The global agritourismmarket is anticipated to exhibit astonishing growth in the near futurebecause of the rising government initiatives to refine agriculture economythrough agritourism. 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.” The reportfurther mentions that the market size was USD 69.24 billion in 2019 and isprojected to reach USD 117.37 billion by 2027, exhibiting a CAGR of 7.42%during the forecast period (2020-2027).
Drivers &Restraints-
Transformation ofProperties into Agritourism Destinations by Farmers to Aid Growth
Tourism and recreational activities help in generating highrevenue for the agricultural farms worldwide. Hence, nowadays, various farmowners are shifting towards transforming their properties into agriculturetourism destinations at a fast pace. This is a major agritourism market growthdriver. The Census of Agriculture data, for instance, declared that in theU.S., between the period of 2002 and 2017, these revenues tripled from farms.This proves that investments in the agro-tourism business are surging rapidlyas the farmers are suffering huge losses on account of low productivity ofcrops.
Segments-
Direct-marketAgritourism Segment to Gain from Rising Sales of Farm Products
In terms of type, the direct-market segment generated 36.06%in terms of agritourism market share. This growth is attributable to the risinggovernment investments to enhance the agricultural economy. The agencies areaiming to surge sales of farm products to achieve their goals. Many touristsadmiring the rural lifestyle are seeking to purchase authentic farm productsand services while visiting the farms. It would further help in augmenting theeconomy of farmers. Since the past few years, several farm owners have beenoffering a wide range of vegetables, fruits, and other farm-grown products totourists. This factor would also contribute to the growth of this segment inthe coming years.
Regional Analysis-
Europe to Remain atthe Forefront Backed by Adoption of Unique Promotional Strategies
Geographically, Europe held USD 32.59 billion in terms ofrevenue in 2019 and is set to dominate the market throughout the forthcomingyears. This growth is mainly attributable to the increasing interest ofinternational and domestic tourists in on-farm agritourism for educational andrecreational purposes. In addition to that, the immense governmental support,amplification of product ranges sold at the farms, and state-of-the-artstrategies for promoting the sales of farm products and services wouldcontribute to the market growth in this region.
CompetitiveLandscape-
Key Companies Engagein Collaborative Efforts to Gain Competitive Edge
The market is highly fragmented with the presence ofnumerous small, medium, and large sized companies operating from various partsof the world. They are mainly focusing on collaborating with local start-ups topromote their businesses and generate more income for the farmers.
Gain More Insightsinto this Industry with Impact of COVID-19 Analysis: https://www.fortunebusinessinsights.com/agritourism-market-103297
