Increase intravel and tourism industry, increase in adoption of agri-allied business, andgovernment initiatives toward agritourism drive the growth of the global agritourism market. Asia-Pacific is anticipated to portray the highest CAGR of 16.9% during the forecast period. However, most of the countries’ boundaries are closed that negatively affected the tourism business, especially agritourism.
Portland, OR, Jan. 14, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global agritourism market was pegged at $42.46 billion in 2019, and is projected to reach $62.98 billion by 2027, growing at a CAGR of 13.4% from 2021 to 2027.
Increase in travel and tourism industry, government initiatives toward agritourism, and increase in adoption of agri-allied business drive the growth of the global agritourism market. However, lack of awareness among tourists and improper commercialization of agritourism hamper the market growth. On the contrary, rise in health consciousness to support adoption of agritourism is expected to create lucrative opportunities for the market players in the future.
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Since the Covid-19 outbreak, people have been restricted to stay at their homes to stop the spread of infection. Moreover, most of the countries’ boundaries have been closed, which negatively affected the tourism business, especially agritourism.
However, the decrease in coronavirus affected people and development in Covid-19 vaccination is expected to help the agritourism industry get back on track.
The global agritourism market is segmented on the basis of activity, sales channel, and region. Based on activity, the market is divided into on-farm sales, outdoor recreation, agritainment, educational tourism, accommodations, and others. The on-farm sales segment dominated the market in 2019, accounting for nearly three-fifths of the market. However, the accommodations segment is expected to manifest the highest CAGR of 18.0% during the forecast period.
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On the basis of outdoor recreation, the market is classified into travel agent and direct. The travel agent segment held the largest share in 2019, contributing to more than two-thirds of the market. However, the direct segment is projected to register the highest CAGR of 14.0% during the forecast period.
The global agritourism market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is anticipated to portray the highest CAGR of 16.9% during the forecast period. However, the market across North America held the largest share in 2019, accounting for nearly two-fifths of the market.
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The global agritourism market report includes an in-depth analysis of the major market players including Agricultural Tour Operators International, Bay Farm Tours, Agrilys Voyages, Farm to Farm Tours, Blackberry Farm, LLC, Harvest Travel International, Greenmount Travel, Select Holidays, Field Farm Tours Limited, and Stita Group.
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