Future Market Insights’ publication on the global agritourism market infers that the market is expected to surpass US$ 622.1 Bn by 2029.
Rapid population expansion has heightened the importance of agriculture in order to produce more food. Moreover, people in urban areas are hungry for knowledge regarding the farming practices employed on the field. Thus, governments have bolstered efforts to promote agritourism by introducing educational programs, communities and societies linking farmers and consumers.
Agritourism has greatly bolstered economic growth by supporting development of rural infrastructure. As farm visits increase, connectivity in the form of roadways and railways has heightened. Moreover, farmers and local communities have grabbed this opportunity to supplement their existing incomes as they charge a fee for letting people visit their farms.
Growth is also underpinned by urban dwellers looking for a rural getaway for vacations. An agro-based trip provides the opportunity of interacting with nature.
“Tourism companies are providing a firm foundation to rural development by increasing their investments in agritourism, thus promoting socio-cultural enhancement and economic growth,” says the FMI analyst.
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Key Takeaways from FMI’s Agritourism Market Study
- Agritourism market shall surge at a CAGR of 11% throughout the forecast period
- Off the Farm activities to hold sway, accounting for 3/5th of the overall revenue pie
- Millennial participation in agricultural activities to bolster agritourism revenue prospects
- Kids agritourism is witnessing rapid surge, attributed to the importance of acquainting young learners with farming practices
- Online tour booking will dominate the market, owing to increasing digital literacy and internet penetration
Agritourism Market- Key Trends
- Surging health consciousness is prompting people to indulge in u-pick operations for availing fresh fruits & vegetables, stimulating agritourism demand
- Government agencies are aggressively promoting agricultural campaigns and organizing events to boost agritourism
- A temporary dent in growth is anticipated due to COVID-19 which has reduced travel for recreational purposes
- Solo travel for educational purposes is also expected to fuel agritourism demand in upcoming years
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Agritourism Market- Region-wise Analysis
- Europe tops the list in the agritourism market with a large number of tourists opting to visit vineyards in Spain, Italy & France
- North America shows promising growth opportunities, with majority of agritourism farms emerging in California
- Increasing demand for food production is accelerating agricultural research, promoting agritourism in the Asia-Pacific region.
Agritourism Market- Competitive Landscape
The global agritourism market is interspersed with a plethora of market players. These vendors are resorting to forging partnerships with tourism companies, top-of-the-line service provision and aggressive social media marketing to acquire a competitive edge over their rivals.
Some prominent players in this landscape include Bay Farm Tours, Field Farm Tours, AGRILYS VOYAGES, AL VERNETO, Star Destinations, Select Holidays, Expedia, Kansas Agritourism and A.C.T Tours among others.
In 2015, Expedia successfully acquired HomeAway, in order to broaden its vacation, rental services, apartments and hotel facilities. The acquisition was valued at nearly US$ 4 billion. Currently, Expedia owns 1.5 million properties worldwide. Also, in 2019, Field Farm Tours organized the Red Poll World Conference as well as other promotional events to aid in its revenue generation.
Agritourism Market Taxonomy
Activities
- Overnight Stay
- Special Events and Festivals
- Off the Farm
- Recreation Activities and Events
Tour Types
- Group Travelers
- Individual Travelers
Consumer Demographics
- Men
- Women
- Kids
Age Group
- 15-25
- 26-36
- 36-45
- 46-55
- 55 Years & Above
Booking Channel
- Online
- Offline
Region/Country
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- MEA
Get Valuable Insights into Agritourism Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global agritourism market, presenting historical demand data (2014-2018) and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the agritourism market based on five segments across six major regions. The report lucidly presents both quantitative and qualitative analyses of the prominent growth drivers, prompting stakeholders to model their business models accordingly. A detailed competitive analysis allows readers to undertake appropriate risk assessment and take informed decisions.
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Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Product Evolution Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
4. Key Success Factors
4.1. Market strategy
4.2. Strategic Promotional Strategies
4.3. Social Media Sentiment Analysis
4.4. PESTLE Analysis
5. Global Electronic Musical Instrument Market – Pricing Analysis
5.1. Pricing Analysis By Product Type
5.2. Pricing Break-up
5.2.1. Manufacturer Level Pricing
5.2.2. Distributor Level Pricing
5.3. Average Pricing Analysis Benchmark
6. Global Electronic Musical Instrument Market Demand Analysis 2014-2018 and Forecast, 2019-2029
6.1. Historical Market Shipment (Mn Units) Analysis, 2014-2018
6.2. Current and Future Market Value (US$ Mn) Projections, 2019-2029
6.3. Y-o-Y Growth Trend Analysis To Be continues…
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