Impact Analysis of Covid-19
The complete version of the REPORT will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Summary
The global Food Tourism Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Overview
Food tourism is a term that many people do not hear or understand, but it is growing exponentially. More destinations and other stakeholders must realize what food tourism means for their businesses if they are going to reap the rewards it truly represents. With everything from Spain to Thailand being covered and recognized as food destinations, there are many different ways in which food can be enjoyed in another country. This type of tourism allows travelers to enjoy local foods in other countries without having to break their budget to do so. The global food tourism market focuses on six regions namely North America, Europe, Asia Pacific, Middle East, and Africa. The global food tourism market is expected to witness significant growth during the forecast period, owing to increasing government initiatives to promote tourism.
Market Drivers
Significant increase in number of travelers across the globe and rapid expansion of the tourism sector is expected to drive growth of the global food tourism market during the forecast period. According to the U.S. Travel Association, U.S. domestic travel increased by 1.7% from 2018 to total of 2.3 billion person-trips in 2019. According the same source, leisure travel accounted for around 80% of all the U.S. domestic travel in 2019. Furthermore, in 2019, domestic and international travelers spent around US$ 1.1 trillion in the U.S. As a result of this, food tourism has witnessed massive growth. Hence, these factors are expected to drive growth of the global food tourism market during the forecast period. Furthermore, rising proactive government initiatives to promote tourism is expected to propel the global food tourism market growth over the forecast period.
Market Restraint
Political instability in certain countries and increasing crime rate and terrorism are expected to hamper the global food tourism market growth over the forecast period.
Regional Insights
Among regions, Asia Pacific is expected to witness significant growth in the global food tourism market during the forecast period. This is owing to rapid growth of the tourism sector in emerging economies such as India, Thailand, Indonesia, South Korea, and Japan.
Competitive Section
Major companies involved in the global food tourism market are Abercrombie & Kent, TU Elite, Classic Journeys, ITC Travel Group, and G Adventures.
For instance, in February 2019, Abercrombie & Kent partnered with Mandarin Oriental Hotel Group to provide guests with a variety of curated experiences.
The Food Tourism Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Food Tourism Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- Abercrombie & Kent
- Classic Journeys
- G Adventures
- ITC Travel Group
- TU Elite
- ...
By the Product Type, the market is primarily segmented into:
- Gourmet Tour
- Visit Markets and Food Producers
- Food Fair
- Food Activities
- Gourmet Museum
- Cooking Class
By Applications, the market is segmented into:
- Solo
- Group
- Family
- Couples
- Enterprise
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Food Tourism Market Report:
- To assess the size of the market by value and volume
- Analyze the Food Tourism Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Food Tourism Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Food Tourism Market
The Food Tourism Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Food Tourism Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
