Golf tourism to grow by $41.04bn: research
The Golf Tourism market value is set to grow by $41.04 billion, progressing at a CAGR of 17.83 per cent from 2020 to 2025, as per the latest report by Technavio, a leading market research company. Moreover, the growing emphasis on golf infrastructure worldwide is driving the market growth, although the increasing threat from fantasy golf may impede the market growth.
Some 53 per cent of the market’s growth will originate from North America during the forecast period, faster than in MEA and South America, according to the latest report. The presence of well-developed economies, favourable 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.
The increasing threat from fantasy golf will be a major challenge for the golf tourism market
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 were over 38,000 golf courses available around the world. 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 per cent).
Furthermore, over 670 golf courses are either being built or are in the planning stages. Asia, Europe, and North America account for nearly 80 per cent 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.
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, says the report by Technavio.