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Agritourism Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global agritourism products market was valued at USD 28.3 billion in 2022 and is projected to expand at a CAGR of 12.2% from 2023 to 2030. Agritourism is the practice of inviting travelers to experience the activities and lifestyle of a working farm. Agritourism products provide both a unique experience and valuable exposure for farmers and growers. The growing demand for sustainable and organic products, along with the increasing number of farm stays and visits to rural areas, is driving the growth of the global agritourism market.
The growing popularity of organic and sustainable foods among the health-conscious population is expected to bolster the demand for agritourism products. Moreover, the increasing demand for locally sourced products is further driving the demand for agritourism products. Furthermore, the increasing demand for organic and natural food products is creating opportunities for agritourism products. Thus, the rising focus on healthy eating has enabled the market to expand its offerings.
The rising awareness regarding the importance of sustainable and responsible tourism is also driving the demand for agritourism products. The rising trend of eco-tourism has encouraged people to visit rural destinations and explore the local culture and traditional agricultural practices. Furthermore, the increasing number of agri-tours has led to the growth of the agritourism products market.
The availability of mobile applications and websites for agritourism activities is expected to drive the demand for agritourism products. These applications and websites provide an interactive platform for people to book agritourism activities and services. Furthermore, the increasing number of agritourism experiences and services is supporting the growth of the market.
The growing demand for farm-to-table experiences is also boosting the demand for agritourism products. These experiences provide an opportunity for people to interact with farmers, learn about traditional farming practices, and experience local culture and customs. Furthermore, the growing trend of eating local and seasonal food products is also driving the demand for agritourism products. Additionally, the increasing focus on adventure activities such as camping, hiking, and fishing is also providing opportunities for the market.
Product Insights
The agritourism activities segment held the largest market share in 2020 and is expected to continue its dominance over the forecast period. The growth of the segment is attributed to the rising demand for farm visits, pick-your-own activities, and outdoor recreation activities. Moreover, the rising trend of agritourism is fuelling the demand for various agritourism activities such as visiting petting zoos, farm visits, pick-your-own activities, and outdoor recreation activities. Furthermore, the rising trend of agritourism is driving the growth of the segment.
The agritourism products segment is expected to register the fastest CAGR of 8.9% over the forecast period. The growth of this segment is attributed to the rising demand for agritourism products such as organic food products, farm fresh vegetables, and fruits, honey, jams, and other products. Apart from this, the growing awareness about the benefits of consuming organic food products is driving the growth of the segment. In addition, the increasing demand for organic food products is expected to drive the growth of the segment in the coming years.
Distribution Channel Insights
The agritourism products market is expected to witness a surge in demand from direct-to-consumer (D2C) channels in the near future. The convenience of shopping from the comfort of home, along with cost-effectiveness and reduced delivery time, are the major factors driving the growth of this segment. The presence of e-commerce platforms such as Amazon and Flipkart is expected to further accelerate the growth of this distribution channel. Moreover, the presence of online agritourism stores, such as AgriTour, is expected to open up new opportunities for the growth of the market. Furthermore, many online platforms also offer discounts and promotional offers, which is estimated to have a positive impact on the market.
Retail outlets and supermarkets are also expected to witness a surge in demand over the coming years. The presence of well-established retail networks, along with the convenience associated with them, are the key factors driving the growth of this segment. Moreover, the availability of a wide range of agritourism products in retail stores, along with the presence of trained staff to assist customers in purchasing decisions, is expected to boost the growth of this distribution channel.
Type Insights
Agritourism products are classified into three segments, namely, accommodation, food & beverages, and activities. The accommodation segment is anticipated to grow at the highest CAGR of 9.6% from 2019 to 2027. The rapid growth of the segment can be attributed to the rising trend of farm stay vacations and the growing preference for eco-friendly and sustainable accommodations.
The food & beverages segment is projected to account for the second-largest share of the agritourism market in 2027. The segment is expected to grow at a CAGR of 9.5% from 2019 to 2027. The growth of the segment can be attributed to the growing demand for locally sourced food and the rising trend of farm-to-table dining.
The activities segment is expected to account for the third-largest share of the agritourism market in 2027. The segment is anticipated to grow at a CAGR of 9.4% from 2019 to 2027. The growth of the segment can be attributed to the growing popularity of agritourism activities, such as horseback riding, hiking, and zip-lining.
Regional Insights
North America is expected to be the largest market for agritourism products, owing to the presence of a large number of farms and agritourism operators in the region. The United States is the leading country in the region and is expected to grow at a CAGR of 5.6% from 2019 to 2025. The growing popularity of agritourism activities, such as farm visits, hayrides, and corn mazes, among others, is expected to drive the growth of the market in the region.
Europe is expected to be the second-largest market for agritourism products, owing to the growing popularity of agritourism activities, such as farm visits, hayrides, and corn mazes, among others, in the region. The UK, France, and Italy are the leading countries in the region and are expected to grow at a CAGR of 5.5%, 5.4%, and 5.3%, respectively, from 2019 to 2025.
The Asia Pacific is expected to be the fastest-growing market for agritourism products, owing to the growing popularity of agritourism activities, such as farm visits, hayrides, and corn mazes, among others, in the region. The growing awareness of the benefits of agritourism, such as its educational and recreational value, is expected to drive the growth of the market in the region.
Financial Projections
In this part of the agritourism products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your agritourism products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for an agritourism products business comes from the sale of agritourism products. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the agritourism products business running will be described. The list of operating expenses includes the cost of agritourism products, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the agritourism market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In September 2022, Airbnb launched a new feature called Airbnb Farm Stays which would allow guests to book stays on farms and ranches around the world.
– In November 2022, VRBO launched a new feature called VRBO Rural Retreats which would allow guests to book stays on farms and ranches around the world.
– In December 2022, HomeAway launched a new feature called HomeAway Country Getaways which would allow guests to book stays on farms and ranches around the world.
Some of the prominent players in the agritourism market include:
– Airbnb
– VRBO
– HomeAway
– Agriturismo.com
– Farm Stay U.S.
– Farm Stay UK
– Farm Stay Canada
Global Agritourism Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global agritourism products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Fruits & Vegetables
– Dairy & Eggs
– Wine & Beer
– Flowers & Ornamental Plants
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Product positioning and customer-specific category specification has been a source of worry for the manufacturer. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers.
In the retail industry, design innovation is on the rise. Innovations in agritourism products are expected to influence the agritourism products market. Consumers are interested in items that bring simplicity, convenience, and speed to their normal routine, whether they be product improvements, design innovations, feature additions, or smart feature add-ons.
[Q]: Who are the Key Players in the Agritourism Products Market?
[A]: Some of the key players in the agritourism products market include Agriturismo le Tamerici, Agriturismo Podere Lecci, Agriturismo Fattoria Poggio Capanne, Agriturismo La Selva, and Agriturismo Sant’Angelo.
[Q]: Which Region Offers the Largest Opportunity for Sales of Agritourism Products?
[A]: With an absolute dollar opportunity of $4.5 B (USD), North America is expected to be the largest market for agritourism products.
[Q]: What are the factors driving the agritourism products market?
[A]: Key factors such as the increased demand for organic and healthy products, the need for sustainable tourism, and the rise in the number of agritourism farms are expected to drive market growth over the forecast period.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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