The food tourism sector market is predicted to be worth US$ 1009.42 billion in 2023 and US$ 4688.74 billion by 2033. From 2023 to 2033, the food tourism sector industry is expected to grow at a CAGR of 15.20%.
The food tourism market expansion is dependent on various reasons, including a growing desire for food tourism, an increase in integrated culinary and cultural events, and the favorable influence of digital media on food tourism.
Increasing Traveler Population Creates Lucrative Market Prospect
The food tourism sector is predicted to grow due to the expansion of the tourism sector and the rapid increase in the number of travelers worldwide. Several travelers arrange vacations particularly to go on gastronomic adventures and learn about different eating cultures. They taste and learn about the local food. They spend over half of their vacation budget on gastronomic activities. This is one of the primary drivers of market expansion for food tourism.
The growing popularity of wine, beer, and food festivals promotes gastronomic tourism. This is projected to propel the food tourism sector industry in the coming years.
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E-commerce Delights: Catalyzing the Market Expansion
The increased use of online research, as well as the popularity of television channels and other forms of entertainment such as YouTube Cooking Channels, Travel, and Lifestyle Channels, are driving people to travel to certain areas and eat their local or traditional food.
Celebrity chefs, actors, and media endorsement for tours and travel are all important factors in the market growth of food tourism. The growing popularity of seasonal and festival excursions propels the global food tourism market.
Resilience in Adversity: Confronting Terrorism’s Impediment to Market Growth
The global travel and tourism business is negatively impacted by terrorism. The Association of British Travel Agents (ABTA) discovered in 2018 that terror concerns have a significant impact on the tourism industry in some key tourist sites in the United Kingdom. Terrorist incidents have been common in cities such as Manchester, London, and Barcelona in recent years.
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Terrorism also causes increased border clearance, including delays and tighter inspections, as well as higher insurance and reinsurance expenses. This leads to increased spending on border and airport security, including military and technology, intelligence, and law enforcement, resulting in higher passenger fees. These issues may impede the food tourism sector revenue growth throughout the projection period, as consumers may avoid traveling due to terrorism fears and high travel costs.
Regional Outlook
With a positive regional outlook, the food tourism industry has seen tremendous expansion and diversity in recent years. With a rich culinary history and a rising demand for farm-to-table dining, North America continues to dominate the food tourism market. With its wide variety of cuisines and well-known gourmet locations like Italy and France, Europe continues to draw foodies.
Food tourism has increased dramatically in the Asia Pacific region thanks to the demand for street food and traditional cooking classes. While the Middle East and Africa offer a fusion of traditional and contemporary cuisine, Latin America displays its distinctive flavors and culinary traditions. Overall, the regional outlook for the food tourism business is positive, with each region making the most of its distinctive culinary offers.
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Key Takeaways
- Between 2023 and 2033, the United States market share might rise by 18.3%.
- In the years 2023 to 2033, Germany may control 8.4% of the food tourism sector.
- Between 2023 and 2033, Japan can have a 4.9% food tourism sector market share.
- From 2023 to 2033, North America may increase its market share by 22.3%.
- Between 2023 and 2033, Europe to hold a 29.4% market share.
- Australia will have a 2.3% market share between 2023 and 2033.
- The food tourism sector market in China is expected to develop at a CAGR of 16.3% during the forecast period.
- The United Kingdom food tourism sector industry is to see a CAGR of 18.3% from 2023 to 2033.
- The Indian food tourism sector market would see a CAGR of 10.5% through 2033.
- Restaurant segment of the activity type category is predicted to have a market share of 58.4% by 2033.
- The online booking sector to grab a significant market share of 40.2% in the booking channel category between 2023 and 2033.
Competitive Landscape
Domestic safety locker providers face strong competition, as key food tourism sector competitors dominate the industry. To differentiate themselves, they emphasize beauty, modern technology, and extra safety features. Global and local food tourism sector l players entice tourists with memberships and complete packages, while digital media promote gourmet excursions.
With rising food tourism and infrastructural development, food tourism sector players grab possibilities, gaining a competitive advantage through mergers and acquisitions. Sales are predicted to increase as a result of better infrastructure, resulting in a considerable boost for the total food tourism sector market.
Latest Innovations
- Lindblad Expeditions purchases the majority of Classic Journeys’ stock.
Lindblad Expeditions Expands Experiential Offerings with Majority Stake Acquisition of Classic Journeys, a Leading Luxury Cultural Walking Tour Company. The move strengthens Lindblad’s position in adventure travel, leveraging its expertise to drive growth and meet the rising global demand for authentic, immersive experiences in wellness and adventure.
Wheels Up and Abercrombie & Kent’s Exclusive Partnership
Wheels Up and Abercrombie & Kent join forces to offer bespoke travel experiences to Wheels Up Members, featuring domestic journeys to America’s National Parks and the Pacific coast. Utilizing the Wheels Up fleet and private A&K guides, Members gain exclusive access to extraordinary adventures.
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