The future of culinary tourism is quite rosy according to a new report. In spite of the global pandemic and a complete collapse in the international travel market, along with the closure of restaurants in many countries and cancelations of events, it looks like our love of food and culinary experiences will be enough to revitalize this sector. And that makes us happy.
The global culinary tourism market size was valued at $1,116.7 billion in 2019, and is projected to reach $1,796.5 billion by 2027, registering a CAGR of 16.8% from 2020 to 2027. The food festival segment was the highest contributor to the market, with $338.6 billion in 2019, and it is estimated to reach $560.3 billion by 2027, at a CAGR of 17.2% during the forecast period.
We Get It We Love Food
The culinary tourism market growth can be attributed to travelers opting for unique and exotic holiday destinations, to get away from the daily hectic schedule and gain valuable experiences. Private, quite, serene, and exotic locations with a prevalent food culture are the major factors that people consider while choosing their travel location. Regions with large variety of food and drinks that taste unique have been voted as top preference by the travelers. In addition, destinations that are culturally and traditionally intriguing are becoming popular among the affluent travelers, owing to growing interest of people to learn and understand the local culture.
Social Media’s Power
This new desire have been fuelled in part by a rise in social media which has enhanced traveler’s knowledge of various trends shaping the tourism industry. Social media is increasingly becoming a pseudo-travel agent. Customers are increasingly opting for travel services and products by taking advice from the people who have either stayed or traveled there before. They also refer to reviews and insights detailed on various social networking sites. Views and opinions shared on sites offer better transparency with respect to products and thus, encourage travelers to make bookings for their preferred travel location.
However, political unrest and terrorism have affected the overall volume of foreign trips and choice of destination and are the major restraining factors for the culinary tourism market. On the contrary, increase in affordability and convenience in finding accommodation is expected to encourage budget travelers to tour more often, and make way for growth of the culinary tourism market.
Based on the culinary tourism market forecast, by age group the generation Y segment was the dominant segment with majority of the market share in 2019 and is estimated to remain dominant throughout the forecast period. This can be attributed to millennials being avid travelers with large numbers of people traveling worldwide.
The report concludes that, “Millennials are driven by wanderlust and breaking life’s monotony, this group of travelers prefer short trips to culturally rich and different countries, also local shopping and food are among major attractions for this demographic cohort.”
It looks like the future of culinary tourism is quite bright indeed.