Report: Culinary Tourism Market to Reach $4,530.9 Billion by 2032
The culinary tourism market is projected to reach a size of US$ 4,530.9 Bn by 2032, according to a report by Future Market Insights (FMI).
FMI, one of the leading providers of custom and syndicated market research reports, highlights that the culinary market is estimated to top nearly US$ 977.3 Bn in 2022 and will showcase a Compound Annual Growth Rate (CAGR) of 16.6 percent over the forecast period of 2022 and 2032.
Moreover, the research company says that the global culinary market is expected to expand with increasing number of food enthusiasts who travel to learn about regional cuisines, food, and drinks.
According to the report, the food festival segment accounted for significant share in the market in 2021 with package travelers dominating it.
The market’s predicted growth is attributed to several factors including:
- an increase in consumer’s income and penetration of social media channels across the globe
- a gradual cultural shift from west to east which has made the populated Asia-Pacific the leading region covering the culinary tourism market
- restaurants and food tours providing tourists more opportunities to dine at a local’s home promoting the traditions surrounding food culture
- localism as a sustainable tourism option, strengthening the preference of local products rather than following global trends
- a demand in cooking classes which are becoming increasingly popular among millennials, families with children, and solo travelers.
Furthermore, Europe’s culinary tourism market is anticipated to witness growth at a CAGR of 9.4 percent through 2032 with the US predicted to be one of the most attractive markets during the forecast period due to its large number of integrative culinary and cultural events.