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If reports and varied studies are to be believed, the Global Golf tourism market is all set to witness a colossal growth soon. Governments are focusing on maximizing their existing work on golf tourism to attract both domestic and international tourists and several campaigns and workshops are being organized to promote the development of golf tourism.
With rising government support for the promotion of golf tourism, The global Golf Tourism market is forecasted to grow USD 5.9 billion by 2026 at a CAGR of 4.2%. The global golf tourism market is moderately fragmented and the competition among companies is intense.
Largest Golf tourism market share is with Europe which is about 44% , followed by America for about 30% market Share.
Tourism in modern era works as a catalyst for the overall development of the country including growth in foreign exchange earnings. Growth in employment sector is also somewhere impacted. Morever, 10% of the world's GDP is contributed by tourism industry. It is also the third largest sector in terms of exports.
Golf now contributes about $20 billion annually, and by itself, or as a secondary motivator attracts millions of holidaymakers across the world. Approximately 56 million people play golf worldwide with 26.7 million of these residing in the United States, 5.5 million in Europe, 5 million in Canada, 14 million in Japan and 3.8 million in the United Kingdom.
Among them about 5 to 10 percent travel worldwide with the sole purpose of playing golf. This number has been steadily increasing over the years as more countries embrace golf tourism as a key source of foreign exchange. It is estimated that the demand and supply of golf are rising at a steady rate of 12 percent annually. This has seen an increase in golf resorts and related employment opportunities.
4moles Editorial | November 24, 2022
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