Press release
Wellness Tourism Market Size to Grow at a CAGR of 7% in the Forecast Period of 2024-2032
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter's Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2032)
• Historical Market Size (2023): Around USD 838.07 Billion
• Forecast CAGR (2024-2032): 7%
• Forecast Market Size (2032): Nearly USD 1257.67 Billion
A major factor driving the wellness tourism market is the growing popularity of domestic travel in recent years. Travellers find it easy to visit domestic locations due to their proximity, lower costs, and visa-free convenience. The increasing popularity of domestic travel among the emerging middle-class population is also fostering the growth of this segment.
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Travellers are increasingly interested to learn more about their country's culture and discover the local wellness programmes. Moreover, the growing desire to establish a stronger connection with one's country's heritage as well as incorporate traditional wellness activities is driving the inclination towards domestic wellness tourism.
Health and nutrition is another crucial factor that positively affects the growth of the global wellness tourism market. With increasing health consciousness, some travellers demand specific services related to their personal health and nutritional requirements. This includes travelling to a specific destination or wellness centre that offers top-notch facilities regarding their health issues.
Corporate wellness programmes have garnered popularity in recent years where organisations send their employees on a wellness retreat to either a nearby location or a far-off destination. These programmes aid employees with stress relief and burnout caused by sedentary lifestyles and hectic schedules. The surging number of such initiatives to increase the productivity levels of employees, improve employee-boss relationships, and promote a healthy work environment is propelling the market growth.
The growing demand for both traditional and contemporary therapies, such as Ayurveda and Thai therapy, among tourists heavily influences the global wellness tourism market growth. Thai therapies integrate traditional Chinese and Western biomedicines to promote wellness. Meanwhile, Ayurveda or the science of healing has made a huge impact due to its spiritual healing and rejuvenation benefits. It focuses on an improved lifestyle with dietary changes to balance one's body from the inside.
Various government bodies increasingly actively promote wellness tourism to surge their tourism revenue. They also collaborate with key market players and develop innovative measures to enhance tourists' interest in wellness activities. This, coupled with the increased implementation of special wellness programs in retreats and hotels, is expected to drive the global wellness tourism market in the forecast period.
Wellness Tourism Industry Definition and Major Segments
Wellness tourism is a type of tourism that focuses on the improvement of a person's well-being. It promotes both physical and mental well-being and aims to improve the quality of life while preserving the health of an individual. It intends to provide contentment, positive outlook, and satisfaction in the long run.
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On the basis of travel type, the market is classified into:
• Domestic
• International
Based on activity, the market is segmented into:
• Beauty and Anti-Ageing
• Health and Nutrition
• Fitness and Weight Management
• Preventive and Personalised Medicine
• Complementary and Alternative Medicine
• Spa Industry
• Workplace Wellness
• Others
The market, based on purpose, is bifurcated into:
• Primary
• Secondary
Based on region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Wellness Tourism Market Trends
A key trend propelling the growth of the global wellness tourism market is the growing attraction of spiritual tourism among the young demographic. Practices like yoga and meditation are a part of spiritual tourism that help individuals to attain peace of body and mind.
As the fast-paced urban lifestyle can be overwhelming and cause mental and physical exhaustion, travellers are seeking spiritual rejuvenation practices such as meditation and yoga. Several government bodies also focus on providing tourists with a better experience by renovating and improving wellness facilities, therefore attracting spiritual tourism enthusiasts.
There has been a growing preference for luxury wellness holidays among tourists to detox, relax, and rejuvenate. These tourists indulge in gourmet delicacies, medications, and energy-cleansing practices in luxurious retreats to take a break from their daily lives. Moreover, luxury wellness facilities are offering various innovative activities to enhance community and team bonding experiences. The growing demand for this transformative experience propels the global wellness tourism market growth.
Spa treatment is one of the most sought-after activities in wellness tourism as it provides tourists with the perfect atmosphere to unwind. Low lighting, soft music, soothing aroma, and availability of snacks also make spa retreats a place to relax, heal, and rejuvenate. This has led to an increased investment by key market players to improve the quality of spa service and gain a competitive edge from their contemporaries.
Region-wise, the Asia Pacific is experiencing a lucrative growth due to the evolving interest of tourists to visit exotic destinations, such as Vietnam, Bali, and Thailand, among others. Hotel chains across this region also provide spa treatment, massages, shamanism, ayurvedic therapy and meditation, among other activities, which is boosting their attraction among international tourists.
Innovative marketing strategies adopted by both governments and key players to promote popular wellness locations and traditional wellness practices favour the wellness tourism market in the region. The diversity of culture, traditions, and languages in countries like India is anticipated to further surge their popularity as wellness tourism destinations.
Europe also holds a prominent position in the market owing to the increasing number of wellness services and the growing prevalence of health-related issues in the region. Key players are also introducing travel packages with special services, including holistic treatments, spas, yoga, or other fitness-related activities, to support tourists to advance their self-development journey.
Key Market Players
The major players in the global wellness tourism market report are:
Intercontinental Hotels Group
Marriott International, Inc.
Hilton Worldwide Holdings, Inc.
Accor SA
Wyndham Hotels & Resorts, Inc.
Hyatt Hotels Corporation
Red Carnation Hotels Ltd.
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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