Global Golf Tourism Market

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


Report ID: SQMIG25P2007 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 61 | Figures: 75

Golf Tourism Market Insights

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 become a popular sport for both professional and leisure activities, leading to an increase in travel for tournaments and events. The growth of the global market is driven by various factors such as rising international and domestic tournaments, increased spending on sports infrastructure, and a surge in professional and amateur golf players worldwide. Governments and sports authorities are also investing heavily in organizing golf tournaments to attract players and boost the local economy. For example, the Canadian Federal Government recently invested USD 4.4 million in two professional golf tournaments to promote participation and attract tourists. Despite this setback, the rising interest in outdoor sporting events, government funding, and measures to promote sports tourism, and growth in the number of young golfers are expected to fuel growth in the global market. Governments across the world are now keen to exploit the true potential of this sport to support economic expansion and boost foreign exchange earnings. To drive the industry's growth, various initiatives have been launched worldwide, including Scotland's Golfing Tourism Development, which aims to engage the community, improve health and well-being, and create opportunities for young people. These initiatives are expected to create opportunities for a range of industries, including lodging, tour operators, and travel agencies. Another trend that is expected to have a significant impact on the global market is the rise of professional female golfers. To cater to this trend, sports companies and government authorities are launching female tours to increase participation and encourage more women to take up the sport.

US Golf Tourism Market is poised to grow at sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 22.50 billion

Largest Segment

Age

Fastest Growth

Age

Growth Rate

7.50% CAGR

Global Golf Tourism Market ($ Bn)
Country Share for North America Region (%)
Global Golf Tourism Market By Demography ($ Bn)
Global Golf Tourism Market By Dermography (%)

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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.

Golf Tourism Market Analysis by Demography

By demography the market can be segmented into age, and gender. The golf tourism market is dominated by middle-aged men, typically aged 40 and above, who make up a significant percentage of golf tourists worldwide. This group tends to have higher incomes and more disposable income to spend on leisure activities such as golfing. They also tend to have more experience playing golf and may have a higher level of interest in the sport.

However, in recent years, there has been a noticeable increase in the number of women and younger people taking an interest in golfing and participating in golf tourism. This trend has led to a significant increase in the number of women and millennials who are engaging in golfing activities and taking golf vacations. This indicates that there is a growing demand for golf tourism among these groups, and they are among the fastest-growing segments of the golf tourism market.

Golf Tourism Market Analysis by Psychography

By psychography, the market can be segmented into sophisticated, and adventurous. The sophisticated segment is expected to dominate the market, driven by the higher spending power and preference for luxury amenities among older, more experienced golfers. This segment tends to prioritize high-end accommodations, exclusive courses, and premium services, such as private caddies and gourmet dining. However, this segment is also facing increasing competition from alternative forms of luxury travel, such as wellness retreats and cultural tours.

The adventurous segment is expected to be the fastest-growing, driven by the rising popularity of golf among younger players and the increasing trend of combining golf with other outdoor activities, such as hiking, biking, and water sports. This segment is also characterized by a desire for unique and off-the-beaten-path experiences.

Global Golf Tourism Market By Dermography, 2023 (%)

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Golf Tourism Market Regional Insights

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.

On the other hand, the APAC region is the fastest-growing region in the global golf tourism market, with a high potential for growth due to the increasing popularity of golf in countries such as China, Japan, and South Korea. The growth in the region can also be attributed to the rise of middle-class consumers, who are willing to spend more on leisure activities such as golf.

Global Golf Tourism Market By Region, 2024-2031
  • Largest
  • Fastest

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Golf Tourism Market Dynamics

Golf Tourism Market Drivers

Increasing Popularity Of Golf Among The Middle-Class Consumers To Bolster Market Growth

  • 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.

Golf Tourism Market Restraints

High Cost Of Equipment And Course Fees To Hinder Market Growth

  • One key restraint in the golf industry is the high cost of equipment and course fees, which can limit accessibility and participation for some consumers. The industry is also facing competition from other leisure activities and sports, which may appeal to a wider audience. In addition, the industry has been impacted by environmental concerns, such as water usage and chemical treatments for course maintenance, which have led to increased regulation and scrutiny. Addressing these challenges will be crucial for the industry to continue to grow and thrive.

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Golf Tourism Market Competitive Landscape

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.

Top Player’s Company Profiles

  • 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)

Golf Tourism Market Recent Developments

  • In April 2023, the USGA announced plans to launch a new initiative called “Golf for All,” aimed at promoting diversity and inclusion in the sport.
  • In March 2023, the Ladies European Tour announced plans to launch a new tournament in India, aimed at promoting women’s golf and supporting female athletes in the country.
  • In February 2023, Hilton Worldwide announced plans to launch a new luxury golf resort brand, “Hilton Golf,” with the aim of expanding its presence in the global golf tourism market.
  • In January 2023, the PGA TOUR announced plans to launch a new golf tournament in Mexico, aimed at promoting the sport and boosting tourism in the country.
  • In July 2022, the R&A announced plans to invest £200 million in the development of golf facilities across the UK, aimed at promoting participation and supporting economic growth.

Golf Tourism Key Market Trends

  • 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.

Golf Tourism Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

The global golf tourism market has experienced significant growth in recent years, driven by the increasing number of international and domestic tournaments, investments in sports infrastructure, and the rising number of professional and amateur players. Government funding and measures to promote sports tourism have also played a role in boosting the industry. The industry is highly competitive, with established players and new entrants vying for market share through product innovation, quality, and price competitiveness. In addition, sustainability and environmental responsibility have emerged as key trends, with companies implementing eco-friendly practices and offering alternative forms of golf. The industry is expected to continue its growth trajectory in the coming years.

Report Metric Details
Market size value in 2023 USD 22.50 billion
Market size value in 2031 USD 43.14 billion
Growth Rate 7.50%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Demography
    • Age, and Gender
  • Psychography
    • Sophisticated, and Adventurous
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • 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)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Golf Tourism Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Golf Tourism Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Golf Tourism Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Golf Tourism Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Golf Tourism Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Golf Tourism Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

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 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 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 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 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.

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