Golf Tourism Market Size, Share, Growth Analysis, By Application(Domestic, International), By Region - Industry Forecast 2024-2031

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).

The global golf tourism market is highly fragmented, with a large number of small and medium-sized businesses competing for market share. The industry is dominated by established players with well-known brands, but there is also a growing number of new entrants and niche players offering specialized products and services. Key competitive factors in the industry include product innovation, quality, and price competitiveness. Companies are also increasingly focusing on sustainability and environmental responsibility to differentiate themselves and appeal to environmentally conscious consumers. Additionally, partnerships and collaborations with other industry players are becoming more common to expand offerings and reach new markets. 'Acushnet Company (US)', 'Callaway Golf Company (US)', 'TaylorMade Golf Company, Inc. (US)', 'Bridgestone Golf, Inc. (US)', 'Amer Sports (Finland)', 'Ping (US)', 'Mizuno Corporation (Japan)', 'Cobra Golf (US)', 'Dixon Golf (US)', 'Honma Golf (Japan)', 'PXG (US)', 'Titleist (US)', 'Srixon (Japan)', 'Wilson Sporting Goods Co. (US)', 'Cleveland Golf (US)', 'YONEX Co., Ltd. (Japan)', 'Miura Golf (Japan)', 'Odyssey Golf (US)', 'Sun Mountain Sports (US)', 'Adams Golf (US)'

One driver of growth in the global golf tourism market is the increasing popularity of golf among the middle-class consumers in emerging markets. As the purchasing power of the middle-class rises in countries like China, Japan, and South Korea, more people are taking up golf as a leisure activity. This has led to an increase in demand for golf-related products and services, as well as the development of new golf courses and infrastructure. As a result, the golf industry is experiencing significant growth, with opportunities for businesses to enter untapped markets and expand their operations.

One key market trend in the global golf tourism market is the increasing focus on sustainability and environmental responsibility. Golf courses and equipment manufacturers are implementing sustainable practices to reduce their environmental footprint and appeal to eco-conscious consumers. This includes the use of recycled materials in equipment, energy-efficient practices in course maintenance, and the preservation of natural habitats. In addition, the industry is seeing a rise in interest in alternative, eco-friendly forms of golf, such as footgolf, which combines soccer and golf, and disc golf, which uses Frisbee-like discs instead of traditional golf balls.

North America is a dominant region in global golf tourism, with the United States being one of the largest markets for golf products and services. The region's dominance can be attributed to the presence of a large number of golf clubs & courses, coupled with a high number of professional and amateur golf players. Additionally, North America has a well-established sports tourism industry, with many popular destinations for golfers, such as Florida and California.