Culinary tourism is experiencing exponential growth worldwide as travelers prefer to visit previously undiscovered destinations
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, Sept. 23, 2022 /EINPresswire.com/ — Allied Market Research released a report titled “Culinary Tourism Market by Activity Type (Culinary Trials, Cooking Classes , restaurants, food festivals, and others), age group (baby boomers, Gen X, Gen Y, and Gen Z), and booking mode (OTA, traditional agents, and direct travel): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global Culinary tourism market grossed US$1,116.7 billion in 2019 and is estimated to reach US$1,796.5 billion by 2027, growing at a CAGR of 16.8% from 2020-2027.
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Drivers, Limitations and Opportunities –
The pursuit of unique experiences to expand the global tourism industry and the increasing use of social media are driving the growth of the global culinary tourism market. However, the rise in terrorism and crime rate, political uncertainty and natural disasters are hampering the market growth. On the other hand, unique travel destinations and options for convenient and budget-friendly accommodation are expected to offer new opportunities in the years to come.
Leading Market Players
Abercrombie & Kent USA
Food Tour of India
ITC Travel Group Limited
The FTC4Lobe Group
The Travel Company
Culinary tourism involves exploring or traveling to remote exotic areas and enjoying different dishes and local foods to get a feel for the place. It includes unique on-holiday experiences where travelers interact with local people and connect with their core values through food. Culinary travel is a kind of niche tourism that includes numerous activities such as culinary experimentation, cooking classes, restaurants, food festivals and others.
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Culinary tourism is experiencing exponential growth worldwide as travelers prefer to visit previously undiscovered destinations. In addition, the increase in government initiatives in the form of public and private partnerships to promote tourism has led to growth in the overall tourism industry and ultimately benefited the culinary tourism industry. However, a high risk of crime towards tourists, unpredictable weather conditions and natural disasters may hamper the growth of the culinary tourism market. Regardless of the challenges, the rise of social media trend has created a huge market opportunity for culinary tourism as Facebook has become the most popular social network among travelers to share experiences.
Key Findings of the Study
The culinary tourism market was valued at US$1,116.7 billion in 2019 and is projected to grow at a CAGR of 16.8% from 2020 to 2027 to reach the market size of US$1,796.5 billion in 2027.
Based on the type of activity, the cooking classes segment would witness the fastest growth of the culinary tourism market, registering a CAGR of 17.8% during the forecast period.
In 2019, based on the type of activity, the food festival segment had the highest share, accounting for almost half of the culinary tourism market.
In 2019, the Generation Y segment based on age group was the most prominent segment and is expected to grow at a significant CAGR throughout the forecast period.
The OTA segment was the dominant segment in 2019 and accounted for a significant share of the culinary tourism market.
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Reason for purchase:
✅ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Culinary Tourism Market.
✅ Highlights key business priorities to guide companies in reforming their business strategies and establishing themselves in the wider region.
✅ Key findings and recommendations highlight crucial progressive industry trends in the Culinary Tourism Market, thereby allowing players to develop effective long term strategies to garner their market revenues.
✅ Develop/modify business expansion plans by taking advantage of a significant growth offering for both developed and emerging markets.
✅ Examine in-depth global market trends and outlook associated with the factors driving the market as well as those restraining its growth to some extent.
✅ Improve the decision-making process by understanding the strategies driving commercial interest across products, segmentation and industry verticals.
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