Allied Market Research published a report, titled, Culinary Tourism Market garnered $1,116.7 billion in 2019, and is estimated to reach $1,796.5 billion by 2027, registering a CAGR of 16.8% from 2020 to 2027.
Pursuit of unique experiences to augment the global tourism industry and rise in usage of social media drive the growth of the global culinary tourism market. However, increase in terrorism & crime rate, political uncertainty, and natural calamities hinders the market growth. On the other hand, unique destinations and option for convenient and budget friendly accommodation are anticipated to offer new opportunities in the coming years.
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- The operational disruption in both travel and food & beverages industry, due to COVID-19 outbreak, has impacted the culinary tourism market.
- Halt in the services offered by the hospitality industry due to active lockdown and social distancing has adversely affected the growth of this industry.
Based on activity type, the food festival segment accounted for nearly one-third of the global culinary tourism market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to growing affinity of tourists towards novel and rich food experiences. However, the cooking classes is estimated to portray the highest CAGR of 17.8% from 2020 to 2027. The rise in trend of learning through travel and increase in participation of chefs in culinary tourism to learn to cook food from different origins drives the growth of the segment.
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Based on mode of booking, the OTA segment contributed to the highest market share with nearly half of the global culinary tourism market in 2019, and is estimated to maintain its leadership position during the forecast period. Moreover, the same segment is estimated to generate the fastest CAGR of 17.9% from 2020 to 2027. This is attributed to growing adoption of smartphones as a way to make travel arrangements and availability of convenience and attractive offers.
Based on region, Asia-Pacific accounted for the highest share based on revenue, holding for more than two-fifth of the global culinary tourism market in 2019, and is projected to maintain its dominant position throughout the forecast period. Moreover, the same region is estimated to generate the fastest CAGR of 17.8% from 2020 to 2027. This is attributed to the availability of a wide variety of traditional food and unique beverages which motivates culinary tourist to make travel arrangements in Asia-Pacific region. Furthermore, North America region is anticipated to manifest the CAGR of14.5% from 2020 to 2027.
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Leading market players
- Abercrombie & Kent USA
- Classic Journeys
- G Adventures
- Greaves Travel
- India Food Tour
- ITC Travel Group Limited
- The FTC4Lobe Group
- The Travel Corporation
- Topdeck Travel
- Tour Radar.
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