The culinary tourism market is expected to witness steady growth even under several unrests such as uncertainty, terrorist attacks, and others.
PORTLAND, UNITED STATES, UNITED STATES, October 16, 2020 /EINPresswire.com/ — According to the report published by Allied Market Research, the global culinary tourism market generated $1,116.7billion in 2019 and is estimated to reach $1,796.5billion by 2027, registering a CAGR of 16.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
The pursuit of unique experiences and positive impact of social media on the travel industry drive the growth of the global culinary tourism market. However, surge in political uncertainty, terrorism & crime rate and natural calamities hinder the market growth. On the other hand, high traction for unique destinations among tourists and the availability of convenient & budgeted accommodations are anticipated to offer new opportunities in the coming years.
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•The culinary tourism is impacted negatively due to the disruptions in operations in both the travel industry and food & beverage industry.
•The shutdown of international travel and reduction in the usage of domestic travel during the outbreak of the novel coronavirus has impacted the culinary tourism.
•There has been halt in the services offered by the hospitality industry due to active lockdown and social distancing being practiced across the globe.
•The report offers a detailed segmentation of the global culinary tourism market based on activity type, age group, mode of booking, and region.
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Based on activity type, the food festival segment contributed to the largest share in 2019, accounting for nearly one-third of the total share, and is estimated to maintain its dominant position during the forecast period. However, the cooking class segment is expected to register the highest CAGR of 17.8% from 2020 to 2027.
Based on the mode of booking, the OTA segment accounted for the largest share in 2019, holding nearly half of the total share, and is expected to maintain the highest share throughout the forecast period. Moreover, the same segment is estimated to portray the highest CAGR of 17.9% during the forecast period. The report also offers an analysis of segments including traditional agents and direct booking.
Based on region, Asia-Pacific contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. Moreover, the same region is expected to grow at the highest CAGR of 17.8% from 2020 to 2027. The report also analyzes regions including North America, Europe, and LAMEA.
Leading market players analyzed in the research include Abercrombie & Kent USA, Classic Journeys, G Adventures, Greaves Travel, India Food Tour, ITC Travel Group Limited, The FTC4Lobe Group, The Travel Corporation, Topdeck Travel, and Tour Radar.
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Source: EIN Presswire