agritourism market growth driver. The Census ofAgriculture data, for instance, declared that in the U.S., between the periodof 2002 and 2017, these revenues tripled from farms. This proves thatinvestments in the agro-tourism business are surging rapidly as the farmers aresuffering 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 RisingSales of Farm Products

In terms of type, the direct-market segment generated 36.06% in terms ofagritourism market share. This growth is attributable to the rising governmentinvestments to enhance the agricultural economy. The agencies are aiming tosurge sales of farm products to achieve their goals. Many tourists admiring therural lifestyle are seeking to purchase authentic farm products and serviceswhile visiting the farms. It would further help in augmenting the economy offarmers. Since the past few years, several farm owners have been offering awide range of vegetables, fruits, and other farm-grown products to tourists.This factor would also contribute to the growth of this segment in the comingyears.

Regional Analysis-

Europe to Remain at the Forefront Backed by Adoption ofUnique Promotional Strategies

Geographically, Europe held USD 32.59 billion in terms of revenue in 2019and is set to dominate the market throughout the forthcoming years. This growthis mainly attributable to the increasing interest of international and domestictourists in on-farm agritourism for educational and recreational purposes. Inaddition to that, the immense governmental support, amplification of productranges sold at the farms, and state-of-the-art strategies for promoting thesales of farm products and services would contribute to the market growth inthis region.


Competitive Landscape-

Key Companies Engage in Collaborative Efforts to GainCompetitive 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 theirbusinesses and generate more income for the farmers.

Source:

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