Allied Market Research published a research report on the culinary tourism market. The findings of the report states that the global market for culinary tourism generated $1,116.7 billion in 2019, and is expected to generate $1,796.5 billion by 2027, witnessing a CAGR of 16.8% from 2020 to 2027.The report offers valuable information on changing market trends, key segments, key investment pockets, and competitive landscape for market players, shareholders, investors, and new entrants.
Shankar Bhandalkar, the Team Lead Research for Consumer Goods at Allied Market Research, outlined, “Rise in exposure of people to different forms of social media has enhanced their knowledge about various trends shaping the tourism industry. Social media is increasingly becoming a pseudo-travel agent. Customers are increasingly opting for travel services and products by taking advice from the people who have either stayed or traveled there before.”
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The report provides a comprehensive analysis of drivers, restrains, and opportunities to help market players in devising strategies and tap on opportunities. Inclination toward unique experiences and increase in penetration and usage of social media by travelers are the factors that drive the growth of the global culinary tourismmarket. However, surge in terrorism & crime rate, natural calamities political, and uncertainty restrain the market growth. Contrarily, availability of convenient and budget-friendly accommodations would offer opportunities for growth in the coming years.
The research provides a detailed scenario of Covid-19 along with highlighting its impact on the culinary tourism market across the world. There has been ban on local and international travel in many countries as precautionary measures have been taken place to stop the spread of Covid-19. Operations in the tourism industry have been disrupted, which in turn, impacted the culinary tourism market. The food & beverages and hospitality industry has been suffered due to stoppage of production activities of many types of food items and beverages. Moreover, restaurants, cafes, and hotels have been completely or partially closed in many regions worldwide. As governments of various countries lift off restrictions and travelers begin their ventures, the market is expected to grow steadily.
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The report offers an extensive analysis of segments of the global culinary tourism market based on activity type, age group, mode of booking, andregion. This analysis is valuable for new entrants, investors, and market players for determining the largest revenue generating and fastest growing segments to devise strategies for the next few years.
By activity type, the food festivalsegment held nearly one-third of the total market share in 2019, and is expected to continue its leadership status during the forecast period. However, the cooking classes segment is projected to witness the largest CAGR of 17.8% from 2020 to 2027. By mode of booking, the OTA segment accounted for the highest market share in 2019, contributing to nearly half of the global culinary tourism market, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is projected to portray the highest CAGR of 17.9% from 2020 to 2027.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue, accounting for more thantwo-fifth of the total market share in 2019, and is expected to maintain its dominance by 2027. Moreover, this region is projected to manifest the fastest CAGR of 17.8% during the forecast period. Furthermore, North America is estimated to register the CAGR of14.5% from 2020 to 2027.
Leading players of the global culinary tourism market analyzed in the research includeAbercrombie & Kent USA, G Adventures, Classic Journeys, India Food Tour, Greaves Travel, The FTC4Lobe Group, ITC Travel Group Limited, Topdeck Travel, The Travel Corporation, and Tour Radar.
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