The culinary tourism market will grow USD 31.42 billion until 2025
The data has been revealed in a report presented by Technavio
The latest market research report titled Culinary Tourism Market by Type and Geography – Forecast and Analysis 2021-2025 has been announced by Technavio.
- Market Driver: The rise of inclusive culinary and cultural events is one of the critical factors that will trigger the growth of the global culinary tourism market in the coming years. The growing number of local culinary programs featured at music and arts festivals offers opportunities for food service providers and other culinary tourism providers to gain access to a potential customer base. Culinary tourism is gaining popularity among consumers. Destination Management Organizations (DMOs) are taking initiatives to harness the growth of various art events and festivals to explore the role of food in them.
- Market Challenges: However, the elite quotient associated with luxury travel may impede market growth. Luxury tourism, including culinary tourism, is considered an elite part of any lifestyle due to the high cost associated with it. This type of tourism is mainly enjoyed by the well-off sectors of society. Most consumers in developing and developed regions are reluctant to engage in these types of activities, due to the high cost involved. The elitist nature of culinary tourism restricts the growth of the global culinary tourism market because many tourists, especially mass tourists, are hesitant to spend too much on such trips. This, in turn,
The culinary tourism market report is segmented by Type (Domestic and International) and Geography (Europe, North America, APAC, South America, and MEA).
- 31% of the market growth will originate from Europe during the forecast period. Germany, France and the UK are the key markets for culinary tourism in Europe. Market growth in this region will be slower than market growth in other regions. The increasing number of culinary tourist arrivals and the availability of cruise experiences for luxury travel seekers will facilitate the growth of the culinary tourism market in Europe during the forecast period.
- The domestic culinary tourism segment dominated the global culinary tourism market in 2020. It will continue its dominance throughout the forecast period as consumers become familiar with domestic culinary tourism policies and rules and the finance tax imposed is less than the of international culinary tourism. The domestic market for culinary tourism is also fueled by lax government regulations and a lack of foreign exchange problems. The growth of the market segment is expected to be significant during the forecast period.