The global agritourism market is poised for remarkable growth in the coming years, driven by increasing government initiatives aimed at enhancing the agricultural economy through agritourism, as per a recent report by Fortune Business Insights™. The market, valued at USD 69.24 billion in 2019, is projected to reach USD 117.37 billion by 2027, demonstrating a CAGR of 7.42% during the forecast period (2020-2027).
Despite the severe impact of the COVID-19 pandemic on various industries, there has been a resurgence in production processes following lockdown relaxations. Companies are adapting by implementing social distancing measures and maintaining a reduced workforce to curb the spread of the virus. Fortune Business Insights™ offers comprehensive reports to aid in understanding market scenarios, facilitating the adoption of effective business strategies.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/agritourism-market-103297
Key Report Insights:
Growth Drivers and Obstacles:
- The transformation of properties into agritourism destinations by farmers is a significant driver, generating high revenue through tourism and recreational activities.
- Census of Agriculture data reveals a threefold increase in revenues from farms in the U.S. between 2002 and 2017, indicating a rapid shift towards agritourism.
Opportunities and Challenges:
- Tourism and recreational activities contribute significantly to farm revenue, presenting opportunities for farm owners to capitalize on agritourism.
- Challenges include the impact of the COVID-19 pandemic, with lockdown measures affecting the tourism sector.
Leading Segments:
- The direct-market agritourism segment holds a substantial market share (36.06%), driven by government investments to boost the agricultural economy and increase sales of farm products.
Regional Dominance:
- Europe is positioned as the leading region, with revenues of USD 32.59 billion in 2019.
- Factors contributing to this dominance include the growing interest of international and domestic tourists in on-farm agritourism, governmental support, expanded product ranges, and innovative sales promotion strategies.
Key Companies:
- Prominent companies operating in the global agritourism market include Liberty Hill Farm, Harvest Travel International, Farm to Farm International, STAR Destinations, Stita Group, Select Holidays, Agritours Canada Inc., Kisima Safaris, Field Farm Tours Limited, and Greenmount Travel.
Market Outlook:
- The market is characterized by collaboration among companies of various sizes, aiming to gain a competitive edge by promoting businesses and generating income for farmers.
