Culinary Tourism Market by Age Group (Baby Boomers, Generation X, Generation Y, and Generation Z), Mode of Booking (OTA, Traditional Agents, and Direct Travel), and Activity Type (Culinary Trials, Cooking Classes, Restaurants, Food Festivals, and Others) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Automotive & Transportation | Pages : 179 Pages | Published On : Jul 2023
The Global Culinary Tourism Market, valued at $1,116.7 billion in 2023, is expected to reach $1,796.5 billion by 2030, with a compound annual growth rate (CAGR) of 16.8% from 2023 to 2030. Among the market segments, the food festival segment had the highest contribution, amounting to $338.6 billion in 2023. It is projected to reach $560.3 billion by 2030, growing at a CAGR of 17.2% during the forecast period.
The growth of the culinary tourism market can be attributed to the increasing number of people seeking unique and exotic holiday destinations to escape from their busy daily lives and gain enriching experiences. When choosing their travel destinations, individuals prioritize private, quiet, serene, and exotic locations that offer a rich food culture. Travelers have shown a preference for regions with a wide variety of unique-tasting food and drinks. Furthermore, culturally and traditionally intriguing destinations have gained popularity among affluent travelers due to a growing interest in learning and understanding local cultures.
Additionally, the widespread exposure to different forms of social media has significantly expanded people's knowledge about the latest trends shaping the tourism industry. Social media platforms have become virtual travel agents, with customers relying on advice from previous visitors and referencing reviews and insights shared on various social networking sites. This increasing reliance on social media platforms has influenced customers' choices in travel services and products.
The availability of views and opinions on websites provides enhanced transparency regarding travel products, which, in turn, motivates travelers to make reservations for their desired destinations. Nevertheless, political unrest and terrorism have had a negative impact on the overall number of international trips and destination choices, serving as significant obstacles to the culinary tourism market. Conversely, the increasing affordability and convenience of finding accommodations are anticipated to encourage budget-conscious travelers to embark on more frequent tours, thereby fostering the growth of the culinary tourism market.
By ACTIVITY TYPE
- Culinary Trials
- Cooking Classes
- Food Festival
By AGE GROUP
- BABY BOOMERS
- GENERATION X
- GENERATION Y
- GENERATION Z
By MODE OF BOOKING
- (OTA) ONLINE TRAVEL AGENT
- TRADITIONAL AGENTS
- DIRECT BOOKING
The culinary tourism market is divided into several segments, including activity type, age group, mode of booking, and region. In terms of activity type, the market is categorized into culinary trials, cooking classes, restaurants, food festivals, and others. The age group segment comprises Baby Boomers, Generation X, Generation Y, and Generation Z. The mode of booking segment includes OTA (Online Travel Agencies), traditional agents, and direct travel. The market analysis also considers different regions, namely North America, Europe, Asia-Pacific, and LAMEA.
Analyzing the culinary tourism market, the food festival segment emerged as the most prominent in 2023, accounting for the largest share, and is expected to maintain this trend throughout the forecast period. This growth is attributed to the increasing interest of tourists in exploring exotic cuisines and beverages at food festivals. Furthermore, culinary trials provide tourists with the opportunity to experience a variety of tastes within a region while exploring different cities in a shorter timeframe, making it a preferred choice for those seeking to immerse themselves in the local culture during their vacation. On the other hand, the cooking classes segment is projected to exhibit the highest growth rate of 17.2% during the forecast period.
Regarding the age group segment, Generation Y (millennials) held the dominant position in 2023, capturing the majority of the market share, and is expected to maintain its dominance throughout the forecast period. This can be attributed to millennials being enthusiastic travelers, representing a significant proportion of the global travel population. Driven by a sense of wanderlust and a desire to break the monotony of daily life, millennials prefer shorter trips to culturally rich and diverse countries, with local shopping and food being major attractions for this demographic. The Generation Z segment is estimated to experience significant growth at a notable rate of 17.6% during the forecast period.
In terms of the mode of booking, the OTA (Online Travel Agencies) segment stood out as the most prominent in 2023 and is projected to achieve the highest compound annual growth rate (CAGR) of 17.9% during the forecast period. This growth can be attributed to the increasing adoption of smartphones as a convenient means to make travel arrangements. The OTA mode of booking offers ease and convenience, and the various offers provided by agencies further encourage tourists to opt for this mode.
In regards to regions, Asia-Pacific emerged as the most prominent region in the culinary tourism market and is expected to exhibit a high growth rate during the forecast period. The North America culinary tourism market is also anticipated to experience a steady growth rate throughout the forecast period, primarily due to the presence of numerous traditional food outlets and the easy availability of accommodations.
To enhance profitability and strengthen their position in the culinary tourism market share, the players in the industry have focused on product launches as their key development strategy. The key players profiled in the report include Abercrombie & Kent USA, Classic Journeys, G Adventures, Greaves Travel, India Food Tour, ITC Travel Group Limited, The FTC4Lobe Group, The Travel Corporation, Topdeck Travel, and Tour Radar.
Key Benefits for Stakeholders
- The report presents a quantitative analysis that examines the current trends, estimations, and dynamics of the culinary tourism market from 2023 to 2030, aiming to identify the prevailing opportunities.
- Utilizing Porter's five forces analysis, the report highlights the strength of buyers and suppliers, empowering stakeholders to make informed business decisions that prioritize profitability and strengthen their supplier-buyer relationships.
- Through in-depth analysis, market sizing, and segmentation, the report aids in identifying the existing opportunities within the culinary tourism market.
- The revenue contribution of major countries in each region is mapped, providing a comprehensive understanding of their significance to the market.
- The market player positioning segment allows for benchmarking and offers a clear understanding of the current standing of market players within the industry.
Table and Figures
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Covered Key Topics
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Company Market Share
Market Size and Growth Rate
Market Trend and Technological