Culinary Tourism Market Growth to USD 6.74 Billion by 2032
Culinary Tourism Market Trends & Size Report | Global 2024-2032
The global culinary tourism market was valued at USD 1.54 billion in 2023. The industry is projected to grow from USD 1.81 billion in 2024 to USD 6.74 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.82% during the forecast period 2024-2032.
Current Scenario
Presently, the culinary tourism market is experiencing tremendous growth in recent years. Asia Pacific and Europe are prominent markets currently, with APAC rapidly expanding in 2023. Apart from this, rural culinary tourism is a promising area in the European tourism market and is a major resource for the development or progress of rural regions, especially in Southern Europe. The sector thrived after the pandemic, but, stages important questions about the real ability of local actors to capitalise on this opportunity. Moreover, with gastronomy inducing a considerable impact on tourism decisions, dining has been gaining traction as a crucial element of the travel and leisure landscape worldwide.
Market Drivers
The growth of the culinary market is driven by the increasing preference for exotic and unusual locations by travellers. People are progressively opting for such spots to relax, and take a break from their hectic lifestyle and workload, and gain valuable experience. As per the Luxury travel company Virtuoso, a rising volume of rich travellers plan to explore key cities such as Paris, Rome, and New York in 2024 when compared to that in 2023. Irrespective of time period, cultural origin or background, the want to delight in new flavours worldwide acts as a fundamental motivator for travel. Additionally, this market contributes greatly to local economies with each money spent on culinary tourism producing an extra 3.25 billion dollars in business activity.
Market Restraints
Producers and other players in the ecosystem find it difficult to strike the right equilibrium between entertainment and fun on one side and the other the interest of travellers in knowledge and education, which expanding segments of their consumers appreciate. This is one of the decreasing the growth rate of the culinary tourism market. Moreover, the political chaos and armed conflicts in multiple nations around the world is another factor affecting the market. For instance, the war between Ukraine and Russia still continues to have an effect on several countries' GDPs by raising food and energy prices which ultimately elevates the inflation rate. It also impacted the spending power of the general public. Some sections of society remain affected by the after-effects of COVID-19 and some were just coming out of that have again troubled by this war. Therefore, struggling global economy is affecting the expansion of the market.
Segment Analysis
By Type
- Culinary Trials
- Restaurants
- Cooking Classes
- Food Festivals
- Others
The food festival segment gained the maximum share of culinary tourism and is expected to remain on the growth course. The segment’s market growth is fuelled by the surging popularity of uncommon food and drinks among the foreign travellers. Furthermore, by taking full advantage of their vacation period, tourists can witness a range of flavours in a region and at the same time travelling to various locations; as a consequence, this segment is preferred for travellers who desire to indulge themselves in the local culture for a longer time. In contrast, across the estimated period, the segment of cooking classes is projected to rise at the fastest pace.
By Mode of Booking
- Traditional Agents
- OTA
- Direct Travel
The OTA segment is expected to have captured a major portion of the culinary tourism market and is likely to expand throughout the forecast period. This development of the segment’s market can be credited to the escalating application of mobile phones for online booking travel. In addition, this technique of scheduling is highly functional, and the companies normally offer discounts and incentives to travellers who opt for this method.
Regional Analysis
Europe commands the culinary tourism market and holds a significant share. The region’s tourism is varied and comprises several specialist niches, like producer visits, cooking classes, food museums, and festivals. Globally, it is the biggest source market for outbound tourism and accounts for roughly 50 per cent of the overall outgoing leisure industry. As per industry experts, pure culinary tourists are 3 to 5 per cent of total European tourists. Moreover, the food in the regional nations like France, Italy, Greece, and Spain is world famous and regarded as the best worldwide.
Recent Market Development
- In October 2024, the Singapore Tourism Board (STB) launched its latest initiative across the world, the Made in Singapore (MIS) program, targeted at improving the reputation of Singapore as a top culinary location.
Related Reports
ABOUT US:
Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.
Contact Us:
Market Data Forecast
Website: https://www.marketdataforecast.com
Phone: +1-888-702-9626
Email: contact@marketdataforecast.com
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian