According to Vision Research Reports, the wellness tourism market size was accounted at US$ 470 billion in 2021 and it is expected to be worth around US$ 1.50 trillion by 2030, poised to grow at a CAGR of 13.76% during forecast period 2022 to 2030.
According to Vision Research Reports, the wellness tourism market size was accounted at US$ 470 billion in 2021 and it is expected to be worth around US$ 1.50 trillion by 2030, poised to grow at a CAGR of 13.76% during forecast period 2022 to 2030.
Growth Factors
Increasing patient awareness regarding health and wellbeing and personal care will be one of the major drivers for the market. Promotional campaigns arranged by various governments are also encouraging wellness tourism across the globe. Wellbeing services offered by players help customers find solutions to improve or maintain their health and wellbeing. The rising number of health-conscious people is contributing to the increasing demand for wellness activities at popular travel destinations.
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The increase in lifestyle-related diseases such as diabetes, obesity, and high cholesterol due to busy work schedules and sedentary lifestyles is propelling the market growth. The market is heavily influenced by factors such as increasing awareness regarding healthcare tourism and the rising burden of disease. Furthermore, the growing prevalence of mental illnesses such as depression and anxiety, rise in disposable income, increasing adoption of online travel services, growing influence of social media, and raised government investment to attract tourists are propelling the market growth.
The overall tourism industry was adversely hit by the COVID-19 pandemic. The market witnessed a significant decline in the number of travelers owing to restrictions on travel and the entry of international tourists. According to Global Wellness Institute, the number of wellness trips in North America declined by 43.8% in 2020. Increasing number of secondary travelers and resume of activities by spas and resorts are expected to boost the market growth post-pandemic.
Service Insights
In terms of service, the lodging segment dominated the global market with a revenue share of over 20.0% in 2021. The increasing penetration of luxury and high-end hotels and resorts in popular tourist destinations is a major contributor to the growth of the lodging segment. The wellness spa has been shaped by the ever-changing needs of its customers. Anti-aging products are getting more popular as clients become more social media savvy. The industry is being driven by the rising demand for anti-aging skin care treatments. The demand for such services is also being boosted by the increased consumer disposable income, particularly in emerging markets.
The wellness activities segment is expected to witness remarkable growth during the forecast period. This is attributed to the increasing consumer spending on spas, body massages, meditation, yoga, Ayurveda therapy, and others. Furthermore, the in-country transport and food and beverage segments will witness significant growth during the projected period due to the increased emphasis and demand for self-care during the pandemic.
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Travel Purpose Insights
The secondary segment held the maximum revenue share of over 81% in 2021 and is anticipated to maintain its lead throughout the forecast period. Secondary tourism activities involve tourists seeking well-being activities when it is not the primary motivation of the trip. In secondary tourism, healthful activities, spa treatments, and mind and body experiences are added to leisure or business travel.
The primary segment is expected to witness substantial growth in the coming years. Around the world, more people are integrating elements of health, prevention, self-fulfillment, experience, and mindfulness into their daily lives. People nowadays expect to continue a healthy lifestyle and wellness routine even when they leave home. This is boosting the segment growth. According to the Global Wellness Institute (GWI), primary travelers at the domestic level spend about 178% more than the average traveler. At the international level, they spend 53% more. Hence, the government is focusing on attracting primary travelers to increase their revenue. This is anticipated to boost the segment growth.
Travel Type Insights
The domestic segment accounted for the largest revenue share of over 66% in 2021. The segment is estimated to maintain its dominance throughout the forecast period. Rising expenditure by domestic travelers for wellness activities is contributing to the segment growth. Furthermore, COVID has helped increase the number of domestic visitors as international borders were closed. As a result, tourists went to destinations within their home countries.
Domestic travelers have less difficulty visiting nearby attractions. Furthermore, due to budgetary constraints, budget-conscious visitors and low and middle-income workers often avoid international travel. This is anticipated to foster the growth of the segment. Domestic and local travel, outdoor activities, and preference for nature-based products are among the key travel trends augmenting the segment growth.
The international segment is expected to register the fastest CAGR during the forecast period due to increased spending per trip and increased travel to overseas destinations. According to the UNWTO, overall international tourist arrivals in 2022 could increase by 30% to 78% compared to 2021. However, this is 50-63% less than before the pandemic. Furthermore, increasing spending on social and physical well-being, especially due to concerns over a healthy lifestyle, is propelling the segment’s growth.
Regional Insights
North America dominated the market with a share of over 36% in 2021. This is due to the increasing emphasis on physical and mental health and high disposable income. The active marketing of top players on the importance of physical and mental wellbeing achieved through yoga, rejuvenation therapy, herbal remedies, meditation, agritourism, and spa therapies at exotic destinations is increasing the number of trips to North America. Europe emerged as the second-largest regional market in 2021. The rising need for wellbeing services owing to increasing cases of stress-related health issues is expected to boost the market growth in the region.
The market in the Asia Pacific is estimated to witness lucrative growth due to the growing popularity of various exotic destinations such as China, India, Malaysia, Indonesia, Thailand, and Singapore. In addition, the proliferation of hotel chains with centers offering massages, spa treatments, herbal treatments, and rejuvenation programs is projected to positively impact the market growth in the region.
In February 2019, Aman Spa Amanpuri, a wellness center that also provides medical services, opened in Thailand. Moreover, in July 2018, Evolution Wellness Holdings, a company based in Malaysia, launched a new wellness resort named FiveelementsPte. Ltd. Entry of new players in the market is likely to intensify competition and contribute significantly to the growth of the market in the Asia Pacific.
Key Players
Accor Hotels, Hilton Worldwide, Hyatt Hotels, InterContinental Group, Marriot International, Radisson Hospitality, and Rosewood Hotels.
Market Segmentation
- Service Outlook
- In-country Transport
- Lodging
- Food & Beverage
- Wellness Activities
- Shopping
- Others
- Travel Purpose Outlook
- Primary
- Secondary
- Travel Type Outlook
- Domestic
- International
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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