According to Precedence Research, the global wellness tourism market size was hit at US$ 793.2 billion in 2020 and expected to reach US$ 1,672.6 billion by 2030 with a compound annual growth rate (CAGR) of 7.7% from 2021 to 2030.
Wellness tourism is associated with undertaking tourism activities to enhance and improve personal physical, mental, and spiritual well-being. The demand for healthy lifestyle, desire to reduce stress, and desire to prevent illness are the primary factors that are boosting the demand for the wellness tourism. The tourists undertake spiritual, physical, and mental activities by visiting spas, doing yoga, visiting health resorts, and meditation retreats. The inclination towards socializing with the local people of the visited destination, and knowing different cultures fosters personal well-being, which boosts the growth of the wellness tourism market.
The growing penetration of smart electronic devices such as smart phones, tablets, and laptops coupled with rising adoption of internet is playing a notable role in increasing the number of wellness tourists. In today’s digital world, social media marketing by the travel agents and tourism service providers is significantly contributing to the growth of the wellness tourism market. Moreover, internet is playing a proactive role in spreading awareness regarding the wellness tourism and the benefits of it among the consumers/tourists. The travel service providers provide easy ticket booking and destination planning services over the internet that shifted the consumers’ preferences to online ticket booking over the past few years. Furthermore, convenience and swift ticket booking for trains and flights, easy hotel bookings, and growing popularity of online payment systems have significantly and positively impacted the market growth.
Factors influencing the market
The wellness tourism market is highly influenced by various factors that augments the growth of the market. The various factors include growing awareness regarding wellness tourism, growing burden of disease, rising number of mental illness such as depression & anxiety, rising disposable income, growth of tourism industry, growing adoption of online travel services, increased influence of social media, and rising investment by the government to attract tourism.
Besides, these growth factors, there are certain factors that may hamper the growth of the wellness tourism market. The growing threat of terrorist invasion and political unrest may hamper the market growth. For instance, the recently a terrorist organization has taken over the political control in Afghanistan. These factors may destroy the tourism industry growth.
Report Scope of the Wellness Tourism Market
|Market Size||USD 1,672.6 Billion by 2030|
|Growth Rate||CAGR of 7.7% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Companies Mentioned||Hilton Worldwide, InterContinental Group, Marriot International, Hyatt Hotels, Accor Hotels, Four Seasons Hotels, Radisson Hospitality, Rosewood Hotels, Rancho La Puerta, Inc., PRAVASSA, Omni Hotels & Resorts|
By service, lodging segment led the global wellness tourism market with remarkable revenue share in 2020 and is anticipated to retain its dominance throughout the forecast period. The hotel and lodges is one of the primary components for the tourism industry. Growing penetration of luxury and premium hotels in popular tourist destinations is a major contributor to the growth of the lodging segment.
On the other hand, wellness activity segment is anticipated to be the most opportunistic segment during the forecast period. This is attributed to the increased consumer expenditure on health and well-being. The various popular wellness activities include meditation, yoga, Ayurveda treatment, spa treatment, and agricultural tourism.
By destination, the domestic segment led the global wellness tourism market with remarkable revenue share in 2020 and is anticipated to retain its dominance throughout the forecast period. The domestic travelers find it simple to travel domestic sights. Moreover, the price conscious travelers and low and middle income group generally avoid international tourism mainly due to financial limitations. Hence, the domestic wellness tourism dominates the global wellness tourism market.
By traveler, the secondary segment led the global wellness tourism market with remarkable revenue share of over 85% in 2020 and is anticipated to retain its dominance throughout the forecast period. Secondary travelers include various wellness activities in their tourism activity while the main purpose of their travel is different. Generally, business travelers and leisure travelers include wellness activities in their tourism as they enjoy wellness activities and accomplishment of their main motive simultaneously.
Based on the region, the North America dominated the global wellness tourism market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributable to extensive demand for physical and mental well-being among the population, high disposable income, and increased awareness regarding wellness tourism has augmented the wellness tourism market in North America. Moreover, US is the global leader in terms of revenue, garnering around 33.3% of the global wellness tourism market share in 2020.
On the other hand, Asia Pacific is forecasted to be the most opportunistic market in the forthcoming years. Growing infrastructure and high investment in improving connectivity is fueling the market growth in Asia Pacific. The growing penetration of luxury and premium hotels is another factor propelling the market growth. Moreover, rising personal disposable income, rising awareness regarding wellness tourism, and increasing penetration of digital technologies will shape the future of the wellness tourism market in Asia Pacific in the foreseeable future.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improvedservices. Moreover, they are also focusing on maintaining competitive pricing.
In February 2019, Aman Spa started Amanpuri, a wellness center in Thailand that also offers medical services. The various developmental strategies undertaken by various market players increases competition and contribute significantly towards the development of wellness tourism market.
Some of the prominent players in the wellness tourism market include:
Segments Covered in the Report
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