Culinary tourism is growing exponentially worldwide as travelers choose to visit previously unexplored places
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATE, September 23, 2022 /EINPresswire.com/ — Allied Market Research has published a report titled “Culinary Tourism Market by Event Type (Kitchen Experiments, Cooking Classes)” ” According to the report, the global culinary tourism market earned $1,116.7 billion in 2019 and is projected to reach $1,796.5 billion by 2027, recording a CAGR of 16.8% from 2020 to 2027.
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Drivers, restrictions and opportunities-
The search for unique experiences to grow the global tourism industry and the increase in social media usage are driving the growth of the global culinary tourism market. However, the increase in terrorism and crime rates, political uncertainty and natural disasters hinder market growth. On the other hand, unique destinations and affordable and budget-friendly accommodation options are expected to offer new opportunities in the coming years.
Leading market players
Abercrombie and Kent USA
India Food Tour
ITC Travel Group Limited
Upper Deck Travel
Culinary tourism involves exploring or traveling to remote exotic regions and consuming a variety of dishes and local foodstuffs to feel the location. It includes unique experiences during the holidays where travelers interact with locals and connect with their core values through food. Culinary travel is a type of niche tourism that includes numerous activities such as culinary experiments, cooking classes, restaurants, food festival and others.
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Culinary tourism is witnessing exponential growth worldwide as travelers prefer to visit previously unexplored places. It has also led to the growth of the tourism industry as a whole, with the rise of government initiatives in the form of public and private partnerships to promote tourism, eventually benefiting the culinary tourism industry. However, the high risk of crimes against tourists, unpredictable weather conditions and natural disasters may hinder the growth of the culinary tourism market. Regardless of the challenges, the rise in the social media trend has created a huge culinary tourism market opportunity, with Facebook becoming the most preferred social network among travelers to share their experiences.
Key findings of the study
The culinary tourism market was valued at $1,116.7 billion in 2019 and is expected to grow at a CAGR of 16.8% from 2020 to 2027 and reach a market size of $1,796.5 billion by 2027.
Depending on the type of activity, the cooking lessons segment will witness the fastest culinary tourism market growth, recording a CAGR of 17.8% during the forecast period.
In 2019, the food festival segment had the highest share in terms of event type and constituted approximately half of the culinary tourism market.
In 2019, by age group, the millennial segment was the most prominent and is expected to grow at a significant CAGR over the forecast period.
The OTA segment became the dominant segment in 2019, which has a significant share in the culinary tourism market.
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Reason for Purchase:
✅ Save and reduce time when conducting entry-level research by identifying growth, size, leading players and segments in the Global Culinary Tourism Market.
✅ Highlights key business priorities to guide companies to reform their business strategies and establish themselves across a wide geography.
✅ Key findings and recommendations highlight key progressive industry trends in the Culinary Tourism Market, allowing players to develop effective long-term strategies to generate market revenues.
✅ Develop/modify business expansion plans using significant growth delivering developed and emerging markets.
✅ Dive deep into global market trends and outlook, along with the factors driving the market as well as the factors limiting growth to a certain extent.
✅ Improve decision-making by understanding strategies that support business interest in relation to products, segmentation, and industry verticals.
Source :- https://www.dailyreportsworld.com
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