$35+ Billion Golf Tourism Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F

Dublin, June 20, 2024 (GLOBE NEWSWIRE) -- The "Golf Tourism Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.

Global Golf Tourism Market was valued at USD 23.14 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 7.4% through 2029

Golf has experienced a surge in popularity across various levels, driving a notable expansion in the global market. Factors such as the proliferation of domestic and international tournaments, substantial investments in sporting infrastructure, and a rising number of professional and amateur players worldwide have fueled this growth. Governments and sports organizations are actively promoting golf, organizing tournaments, and investing heavily to attract players and boost local economies.

An example of this is the Canadian Federal Government's pledge in August 2022 to invest USD 4.4 million in Golf Canada's CP Women's Open and RBC Canadian Open. This funding aims to encourage golf participation, stimulate economic benefits, and attract tourists to the region. However, the industry faced setbacks due to the pandemic, with a significant decline in golf tourism and international travel, resulting in substantial financial losses globally.

Despite these challenges, the sector is poised for significant growth driven by increasing interest in outdoor sports events, government initiatives to promote sports tourism, and a rising number of young golf enthusiasts. This presents opportunities for tour operators to explore new markets. Moreover, government support for the industry, coupled with efforts to promote sports holiday destinations, is expected to further fuel expansion and contribute to economic growth. Given the widespread popularity and future growth potential of golf, governments worldwide are keen to capitalize on the industry's opportunities and maximize its economic benefits.

Key Market Drivers

Growing Affluence of Individuals

• Impact: Increased disposable income allows more individuals to engage in leisure activities like golf tourism.
• Relevance: Expands the demographic participating in golf tourism, formerly considered exclusive to the affluent, driving market growth globally.

Rising Trend in Leisure Spending

• Impact: Shift towards experiences over material possessions favors golf tourism, which offers holistic leisure packages.
• Relevance: Golf resorts cater to evolving consumer preferences by providing luxurious accommodations, fine dining, and spa facilities alongside world-class golf courses.

Search for Unique and Memorable Experiences

• Impact: Demand for distinctive and enriching travel experiences drives interest in golf tourism.
• Relevance: Golf tourism capitalizes on offering iconic courses, scenic settings, and cultural immersion, appealing to travelers seeking memorable journeys.

Corporate and Group Outings

• Impact: Businesses use golf destinations for networking and team-building activities.
• Relevance: Provides specialized packages that combine professional engagements with leisure activities, diversifying consumer base and boosting market growth.

Key Market Challenges

Economic Uncertainty

• Challenge: Fluctuations in consumer spending during economic downturns affect golf tourism.
• Impact: Reduced disposable income leads to decreased travel and spending on golf-related activities, impacting market stability.

Seasonal Nature of Golf Tourism

• Challenge: Dependency on weather conditions creates peak and off-peak seasons.
• Impact: Destinations face revenue fluctuations, necessitating diversification of offerings to maintain profitability year-round.

Environmental Concerns

• Challenge: Environmental impact of golf courses and travel raises sustainability issues.
• Impact: Requires adoption of eco-friendly practices to mitigate environmental degradation and appeal to conscientious travelers.

Competition from Non-Golf Destinations

• Challenge: Global tourism competition offers diverse attractions beyond golf.
• Impact: Requires enhancement of infrastructure and marketing strategies to differentiate golf destinations and attract a broader tourist base.

Changing Demographics and Preferences

• Challenge: Shifts in consumer preferences and interests among younger generations.
• Impact: Necessitates adaptation of golf offerings, incorporation of technology, and promotion of inclusive and social golf experiences.

Infrastructure and Accessibility

• Challenge: Development and maintenance of high-quality golf courses and supporting infrastructure.
• Impact: Limited accessibility and inadequate infrastructure hinder growth potential in emerging markets.

Key Market Trends

Rise of Experiential Travel

• Trend: Focus on immersive travel experiences beyond traditional sightseeing.
• Impact: Golf tourism integrates cultural excursions, culinary adventures, and local interactions to enhance overall travel experience.

Technology Integration

• Trend: Adoption of online booking platforms, mobile apps, VR, and AR for enhanced traveler convenience.
• Impact: Improves accessibility, engagement, and planning for golf tourists, enriching their pre-travel and on-site experiences.

Emergence of Golf Cruises

• Trend: Combines luxury cruising with golfing experiences at multiple global destinations.
• Impact: Appeals to travelers seeking convenience, variety, and exclusive access to renowned golf courses without changing accommodations.

Sustainable Golf Tourism

• Trend: Focus on eco-friendly practices and responsible tourism in golf course management.
• Impact: Attracts environmentally conscious travelers, enhances destination appeal, and promotes long-term sustainability.

Growth of Golf Events and Tournaments

• Trend: Hosting major tournaments enhances visibility and economic impact of golf destinations.
• Impact: Stimulates tourism, infrastructure development, and global recognition of golf destinations as premier venues.

Focus on Wellness and Health Tourism

• Trend: Positioning golf as a wellness activity with physical and mental health benefits.
• Impact: Integrates wellness amenities into golf resorts, attracting health-conscious travelers seeking holistic leisure experiences.

Segmental Insights

• Application Insights: Domestic segment leads due to pandemic-related travel preferences and infrastructure investments; international segment shows fastest growth driven by global golfing initiatives.
• Regional Insights: North America dominates with professional tours, tournaments, and infrastructure; U.S. initiatives bolster tourism through sports-focused strategies.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Golf Tourism Market.

• Golfasian Co., Ltd.
• Premier Golf Tours Pty. Limited
• The Haversham & Baker Company
• Perry Travel Inc (DBA PerryGolf)
• Carr Golf & Corporate Travel Limited
• Palatinate Group Limited
• SGH Golf Inc.
• Golfbreaks Ltd.
• Golf Tours International Ltd
• Scottish Golf Holidays Inc.

Key Attributes:

Report Scope:

Golf Tourism Market, By Service Type:

• Personal Tours
• Professional Tours

Golf Tourism Market, By Application:

• Domestic
• International

Golf Tourism Market, By End User:

• Male
• Female

Golf Tourism Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Turkey
• Egypt

For more information about this report visit https://www.researchandmarkets.com/r/bh9v5i

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment

• Global Golf Tourism Market