Pune India, May 26, 2022 (GLOBE NEWSWIRE) -- The global agritourism market is anticipated to exhibit astonishing growth in the near future because of the rising government initiatives to refine agriculture economy through agritourism. This information is given by Fortune Business Insights™, in a recently published report, titled, “Agritourism Market Size, Share & Industry Analysis, By Type (Direct-market Agritourism, Education & Experience Agritourism, and Event & Recreation Agritourism), and Regional Forecast, 2020 – 2027.” The report further mentions that the agritourism market size was USD 69.24 billion in 2019 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 begun their production processes. However, they are maintaining social distancing and low workforce to prevent the spread of this deadly infection. Our specially curated reports would help you in better understanding the scenario of various markets. This way, you will be able to adopt the most appropriate strategy to gain success in business.
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Fortune Business Insights™ presents a list of all the prominent companies operating in the global market. They are as follows:
- Liberty Hill Farm - United States
- Harvest Travel International – United States
- Farm to Farm International – New Zealand
- STAR Destinations – United States
- Stita Group – United Kingdom
- Select Holidays – Canada
- Agritours Canada Inc. – Canada
- Kisima Safaris – Kenya
- Field Farm Tours Limited – United Kingdom
- Greenmount Travel - Australia
Report Scope & Segmentation:
| Report Attribute | Details |
| Market size value in 2019 | USD 69.24 billion |
| Revenue forecast in 2027 | USD 117.37 billion |
| Growth Rate | CAGR of almost 7.42% 2020-2027 |
| Base Year | 2019 |
| Historic Years | 2016 - 2018 |
| Forecast Years | 2020- 2027 |
| Segments Covered | By Form, By Region |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Liberty Hill Farm - United States, Harvest Travel International – United States, Farm to Farm International – New Zealand, STAR Destinations – United States, Stita Group – United Kingdom, Select Holidays – Canada, Agritours Canada Inc. – Canada, Kisima Safaris – Kenya, Field Farm Tours Limited – United Kingdom, Greenmount Travel – Australia & other. |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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This Report Answers the Following Questions:
- What are the growth drivers and obstacles in this market?
- What are the opportunities and challenges in this market?
- Which segment is expected to lead in the coming years?
- Which region is anticipated to dominate in the near future?
- Which strategies are being adopted by companies to promote agro-tourism?
Drivers & Restraints-
Transformation of Properties into Agritourism Destinations by Farmers to Aid Growth
Tourism and recreational activities help in generating high revenue for the agricultural farms worldwide. Hence, nowadays, various farm owners are shifting towards transforming their properties into agriculture tourism destinations at a fast pace. This is a major agritourism market growth driver. The Census of Agriculture data, for instance, declared that in the U.S., between the period of 2002 and 2017, the agritourism revenues tripled from farms. This proves that investments in the agro-tourism business are surging rapidly as the farmers are suffering 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.
Segment-
Direct-market Agritourism Segment to Gain from Rising Sales of Farm Products
In terms of type, the direct-market agritourism segment generated 36.06% in terms of agritourism market share. This growth is attributable to the rising government investments to enhance the agricultural economy. The agencies are aiming to surge sales of farm products to achieve their goals. Many tourists admiring the rural lifestyle are seeking to purchase authentic farm products and services while visiting the farms. It would further help in augmenting the economy of farmers. Since the past few years, several farm owners have been offering a wide range of vegetables, fruits, and other farm-grown products to tourists. This factor would also contribute to the growth of this segment in the coming years.
Regional Analysis-
Europe to Remain at the Forefront Backed by Adoption of Unique Promotional Strategies
Geographically, Europe held USD 32.59 billion in terms of revenue in 2019 and is set to dominate the market throughout the forthcoming years. This growth is mainly attributable to the increasing interest of international and domestic tourists in on-farm agritourism for educational and recreational purposes. In addition to that, the immense governmental support, amplification of product ranges sold at the farms, and state-of-the-art strategies for promoting the sales of farm products and services would contribute to the market growth in this region.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/agritourism-market-103297
Competitive Landscape-
Key Companies Engage in Collaborative Efforts to Gain Competitive 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 their businesses and generate more income for the farmers.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Formology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Tourism Market
- Industry SWOT Analysis
- Supply Chain Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Agritourism Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Direct-market Agritourism
- Education & Experience Agritourism
- Event & Recreation Agritourism
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
- North America Agritourism Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Direct-market Agritourism
- Education & Experience Agritourism
- Event & Recreation Agritourism
- By Country (Value)
- U.S
- Canada
- Mexico
- By Type (Value)
TOC Continued…!
Below are two of the significant industry developments:
- 2019: Field Farm Tours, specialist in the organization of farming based tours worldwide headquartered in the U.K., organized the Devon World Conference, IFMA Pre & Post Tours, World Charolais Congress, Red Poll World Conference, and the 4th World Guernsey Conference to accelerate its revenue and strengthen their position.
- January 2017: Stayzilla, a homestay network in India, joined hands with the Agri Tourism Development Company (ATDC) to promote agritourism home stays in the country. It would help the company in broadening its footprint in the field of rural tourism.
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