Culinary Tourism Market To Witness Comprehensive Growth By 2027 Perkinelmer Inc., Smiths Group PLC

(MENAFN- EIN Presswire) EINPresswire/ -- Allied Market Research published a report, titled, "Culinary Tourism Market by Activity Type (Culinary Trials, Cooking Classes, Restaurants, Food Festivals, and Others), Age Group (Baby Boomers, Generation X, Generation Y, and Generation Z) and Mode of Booking (OTA, Traditional Agents, and Direct Travel): Global Opportunity Analysis and Industry Forecast, 2020-2027."According to the report, the global culinary tourism market garnered $1,116.7 billion in 2019, and is estimated to reach $1,796.5 billion by 2027, registering a CAGR of 16.8% from 2020 to 2027.

Drivers, restraints, and opportunities-

Pursuit of unique experiences to augment the global tourism industry and rise in usage of social media drive the growth of the global culinary tourism market. However, increase in terrorism & crime rate, political uncertainty, and natural calamities hinders the market growth. On the other hand, unique destinations and option for convenient and budget friendly accommodation are anticipated to offer new opportunities in the coming years.

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The OTA segment to maintain its leadership position-

Based on mode of booking, the OTA segment contributed to the highest market share with nearly half of the global culinary tourism market in 2019, and is estimated to maintain its leadership position during the forecast period. Moreover, the same segment is estimated to generate the fastest CAGR of 17.9% from 2020 to 2027. This is attributed to growing adoption of smartphones as a way to make travel arrangements and availability of convenience and attractive offers.

Asia-Pacific is anticipated to dominate the market, North America to grow at a significant pace by 2027-

Based on region, Asia-Pacific accounted for the highest share based on revenue, holding for more than two-fifth of the global culinary tourism market in 2019, and is projected to maintain its dominant position throughout the forecast period. Moreover, the same region is estimated to generate the fastest CAGR of 17.8% from 2020 to 2027. This is attributed to the availability of a wide variety of traditional food and unique beverages which motivates culinary tourist to make travel arrangements in Asia-Pacific region. Furthermore, North America region is anticipated to manifest the CAGR of14.5% from 2020 to 2027.

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Leading market players
Abercrombie & Kent USA
Classic Journeys
G Adventures
Greaves Travel
India Food Tour
ITC Travel Group Limited
The FTC4Lobe Group
The Travel Corporation
Topdeck Travel
Tour Radar.

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 to reach the market size of $1,796.5 billion in 2027.

Based on activity type, the cooking classes segment would witness the fastest culinary tourism market growth, registering a CAGR of 17.8% during the forecast period.

In 2019, based on activity type, the food festival segment held the highest share, accounting for nearly half of the culinary tourism market.

In 2019, based on the age group, the generation Y segment was the most prominent segment and is expected to grow at a significant CAGR throughout the forecast period.

OTA segment was the dominant segment in 2019, accounting for a considerable share in the culinary tourism market.

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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.

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