Agritourism Market: Current Analysis and Forecast (2024-2032)

Report Description

Agrotourism Market Size & Forecast

The agrotourism market was valued at USD 61 Billion and is expected to grow at a strong CAGR of around 12.9% during the forecast period (2024-2032). Owing to investment in agrotourism.

Agrotourism Market Analysis

Agritourism, a blend of agriculture and tourism, is an emerging market that leverages the increasing consumer interest in rural experiences and sustainable practices. The market is driven by a desire for authentic experiences, local food, and outdoor activities, coupled with a growing awareness of sustainable farming practices. Government initiatives and policies aimed at promoting rural development and farm diversification are also crucial drivers. In recent years, the agritourism market has seen significant growth due to the rise in domestic travel and the search for unique, educational, and recreational activities. The COVID-19 pandemic accelerated this trend as people sought safe, outdoor activities closer to home. Additionally, technological advancements and social media have made it easier for farmers to market their agritourism offerings and connect directly with consumers.

In October 2023, Airbnb partnered with Farm Stay USA to expand its agritourism listings, providing travelers with unique farm stay experiences. This collaboration aims to boost rural tourism and support small-scale farmers by offering diverse and immersive rural experiences.

In February 2023, John Deere, a leading agricultural machinery manufacturer, partnered with the American Farm Bureau Federation to promote agritourism through technological integration. This partnership focuses on utilizing advanced farming equipment to enhance visitor experiences and educational tours on farms.

Agrotourism Market Trends

This section discusses the key market trends that are influencing the various segments of the Agrotourism Market as identified by our team of research experts.

Travel Agents Segment Transforming Industry

The travel agents segment in the agrotourism market has seen significant growth as travelers increasingly seek authentic and immersive rural experiences. This niche market has expanded due to a rising interest in sustainable travel, organic farming, and local cultures. Travel agents play a crucial role in curating tailored experiences that meet the unique preferences of agritourists, offering services that include farm stays, agricultural tours, and hands-on farming activities. The growth of agrotourism presents a lucrative opportunity for travel agents to diversify their offerings and cater to a niche but growing market. By tapping into this segment, travel agents can attract environmentally conscious travelers and those seeking unique, off-the-beaten-path experiences. However, it also requires agents to develop specialized knowledge of rural areas, farming practices, and sustainability principles to provide authentic and meaningful experiences.

North America is Expected to Grow with Significant CAGR During Forecast Period

In North America, the agritourism market is experiencing steady growth driven by a combination of factors such as increasing consumer interest in sustainable agriculture, farm-to-table experiences, and rural tourism. According to the U.S. Department of Agriculture (USDA), agritourism has become a significant contributor to the agricultural economy, with farms across the region diversifying their revenue streams by offering activities such as farm stays, U-pick operations, and educational tours. In February 2023, the U.S. Department of Agriculture (USDA) announced a partnership with Airbnb to promote agritourism experiences on rural farms across the country. This collaboration aims to connect travelers with unique farm stays and immersive agricultural activities, supporting rural economies and fostering agricultural education.

Agrotourism Industry Overview

The agrotourism market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Star Destinations; Greenmount Travel; Blackberry Farm, LLC; Kansas Tourism; Liberty Hill Farm; Trump Tours Inc.; Field Farm Tours; Agrilys; and Stita Farm Tours.

Agrotourism Market News

Agritourism World reported in September 2023 that several agricultural organizations in the United States joined forces to launch the “Farm Fresh Trails” initiative, a collaborative effort to promote agritourism routes and farm-to-table experiences in key agricultural regions.

In July 2022, Agritourism India, a prominent organization promoting rural tourism, formed an alliance with MakeMyTrip, a leading online travel company. The partnership aims to create and market agritourism packages that offer authentic rural experiences, benefiting local farmers and boosting rural economies.

Agrotourism Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global agrotourism market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Agritourism Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global agrotourism market were the three major steps undertaken to create and analyze the adoption of agrotourism in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global agrotourism market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the agrotourism market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the agrotourism market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as activity and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the agrotourism market. Further, we conducted factor analysis using dependent and independent variables such as activity and sales channel of the agrotourism market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the agrotourism market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global agrotourism market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the agrotourism market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global agrotourism market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global agrotourism market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the activity and sales channel in the global agrotourism market.

The main objective of the Global Agrotourism Market Study

The current & future market trends of the global agrotourism market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the agrotourism market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the activity and sales channel.
• Define and analysis of the regulatory framework for the agrotourism
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the agrotourism market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the agrotourism market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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