Global Culinary Tourism Market Grows at a Staggering CAGR of 16.90%

Introduction

Exploring or visiting remote, exotic locales while savoring the local cuisine helps visitors get a feel for the place. Tourists interacting with people and discovering their underlying beliefs through food offer remarkable vacation experiences. Culinary travel is a subset of tourism that includes various activities like cooking classes, dining establishments, food festivals, and other culinary-related events. Travelers increasingly choose to visit less well-known areas, causing the culinary tourism business to multiply globally. Additionally, the expansion of government programs in the form of public-private partnerships to promote tourism has aided the market for culinary tourism in the long run by growing the tourist industry as a whole.

Market Dynamics

Emerging Mobile Applications, Big Data Analytics, and Artificial Intelligence Drives the Global Market

Today, technology is required to guarantee the faultless completion of numerous activities, and the travel and tourist industry is no different. Technology has benefited the travel and hospitality industries for as long as anybody can remember. Technology is disrupting the traditional industry by introducing web-based booking and using "AI" and "IoT" in operation optimization. Search engines and online hotel aggregators are two examples of technology-driven businesses investing heavily in big data analytics. Chatbots and virtual assistants have also included artificial intelligence to provide a seamless client experience.

Increased Interested in Unique Destinations Creates Tremendous Opportunities

Travel and tourism are increasing to unusual places for various reasons, including recreation, adventure, gastronomy, and more, and this has shown incredible resiliency worldwide. The United States, Southeast Asia, and Latin America are cuisine's top three tourist destinations. The number of travelers visiting ASEAN has dramatically increased in recent years due to tourists' growing desire to try the native cuisine and beverages. The demand for cultural tourism in places like Papua New Guinea is very high. Despite the country's advantages in historical, ecological, and cultural tourism, Papua New Guinea has excelled in recent years by focusing on niche markets. Soft adventure, historical tourism, diving, bird watching, and cultural tourism have attracted tourists worldwide to third-world countries.

Regional Analysis 

Asia-Pacific is the highest revenue contributor and is anticipated to expand at a CAGR of 17.90% over the projection period. The Asia-Pacific area is very well-liked by travelers from all around the world. This one is predicted to see the fastest increase in visitor numbers compared to other regions. The sheer number of destinations to explore in the Asia-Pacific area, each providing a wide variety of regional delicacies and unique beverages, is another reason culinary travelers plan a trip there. Economic growth, increasing competition, loosened travel restrictions, and aggressive marketing strategies employed by local tourism organizations all contributed to expanding the tourism sector and, later, the culinary tourism business.

Europe is anticipated to grow at a CAGR of 16.40% during the forecast period. The developed continent of Europe is home to people with a lot of disposable cash. As Europe's GDP grows steadily, the forecast for leisure inbounds and outbound travel is generally favorable. It also provides many tourist attractions, unique retreats, a variety of foods, and renowned food festivals to lure a potential gourmet traveler. The main factor promoting the growth of adventure travel in Europe is the continent's great diversity in tourist attractions or culinary and drink possibilities. Europe is a preferred travel destination for foodies because of its many historically significant nations, cultures, languages, and culinary diversity.

Key Highlights

• The global culinary tourism industry was valued at USD 804.95 billion in 2022. It is projected to reach USD 3,281.70 billion by 2031, growing at a CAGR of 16.90% during the forecast period (2023-2031).
• The global culinary tourism market is bifurcated based on activity type into culinary trails, cooking classes, restaurants, food festivals, and others. The food festival segment is the highest contributor to the market and is estimated to grow at a CAGR of 17.40% during the forecast period.
• Based on age group, the global culinary tourism market is bifurcated into baby boomers, Generation X, Generation Y, and Generation Z. The Generation Y segment is the major contributor to the market and is estimated to grow at a CAGR of 18.10% during the forecast period.
• Based on the booking mode, the global culinary tourism market is bifurcated into OTAs, traditional agents, and direct booking. The OTAs segment is the highest contributor to the market and is estimated to grow at a CAGR of 18.25% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 17.90% during the forecast period.

Competitive Players

1. Abercrombie and Kent LLC
2. Classicjourneys Llc
3. G Adventures
4. Greaves Travel Ltd
5. India Food Tour
6. ITC Travel Group Limited
7. Food Tour Corporation
8. The Travel Corporation
9. Topdeck Travel Flight Centre Limited
10. TourRadar GmbH.

Recent Developments

Recent Developments

• December 2022- Secret Food Excursions, a multinational provider of food tours with offices in more than 60 countries, is hedging its growth and expansion through specialized alliances and acquisitions. The company based in the U.K. purchased Little Havana Tours in Miami and Seattle Bites Food Tours in Seattle. Partnerships with Marriott and Celebrity Cruises are also in the pipeline. And, according to co-founder Oliver Mernick-Levene, they're just getting started.

Segmentation

1. By Activity Type
   1. Culinary Trails
   2. Cooking Classes
   3. Restaurants
   4. Food Festival
   5. Others
2. By Age Group
   1. Baby Boomers
   2. Generation X
   3. Generation Y
   4. Generation Z
3. By Mode of Booking
   1. OTA
   2. Traditional Agents
   3. Direct Bookings