Food tourism sector market is expected a valuation of US$ 865.71 Bn in 2022
The food tourism sector is projected to reach a valuation of US$ 865.71 Bn in 2022. Sales are projected to increase at a 16.6% CAGR, with the market size reaching US$ 4,009.77 Bn by 2032.
The food tourism sector is expected to grow steadily over the forecast period. This is due to a variety of reasons including the rise of cultural integration trends across the globe.
According to Future Market Insights, the strong government support to promote this industry is also touted to help the market flourish, with the consumer base set to expand and the average spending per consumer also increasing. The desire of people to expand their tourism experience by bringing in the sensory part as well has helped the sector become mainstream.
The introduction of various activities related to food tourism has kept the market fresh and on a path of growth. The variety and a wide number of cuisines offered around the world keep the scope of the food tourism sector high on a global scale. Food festivals and cooking classes will keep the international tourists engaged. Developing countries and their food tourism markets are anticipated to profit from the growing market, with tourists desiring to taste the exquisite cuisines of these countries.
Key Takeaways from the Food Tourism Sector Study:
- The food tourism sector is expected to grow at a CAGR of 16.6% over the forecast period.
- The Asia Pacific region holds ~31% of the global food tourism sector, while the Europe region holds ~32% of the total market share.
- Food festivals are rapidly gaining popularity in the food tourism sector.
- Cooking classes are being offered by the tour operators to provide the consumers with an in-depth experience of the culinary environment of their destinations.
- According to the study, currently, the food tourism sector attracts close to 3 Mn visitors annually.
- Online booking channels have become the prominent booking channels in the sector.
“With the market expected to grow at an exceptional rate while offering a lucrative opportunity, the possibilities of new firms entering the market is also expected” FMI Analyst said.
Impact of COVID-19
The Covid-19 pandemic affected the global food tourism market severely. The increasing restrictions left the sector in a dilapidated state. The travel halts across the globe both on an international as well as a domestic level restricted tourism completely. This meant a stoppage of the food tourism sector as well.
The increasing concern for safety among the consumers also led to a decreased confidence among them over concerns about food items’ safety. This further impacted the market as well, leading the firms to rethink their strategies and come out surviving during this period.
Post-pandemic the firms came out with different schemes, measures, and operating procedures to ensure consumer satisfaction. These measures were majorly aimed at providing the consumers with absolute safety precautions, while still letting them enjoy their cuisines and tours.
This has helped the industry bounce back to the pre-pandemic level, also ensuring the image of the sector stays positive. The food tourism sector is expected to keep growing fast in the long-term perspective, not letting the setback of the pandemic slow down this growth.
Who is winning?
By strategizing and attempting to market the regional cuisines, the major players are attempting to boost their brand presence. The key to growing in the market will be to provide them with individualized, all-inclusive packages.
The key players in the food tourism sector are Abercrombie & Kent USA LLC, Classic Journeys LLC, G Adventures, Greaves Travel Ltd, India Food Tour, ITC Travel Group Limited, The FTC4Lobe Group, Topdeck Travel [Flight, Centre (Uk) Limited)], The Travel Corporation, Gourmeton Tour Culinary Adventures, International Culinary Tours, and Butterfield & Robinson Inc.
source: Travel Daily News