Global Agritourism Market Set for Remarkable Growth, Expected to Surpass $175 Billion by 2032 as Farmers Look to Diversify Revenue Streams with Unique Features of the Farming Lifestyle
Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Agritourism Market Report by Tourist Type (Domestic, International), Activity (On-farm Sales, Outdoor Recreation, Agritainment, Educational Tourism, Accommodations, and Others), Booking Channel (Online, Offline), Sales Channel (Travel Agents, Direct), and Region 2024-2032" report has been added to * ResearchAndMarkets.com's* offering.
The global agritourism market has showcased a significant stride forward, touching a market size of US$ 65.6 Billion in 2023. With burgeoning interest in agricultural hospitality and rural recreation, the sector is anticipated to reach a valuation of US$ 176.6 Billion by the year 2032, expanding at a Compound Annual Growth Rate (CAGR) of 11.6% over the forecast period of 2023-2032.
*Market Drivers and Trends*
A rising interest in the fusion of agriculture and tourism has become a notable catalyst in this market's growth. Farmers across the globe are capitalizing on agritourism as a strategic move to not only diversify income streams but also to showcase the unique features of their farms and the farming lifestyle. This is further aligned with the pressing need for rural development, providing rural economies with new vigor. Another pivotal aspect is the wide variety of activities offered through agritourism, from outdoor recreation to specialized farm stays. These initiatives are aligned with the growing global encouragement for educational tourism and agritainment, crafting a holistic and innovative approach to traditional tourism.
*Market Segmentation*
This expansive growth is supported by diverse market segments, including tourist type, where domestic and international visitors bring varied perspectives and demands. Additionally, the segmentation by activity showcases the richness of the sector, encompassing on-farm sales, outdoor recreation, agritainment, educational tourism, accommodations, and more. The booking and sales channels, which include online and offline avenues as well as direct and travel agent-assisted experiences, display the market's adaptability to consumer behavior and preferences.
*Regional Insights*
The market report covers extensive regional analysis encompassing North America, with significant contributions from the United States and Canada; the Asia-Pacific region, with noteworthy participation from China, Japan, India, and Australia; Europe's robust involvement led by Germany, France, and the United Kingdom; along with Latin America and the Middle East and Africa. This geographical diversity underscores the universal appeal and potential of agritourism as an emerging powerhouse in global tourism.
*Competitive Dynamics*
Within the competitive landscape, various key players continue to shape the agritourism market with innovative offerings and services. From specialized travel experiences to tailored farm excursions, companies are consistently elevating the standards of agritourism, contributing to the overall market growth and development.
*Conclusion*
The escalating trajectory of the agritourism market signifies not only a paradigm shift in tourism preferences but also underscores the sector's undeniable potential for revitalizing rural communities, preserving agricultural heritage, and fostering sustainable economic growth. As the world continues to reconnect with agrarian roots through innovative tourist experiences, the sector is expected to offer prolific prospects for all stakeholders involved.
*Companies Featured*
· Agrilys Voyages
· Bay Farm Tours
· Blackberry Farm LLC
· Domiruth PeruTravel
· Farm To Farm Tours
· Field Farm Tours Ltd
· Greenmount Travel
· Harvest Fresh Farms
· Liberty Hill Farm
· Monteillet Fromagerie
· Select Holidays
· Stita Farm Tours
· Willow-Witt Ranch.
For more information about this report visit https://www.researchandmarkets.com/r/f5h939
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