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Wellness Tourism Market Growing At A CAGR Of 7.2% From 2021-2030 | Allied Market Research

09-20-2021 05:21 PM CET | Health & Medicine

Press release from: Allied Market Research

Wellness Tourism Market

Wellness Tourism Market

According to a new report, The global wellness tourism market size was valued at $801.6 billion in 2020, and is projected to reach $1,592.6 billion by 2030, registering a CAGR of 7.2% from 2021 to 2030. In 2020, the lodging segment accounted for the highest share in the wellness tourism market.

Wellness travelers spend more per trip than the average tourist, and this holds true for both domestic and international travelers. In 2019, international wellness tourists on average spent $1,558 per trip, 54% more than the typical international tourist. The premium for domestic wellness tourists is even higher at $615 per trip and 183% more than the typical domestic tourist. This is attributed to the fact that wellness travelers are typically more affluent, educated, and well-traveled and they tend to be early adopters who will try out new and novel experiences.

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Wellness tourism can be generated by wellness, especially in destinations where local cultural traditions offer wellness such as meditation, healthy cuisine, a variety of local employment, and entrepreneurial opportunities. Wellness tourism can occur in both urban and rural environments from city neighborhoods to remote game parks. For some destinations, such as India, visitor spending can generate income and employment for local communities as well as help to preserve local wellness traditions such as Ayurvedic medicine.

Wellness tourism is growing exponentially worldwide, as travelers prefer to visit previously undiscovered destinations. Moreover, increase in government initiatives in the form of public and private partnership to promote tourism has led to wellness tourism market growth.

However, varying socio-economic conditions and unpredictable weather conditions hinder the wellness tourism market demand. Irrespective of challenges, increase in social media wellness tourism market trend has created a huge opportunity for the wellness tourism market, as Facebook has become the most preferred social network among travelers to share experiences.

Based on location, the domestic segment held the major share of 65% in the wellness tourism market. Domestic travel is easier and cheaper to travel than overseas, especially for shorter trips. Wellness trips are much more likely to be domestic travel rather than international travel.

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Based on traveler type, secondary segment held more than half of the wellness tourism market share. Secondary wellness tourist are actively seeks out healthy accommodations, food and fitness options during a trip.

Region-wise, North America and Europe are the most prominent regions of the wellness tourism market. Asia-Pacific is the fastest growing market, growing at a CAGR of 8.5% during the forecast period. LAMEA is expected to be the second fastest growing market, owing to the developing economies in the region.

Key Market Players Profiled In The Report:

○ Accor S.A
○ Canyon Ranch
○ Four Seasons Hotels Ltd.
○ Hilton Worldwide Holdings Inc.
○ Hyatt Hotels Corporation
○ Marriott International Inc.
○ Omni Hotels & Resorts
○ PRAVASSA
○ Radisson Hospitality Inc.
○ Rancho La Puerta Inc.

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Key findings of the study:

○ By service type, the lodging segment held the highest share, accounting for 20.6% of the global wellness tourism industry in 2020.
○ Based on location, the domestic segment held the major share of 65.1% of the market in 2020.
○ Based on travelers type, the primary segment witness an exponential growth rate of 8.7% during the forecast period
○ North America held the major share in the market and is expected to remain dominant during the forecast period.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

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