The global culinary tourism market size was valued at $1,116.7 billion in 2019, and is projected to reach $1,796.5 billion by 2027, registering a CAGR of 16.8% from 2020 to 2027. The food festival segment was the highest contributor to the market, with $338.6 billion in 2019, and is estimated to reach $560.3 billion by 2027, at a CAGR of 17.2% during the forecast period.
The culinary tourism market growth can be attributed to rise in instances of people opting for unique and exotic holiday destinations, to get away from the daily hectic schedule and gain valuable experiences. Private, quite, serene, and exotic locations with a prevalent food culture are the major factors that people consider while choosing their travel location. Regions with large variety of food and drinks that taste unique have been voted as top preference by the travelers. In addition, destinations that are culturally and traditionally intriguing are becoming popular among the affluent travelers, owing to growing interest of people to learn and understand the local culture. Moreover, rise in exposure of people to different forms of social media has enhanced their knowledge about various trends shaping the tourism industry. Social media is increasingly becoming a pseudo-travel agent. Customers are increasingly opting for travel services and products by taking advice from the people who have either stayed or traveled there before. They also refer to reviews and insights detailed on various social networking sites. Views and opinions shared on sites offer better transparency with respect to products and thus, encourage travelers to make bookings for their preferred travel location. However, political unrest and terrorism have affected the overall volume of foreign trips and choice of destination and are the major restraining factors for the culinary tourism market. On the contrary, increase in affordability and convenience in finding accommodation is expected to encourage budget travelers to tour more often, and make way for growth of the culinary tourism market.
The culinary tourism market is segmented based on activity type, age group, mode of booking, and region. By activity type, the market has been classified into culinary trials, cooking classes, restaurants, food festivals and others. By age group, it is categorized into Baby Boomers, Generation X, Generation Y, and Generation Z. The Mode of Booking segment includes OTA, traditional agents and direct travel. Based on region, the culinary tourism market is studied across North America, Europe, Asia-Pacific, and LAMEA.
By Activity Type
Cooking classes was the fastest growing segment through the forecast period.
Based on the culinary tourism market analysis, by activity type, the food festival segment was the most prominent segment accounting for the highest share in 2019 and is expected to continue this trend throughout the forecast period. The growth in this segment can be attributed to growing affinity of tourists in exotic cuisines and drinks. Moreover, culinary trials allow the tourist to experience various tastes in a region while exploring different cities in a short amount of time by making most of their vacation time; hence, this segment is a preferred choice for tourists who want to experience more of the culture in a relatively short time. However, the cooking classes segment is expected to experience the fastest growth rate of 17.2% through the forecast period
By Mode Of Booking
OTA was the fastest growing segment through the forecast period.
Based on the culinary tourism market forecast, by age group the generation Y segment was the dominant segment with majority of the market share in 2019 and is estimated to remain dominant throughout the forecast period. This can be attributed to millennial being avid travelers comprising large number of people traveling worldwide. Millennial are driven by wanderlust and breaking life’s monotony, these group of youngsters prefer short trips to culturally rich and different countries, also local shopping and food are among major attractions for this demographic cohort. The generation z segment is estimated to grow at a notable growth rate of 17.6% through the forecast period.
Asia-Pacific was the most prominent regonal market in 2019.
Based on the mode of booking, the OTA segment was the most prominent segment in 2019 and is expected to grow at the highest CAGR of 17.9% through the forecast period. This can be attributed to growing adoption of smartphones as a way to make travel arrangements. Moreover, this mode of booking is very convenient and various offers by the agencies encourage tourists to opt for the OTA mode of booking.
By region, Asia-Pacific was the most prominent region in the culinary tourism market and is expected to garner high growth rate in the forecast period. The North America culinary tourism market is also expected to witness steady growth rate through the forecast period owing to presence of a large number of traditional food outlets and easy availability of accommodation.
The players in the culinary tourism industry have adopted product launch as their key development strategy to increase profitability and improve their stance in the culinary tourism market share. The key players profiled in the report 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.
Key Benefits For Stakeholders
The report provides a quantitative analysis of the current culinary tourism market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis and the market size and segmentation assists in determining the prevailing culinary tourism market opportunities.
The major countries in each region are mapped according to their revenue contribution to the market.
The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.
Culinary Tourism Market Report Highlights
By ACTIVITY TYPE
By AGE GROUP
By MODE OF BOOKING
Key Market Players
ITC TRAVEL GROUP LIMITED, ABERCROMBIE & KENT USA, LLC, TOPDECK TRAVEL [FLIGHT CENTRE (UK) LIMITED)], TOURRADAR GmbH, FOOD TOUR CORPORATION, G ADVENTURES, CLASSIC JOURNEYS, LLC, GREAVES TRAVEL LTD, THE TRAVEL CORPORATION, INDIA FOOD TOUR
The culinary tourism market is expected to witness steady growth even under several unrests such as uncertainty, terrorist attacks, and others. According to the insights of the key opinions of leaders of the industry, the culinary tourism market has witnessed strong growth even under several challenges such as global uncertainty, weakened global economy, terrorist attacks, pandemic, cyclones, tsunamis, and others, owing to the development of the global travel & tourism industry.
According to the insights of the CXOs, the culinary tourism market is anticipated to witness robust growth, due to economic growth and increase in the affinity of tourists for exotic food and beverages. The key motivating factor of adventure seekers is transformative experiences. In addition, rise in competition among airlines, availability of low-cost carriers, and liberal travel and immigration laws in several regions boost the market growth.
Moreover, rise in adoption of mobile devices and increase in accessibility of the internet has enhanced the communication among travelers, resulting in exchange of experiences and thoughts personally as well as on social media. This in turn motivates other adventure seekers and food enthusiasts to plan for various culinary and adventure activities; thus, promoting market expansion.