The culinary tourism market is set to grow by USD 126.28 billion from 2022 to 2027. However, the growth momentum will progress at a CAGR of 17.45% during the forecast period, according to Technavio. The culinary tourism market is concentrated, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Butterfield and Robinson Inc., G Adventures, Gourmet On Tour Ltd., Greaves Travel Ltd, Heritage Group, India Food Tour, International Culinary Tours, Lindblad Expeditions Holdings Inc, The FTC4Lobe Group, The Travel Corp, Top Deck Tours Ltd, TourRadar GmbH, and ITC Ltd are some of the major market participants
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The culinary tourism market report covers the following areas:
Culinary Tourism Market Size
Culinary Tourism Market Trends
Culinary Tourism Market Industry Analysis
Porter’s Five Forces Analysis
Customer Landscape
The culinary tourism market is concentrated, and the degree of concentration will accelerate. The rising preference for culinary tourism will offer immense growth opportunities. However, the Eliteness quotient attached to luxury travels will hamper the market growth.
Culinary Tourism Market 2023-2027: Drivers & Challenges
Key Drivers
The culinary tourism market is primarily driven by the rising preference for culinary tourism. The travel and tourism market, including culinary tourism, is expected to rise at a significant rate during the forecast period. This is due to an increasing number of people shifting their tastes from traditional tourism activities to luxury tourism, including gourmet tourism. Popular travel destinations such as the United States, United Kingdom, Germany, France, China, Australia, and Spain are expected to attract more domestic and international travelers, contributing to the growth of the market. Moreover, developing countries such as Sri Lanka, India, and Mexico are modernizing their tourism infrastructure, which is expected to further accelerate market growth during the forecast period.
Major Challenges
The growing threat of terrorism among tourists poses a huge threat to the growth of the global culinary tourism market. The global travel and tourism market has been adversely affected by terrorist attacks. In recent years, terrorist attacks have frequently occurred in different countries across the world. Terrorism also leads to increased border crossings with delays and tight controls, and higher insurance and reinsurance costs. This will lead to increased spending on border and airport security, including military, technology, intelligence, and law enforcement, resulting in higher passenger fares. These factors are likely to hamper market revenue growth during the forecast period.
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