PUBLISHER: Grand View Research | PRODUCT CODE: 1554164
PUBLISHER: Grand View Research | PRODUCT CODE: 1554164
The global wine tourism market size is anticipated to reach USD 106.74 billion by 2030 and is projected to grow at a CAGR of 12.9% from 2024 to 2030, to a new report by Grand View Research, Inc. This growth is primarily attributed to increasing consumer interest in unique and immersive travel experiences, the expanding global wine culture, and the rising popularity of wine-related activities such as tours and tastings. Enhanced digitalization and online booking platforms also drive market growth by improving accessibility and convenience for travelers.
According to the Arizona Wine Tourism Industry Survey 2023, the growth in the wine tourism market in the U.S. is highlighted by high levels of repeat visitation, with 80% of winery visitors returning frequently and 42% of festival-goers attending multiple times. This trend highlights the sector's strong customer loyalty and sustained appeal. Additionally, the presence of out-of-state and international visitors, including from Canada and Mexico, indicates expanding regional and global interest, further driving market growth and diversification.
The global wine tourism market is expanding, with emerging destinations such as Moldova, Croatia, and Georgia gaining prominence. These regions are leveraging their unique cultural and historical assets to attract visitors. Moldova is noted for its extensive underground cellars, Croatia combines wine with agritourism and gastronomy, and Georgia is capitalizing on its ancient winemaking traditions. Bulgaria and Ethiopia are also making strides, with Bulgaria's historic wineries and Ethiopia's new wine production venture showing growing appeal.
Millennials are a key driver of this growth, favoring immersive wine experiences and value-focused wines. Despite budget constraints, they actively seek out winery tours and tastings, often using online tools for planning. In Arizona, a significant portion of wine tourists are repeat visitors, and wine festivals are increasingly popular for purchases and extending travel experiences. Word of mouth and social media play crucial roles in promoting wineries and festivals, with the Verde Valley region standing out for its high visitor spending.
The Global Report on Covid-19's impact on wine tourism revealed significant disruption across the industry, with the majority of wineries experiencing drastic declines in turnover and international visitors. In 2020, over 80% of wineries reported losses in revenue, with 47% facing a decrease of more than 90% in international visitors. Despite these setbacks, wineries were optimistic about a recovery, with 90% expecting wine tourism to return to pre-pandemic levels by 2022. The majority were planning to maintain or increase their investment in wine tourism, indicating a long-term positive outlook for the sector.