Global Golf Tourism Market Size, Share, Growth Analysis, By Demography(Age, and Gender), By Psychography(Sophisticated, and Adventurous) - Industry Forecast 2024-2031

Global Golf Tourism Market size was valued at USD 22.50 billion in 2022 and is poised to grow from USD 24.19 billion in 2023 to USD 43.14 billion by 2031, growing at a CAGR of 7.50% during the forecast period (2024-2031).

In recent years, golf has surged in popularity, becoming a favored pursuit for both professionals and enthusiasts, resulting in heightened travel for tournaments and related events. This expansion of the global market is propelled by multiple factors, including the proliferation of international and domestic competitions, increased investments in sports infrastructure, and a growing cohort of both professional and amateur players globally. Governments and sports governing bodies are making substantial investments in hosting golf tournaments to attract participants and stimulate local economies. For instance, the Canadian Federal Government recently allocated USD 4.4 million towards two professional golf tournaments aimed at fostering participation and drawing tourists. Despite occasional setbacks, the burgeoning interest in outdoor sports, coupled with government support, initiatives to promote sports tourism, and a rising number of young golf enthusiasts, is expected to underpin the global market's growth. Governments worldwide are actively seeking to leverage golf's potential to bolster economic growth and enhance foreign exchange earnings. Various initiatives have been launched globally to drive industry growth, such as Scotland's Golfing Tourism Development, which seeks to engage communities, enhance health and well-being, and provide opportunities for youth. These initiatives are anticipated to create avenues for diverse sectors, including hospitality, tour operations, and travel agencies. Another noteworthy trend set to impact the global market significantly is the ascent of professional female golfers. In response, sports companies and government entities are introducing women's tours to boost participation and encourage greater female involvement in the sport.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Golf Tourism Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Golf Tourism Market Segmental Analysis

The Global Golf Tourism market is segmented by packaging demography, psychography and region. Based on demography, the market can be segmented into age, and gender. Based on psychography, the market is segmented into sophisticated, and adventurous. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Golf Tourism Market

A key factor propelling growth in the worldwide golf tourism industry is the burgeoning appeal of golf among middle-class demographics in emerging economies. With rising disposable incomes among middle-class populations in nations such as China, Japan, and South Korea, there has been a surge in golf participation as a recreational pursuit. This surge has stimulated a higher demand for golf-related amenities and services, prompting the establishment of new golf courses and associated infrastructure. Consequently, the golf sector is witnessing substantial expansion, offering businesses opportunities to penetrate unexplored markets and broaden their scope of operations.

Restraints in the Global Golf Tourism Market

One significant challenge within the golf industry revolves around the elevated expenses associated with equipment and course fees, potentially hindering accessibility and involvement for certain demographics. Moreover, the industry contends with rivalry from alternative leisure pursuits and sports, potentially drawing a broader demographic. Additionally, environmental issues, including water consumption and chemical usage for course upkeep, have prompted heightened regulations and examination. Effectively tackling these obstacles will be essential for the industry's sustained expansion and prosperity.

Market Trends of the Global Golf Tourism Market

A prominent trend in the global golf tourism market is the growing emphasis on sustainability and environmental stewardship. Golf courses and equipment makers are adopting eco-friendly practices to minimize their ecological impact and cater to environmentally conscious clientele. This involves incorporating recycled materials into equipment, employing energy-efficient techniques for course upkeep, and safeguarding natural ecosystems. Furthermore, there's a surge in curiosity about alternative, eco-conscious versions of golf, like footgolf-a blend of soccer and golf-and disc golf, which substitutes Frisbee-like discs for conventional golf balls.