Agro tourism market in Colombia to double in 10 years, says FMI

Tax incentives to drive growth to USD 7.1 billion by 2032
2023-01-07
/
/ New Delhi
Agro tourism market in Colombia to double in 10 years, says FMI

Colombian coffee plantations are ideal for agrotourism

Agro tourism is one of the fast growing segments of global tourism as demand for sustainable travel options rises across the world. In this domain, Colombia’s agro tourism market is set to double, says a report by FMI, saying the tax incentives announced by the government are pulling in investments to drive the growth.
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A report by global markets analyst firm Future Market Insights (FMI) says that the agrotourism industry in Colombia is set to grow from USD 3.7 billion in 2022 to USD 7.1 billion in 2032, registering a steady Compounded Annual Growth Rate of 6 pc.

In the report, FMI says that  demand for agro tourism in Colombia has been surging steadily ever since the Colombian government began working on foreign investment in Colombia. The primary reason is that the agriculture and tourism industry have some tax incentives which will attract investors in particular industries which Colombia wants to strengthen.

FMI says that tourists keen on agro tourism generally look for accommodation at agriculture-oriented properties and experience the everyday activities of the locals. Colombia is known for its rich agriculture and agro tourism is gaining momentum because the farming community there are always welcoming and willing to share their customs, relationship with the land, practical way of life with the tourists.

The demand for Colombian agro tourism market is increasing owing to more awareness about environment friendly approach to travel has increased amongst tourists. It says that the increased cash flows during off seasons by Colombian agro tourism has attracted farmers and ranch owners as it has proven to be useful to environmentally diverse and expand a ranch or a farm. Agro tourism is an effective approach for diversifying income of rural people in Colombia.

The Colombia agro tourism market is anticipated to have substantial growth during the forecast period as several countries across the world are promoting agriculture tourism as a part of their strategy to boost the local economy.

Key Drivers in the Colombia Agro Tourism Market

FMI says that the Colombian agro tourism market is gaining popularity as more than exploring the huge countryside, agro tourism lets the tourists get their hands dirty and help farmers with their daily chores. In fact, tourists are open-heartedly welcomed by the locals to be a part of their daily activities such as preparing the agricultural land, harvesting, and the sale of agricultural products.

FMI says that Colombia and its world-famous coffee are indistinguishably linked and tourists can enjoy all the experiences centered on its flagship product at places such as Antioquia, Boyaca, Huila, Narino, Santander, Sierra Nevada de Santa Marta, and Tolima. Colombia has gained worldwide recognition for its coffee tradition because it symbolises the national culture of Colombia. This is one of the key factors for which will boost the Colombia agro tourism market during the forecast period, says the report.

FMI says that Quindío and the coffee zone in Colombia is where this practice began. The value of coffee tumbled back then and therefore the local farmers opened coffee plantations to tourists to add an additional source of income to sustain, it says. However, now the industry has grown beyond coffee.

Currently, in Colombia there are several other agricultural options for tourists such as fruit, cacao, ancestral plant farms, and flowers. In the recent past, the Colombia agro tourism market is highly driven by its diversity in agricultural farming.

For authentic agro tourism experience and to promote the Colombian agro tourism market, tourists are encouraged to join the llaneros, or the Colombian cowboys. This is adventurous as well as informative for the tourists as they are horse ridden around the land where they witness a day in the farmers life and experience the wildlife.

A unique example of sustainable and productive landscape of Colombia is the Coffee Culture Landscape of Colombia (CCLC). It has been listed as top entry at the World Heritage Sites by UNESCO. Tourists enjoy iconic and boutique estates in this coffee cultural landscape. As the demand for Colombia agro tourism market is increasing, several airline companies have recently added additional number of flights to Colombia and thereby making it a user-friendly travel destination, says FMI.

The tourism sector currently contributes 2 pc to Colombia’s GDP. Tourism has become the primary services export in Colombia and the second overall export behind the oil industry, generating 52 pc of foreign exchange.

However, the country needs to boost some basic amenities to facilitate further growth, says FMI, pointing out that tourists who visit the Colombian farms face lack of signage and unavailability of ATMs which acts as a hurdle for tourists who participate in agro tourism in Colombia.

Moreover, it says that Colombia agro tourism can nurture the growth of culinary tourism and can be posed as a destination for extended holidays, corporate events, and wedding celebrations. Community Based Eco Agro Tourism Sector Programme (CBEAT) plans at improving communities through beautification, branding, cultural events, marketing, training, and upgrading of tourism facilities to provide a foundation for economic development and sustainable livelihood. The Dennery fish market facility in Colombia has increased the influx of local as well as foreign tourists and has made the annual “Fish Festival” a must-be-participated-in event for tourists.

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