UNDERSTANDING THE GLOBAL GOLF TOURISM MARKET IN 2023
A new report has shone light on how buyers should enter the golf tourism global market, with 2022 being a successful year for the industry.
The Research and Markets’ Golf Tourism Global Market Report 2022 arrived at the end of December 2022, and the market is projected to have grown at a compound annual growth rate of 8.3%, from approximately €4.12 billion ($4.44 billion) in 2021 to around €4.45 billion ($4.8 billion) in 2022. By 2026, the market is projected to reach a value of approximately €5.38 billion ($5.8 billion), at a compound annual growth rate of 4.8%.
North America was cited as the largest region that was represented in the market in 2021, while the Asia Pacific was named as the region that is most likely to enjoy a fast growth, with the report also covering regions including Africa, Western Europe and the Middle East.
Widespread government support for golf tourism indicates that the market is expected to grow in years to come. Research and Markets lists efforts such as that made by the government of Scotland, who in June 2021 developed a new Golf Tourism and Visitor Strategy, as a driver of the global market. The strategy centred around aspects of golf tourism including destination development, as well as community engagement in the wake of the Covid-19 pandemic.
The report notes that strategic collaborations and partnerships are a trend to watch in the sector. Goway, a golf tourism provider based in the UK, made a strategic partnership with Signature Travel Network in October 2021, expanding Goway’s influence in the United States with the help of the travel network outfit.