Everybody loves to eat, but a new report shows that Asians in particular like the culinary arts and are excited to travel to explore new cushiness. This is why fuel may fuel a return to travel.
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.
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.
The Future of Food Travel is in Asia
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.
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.
Asia-Pacific is particularly obsessed
Based on region, Asia-Pacific accounted for the highest share based on revenue, holding for more than two-fifth of the global culinary tourism market in 2019, and is projected to maintain its dominant position throughout the forecast period. Moreover, the same region is estimated to generate the fastest CAGR of 17.8% from 2020 to 2027. This is attributed to the easy availability of a wide variety of traditional food and unique beverages, which motivates culinary tourist to make travel arrangements in Asia-Pacific region. In contrast, the North America region is anticipated to grow 14.5% from 2020 to 2027.