The global agritourism market was valued at USD 69.24 billion in 2019 and is forecasted to reach USD 197.37 billion by 2032, exhibiting a CAGR of 8.88% over the forecast period, based on our analysis. In 2019, Europe dominated the market with a 47.07% share.
A significant factor driving growth in the agritourism industry is the increasing trend of farmers worldwide adopting entrepreneurship. Moreover, government initiatives designed to enhance revenue streams in both the agriculture and tourism sectors are accelerating market expansion. The rising consumer preference for affordable, nature-centric, and sustainable tourism experiences is a major market driver. Additionally, intensified efforts by governments, private entities, and associations to develop agritourism through various programs and projects are expected to further support market growth.
Information Source: https://www.fortunebusinessinsights.com/agritourism-market-103297
This Report Covers the Following Questions:
Drivers & Restraints
Farmers Converting Properties into Agritourism Sites to Propel Growth
Tourism and recreational activities play a vital role in generating revenue for farms worldwide. Consequently, many farmers are swiftly transforming their land into agritourism venues, which acts as a key growth catalyst. According to the Census of Agriculture, revenues from agritourism on U.S. farms tripled between 2002 and 2017, reflecting rising investment in this sector. This movement continues to gain traction as farmers look for alternative income sources amid falling crop yields.
Impact of COVID-19 on the Global Market
The COVID-19 pandemic severely disrupted the tourism industry.
Lockdowns and travel restrictions imposed by numerous countries significantly impacted agritourism.
Market growth remains uncertain due to the dynamic situation.
Nonetheless, a recovery is anticipated as circumstances improve.
Segment Analysis