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Global wine tourism to see growth of 13% by 2034
Wine tourism is expected to reach US$ 332.52 million over the next decade, having recovered from the global pandemic, a new report has said.
The report from Future Market Insights showed that the wine industry was predicted to reach US$ 95.877 million by 2024 with further growth expected of 13.2% CAGR (compound annual growth rate) over the next ten years, reaching reach US$ 332.52 million by 2034.
It cites the promising return of consumer desire for travel experiences, with wineries across the globe hopping on a big trends for “immersive experiences” and culinary tourism to offer food pairings, tasting events, workshops and vineyard tours, which it says are “highly appeal[ing] to consumers looking for unique and hands-on activities” or partner with local restaurants and chefs to improve the overall visitor experience.
The demand for authentic and immersive experiences “elevated the need for winery visits and tastings” which currently account for around 34.6% of the value share.
In addition, wineries are increasingly adopting sustainable and organic practices which attracts eco-conscious tourists.
Drilling into the data, the report highlighted that direct bookings through winery websites represent a significant share of revenue (around 38.7%), although social media and and virtual experiences were making wine tourism “accessible and engaging”, it noted. Advances in technology can also be used to augment reality and personalize visitor experience while streamlining operations, it noted.
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In terms of countries on the list, Europe dominated, however countries that are expected to see growth wine tourism include those in Asia-Pacific region, particularly India and China while Moldova, Georgia, and Croatia are also attracting attention alongside the more obvious destinations of France, Italy, and Spain (notably Rioja and Priorat).
Recovery
It comes despite the negative growth due to the Covid 19 pandemic, which was valued at US$85.36 million in 2019, but fell -0.1% as a result of the pandemic and worldwide lockdown which saw stringent travel restrictions across the globe, along with the cancellation of numerous events, and many wineries stopping taking in visitors. By 2023, wine tourism was worth around US$85.14 million.
Recovery was slow, and was followed by high inflation and rising costs of living which helped deter potential tourists – including wine lovers – from leisure travel.
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