The Golf Tourism Market value is set to grow by USD 41.04 billion, progressing at a CAGR of 17.83% from 2020 to 2025, as per the latest report by Technavio. The market is segmented by type (domestic and international) and geography (North America, APAC, Europe, South America, and MEA).
Moreover, the growing emphasis on golf infrastructure worldwide is notably driving the market growth, although the increasing threat from fantasy golf may impede the market growth.
Golf Tourism Market: Major Regions
53% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for golf tourism in North America. Market growth in this region will be faster than the growth of the market in MEA and South America. The presence of well-developed economies, favorable weather conditions, availability of a variety of terrains, and extensive media exposure to the sport will facilitate the golf tourism market growth in North America over the forecast period.
Golf Tourism Market: Major Segments
The market share growth by the domestic segment during the forecast period. Owing to advantages such as familiarity with the country’s sports tourism policies and rules and the lesser financial tax imposed. Various vendors in the golf tourism market are offering domestic golf tourism to famous places in their home countries, which have picturesque natural beauty.
Golf Tourism Market: Major Growth Driver
Growing emphasis on golf infrastructure worldwide
One of the key factors driving the golf tourism market is the growing emphasis on golf infrastructure worldwide. Despite the fact that golf courses are concentrated in the top 20 golfing countries, their number is steadily increasing around the world. In 2020, there are over 38,000 golf courses available around the world. However, the majority of these facilities are in Australia, Canada, England, Japan, and the US, which are among the top ten golfing countries in the world. In addition, the majority of these facilities are located in private clubs, golf resorts, and golf-centric real estate, making them inaccessible to the general public. North America accounted for roughly half of the total global golf course supply, followed by Europe (about a quarter) and Asia (roughly a quarter) (nearby 20%). Furthermore, over 670 golf courses are either being built or are in the planning stages. Asia, Europe, and North America account for nearly 80% of all golf courses currently being built or planned. The expansion of golf courses in these regions will boost the golf tourism market in these areas, resulting in significant growth in the global golf tourism market over the forecast period.
Golf Tourism Market: Major Growth Challenge
The increasing threat from fantasy golf will be a major challenge for the golf tourism market during the forecast period. A fantasy sport, also known as rotisserie or roto, is an online game in which players create virtual and imaginary teams made up of real players. These virtual teams compete in a real-life game based on the statistical performance of the selected players. Over the last 5-6 years, fantasy golf games have seen a significant increase in popularity. Furthermore, fantasy golf has grown in popularity at a time when the real game’s popularity is waning. However, the growing popularity of fantasy golf has resulted in increased revenue for fantasy golf service and interface providers. In addition, to help the popularity of fantasy golf, young enthusiasts are attempting to engage in the sport with the aid of technology. The average age of fantasy golf participants is 34, according to the Fantasy Sports Trade Association (FSTA), making the platform ideal for promoting the sport among young people. However, the dramatic rise in the popularity of fantasy golf among young players can only mean that more potential players will be driven away from the real game, putting the golf tourism market in jeopardy during the forecast period.
