The global agritourism market is expected to register new growth opportunities during the forecast period. The market is projected to rise at a CAGR of ~11.3% between 2019 and 2029, Future Market Insights foresees high growth for the market.
A significant percentage of the general population across the globe may have little or no contact with agriculture. Thus, agritourism plays a key role in making such a demographic aware of the agricultural methods and crop cultivation at farms.
On-farm tourism also is one mechanism which enables non-farmers to learn about agriculture and, in turn, support farm products through purchases made directly or indirectly from family farms. For example, in California, agricultural and on-farm nature tourism has increased in popularity among suppliers (farmers & ranchers) and end users (tourists & consumers of agricultural products and services).
Key Takeaways from the Agritourism Market Study
- According to the report, Key market players are likely to focus on the product service innovation and penetration in untapped market in Latin America, and MEA. Companies in agritourism market are focused on advertising their tour packages through social media networks and through marketing campaigns.
- Millennials are expected to further drive growth of the global agritourism market during the forecast period due to their active participation in the agritourism activities for recreation purpose and participation in off the farm buying activities.
- Individual travellers are expected to increase during the forecast period due to increasing number of farm study tour and increasing awareness pertaining to the agritourism in the developing countries.
“Companies are recommended to focus on adoption of innovative & attractive services pertaining to various agritourism farm activities for increasing sales of agritourism market. The low awareness among consumers about agritourism when compared with other tourism in some of the developing countries such as India, Thailand, Mexico, and others is major barrier to the market growth. Consequently, effective advertising is essential for the rapid growth of Agritourism market.” says an FMI analyst.
Farm Stays Gaining Popularity
The trend of farms and ranches stay is gaining traction globally at a significant rate, especially in North America. Moreover, promotional activities and campaigns undertaken by various agritourism companies are attracting customers towards farm stay vacations. This is supported by the increasing stress and pollution in the daily life of the urban population, which improves their inclination to spend long-time vacations at farms. This trend is expected to be a major factor fueling the growth of the agritourism market during the forecast period.
Who is winning?
Some of the key players operating in the agritourism market are as Missao, Field Farm Tours, Bay Farm Tours, AGRILYS Voyages, Agriturismo France, Bay Farm Tours, AL VERNETO, A.C.T. Tours, Kansas Agritourism, Farm To Farm Tours, Trump Tours, Star Destinations, Select Holidays, Quadrant Australia, Domiruth PeruTravel, Expedia Group and others.
Several leading market players are engaged in acquisition, partnership with other companies to increase their product offering across the world. Moreover, companies are engaged in service innovation, launches and advertisement on social networks to promote their products.
- In the 2019, Field Farm Tours organized Red Poll World Conference, World Charolais Congress, the 14th World Guernsey Conference, Devon World Conference, and IFMA Pre & Post Tours and others. This helps the company to significantly increase its revenue.
- In the year 2015, Expedia acquired ‘HomeAway’ for approximately US$ 3.9 Bn. This acquisition helped the company to significantly expandits business by increasing its service offerings through various new websites.