Culinary Tourism Market to Reach $1,796.5 Bn, Globally, by 2027 at 16.8% CAGR

Allied Market Research

Pursuit of unique experiences to augment the global tourism industry and rise in usage of social media drive the global culinary tourism market

PORTLAND, Oregon, June 4, 2020 /PRNewswire/ -- 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 tourismmarket 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 tourismmarket. 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 accommodationare anticipated to offer new opportunities in the coming years.

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COVID-19 Scenario-

• The operational disruption in both travel and food & beverages industry, due to COVID-19 outbreak, has impacted the culinary tourism market.
• Halt in the services offered by the hospitality industry due to active lockdown and social distancing has adversely affected the growth of this industry.

The food festivalsegment to maintain its lead status-

Based on activity type, the food festivalsegment accounted for nearly one-third of the global culinary tourism market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due togrowing affinity of tourists towards novel and rich food experiences.However, the cooking classes is estimated toportray the highest CAGR of 17.8% from 2020 to 2027. The rise in trend of learning through travel and increase in participation of chefs in culinary tourism to learn to cook food from different origins drives the growth of the segment.