The global wellness tourism market is forecasted to grow at a CAGR of 8.12% from 2023 to 2028 and be worth USD 1311.29 billion by 2028 from USD 887.50 billion in 2023.
Impact of COVID-19 on the global wellness tourism market:
To curb the spread of coronavirus, governments of many countries have imposed restrictions such as lockdowns, bans on traveling, and social distancing. Due to these restrictions, the wellness tourism market has experienced a negative impact. The significant decline in the demand for wellness tourism activities caused by the COVID-19 pandemic resulted in the closure of many businesses and job losses, which are completely dependent on wellness tourism. In addition, many consumers have started exploring local wellness options such as yoga and others that can be done at home instead of choosing wellness tourism, further resulting in the declined growth of the wellness tourism market. However, considering the decreasing impact of the COVID-19 pandemic, the wellness tourism market is expected to recover slowly and witness a moderate CAGR during the forecast period.
The rising awareness levels among people regarding the significance of health and wellness are majorly driving the wellness tourism market growth. Health, fitness, and well-being have become top priorities in the modern world. Many are constantly exploring new ways to inject wellness into their daily lives and travel experiences. Due to this, the demand for wellness tourism has increased. Wellness tourism is gaining popularity for providing physical, mental, and emotional health solutions. People can gain these by exploring the wide range of experiences that wellness tourism offers. Some people choose wellness tourism to escape the stress and demand of their daily life. Likewise, increasing stress levels among people and growing health consciousness among people are fuelling the demand for wellness tourism services and boosting the market growth.
The growing disposable income in developed and developing countries contributes to the growth of the wellness tourism market. With growing disposable income, people are willing to invest funds in their health and well-being. This includes exploring the wellness tourism services such as spa vacations, fitness retreats and medical tourism. In recent days, it has been noticed that people are spending on physical health and taking care of mental and emotional health by doing yoga, meditation, and healthy eating. This trend is expected to continue over the forecast period and contribute to the growth of the wellness tourism market.
The growing usage of technology and the increasing influence of social media promote the growth of the wellness tourism market. Due to the growing usage of social media, people have become aware of various wellness destinations, services, and programs. In addition, social media further helps people to connect with link-minded people to share experiences. In the modern world, people are using social media platforms such as Instagram, Facebook, and Twitter to gather information about various wellness destinations and go through the experiences of already-visited travelers of such destinations in the form of ratings and reviews. Likewise, social media has provided increased awareness and accessibility of wellness destinations and services to people and favored the growth rate of the wellness tourism market. Conversely, technology has been vital in delivering people's wellness experiences through virtual yoga classes, meditation apps, and wearable fitness devices.
Furthermore, the desire for authentic experiences and the increasing importance of stress relief and relaxation are fuelling the growth rate of the wellness tourism market.
High costs associated with wellness tourism is one of the major factors limiting the market's growth rate. Poor awareness among people regarding the advantages associated with wellness tourism is another key factor hampering the wellness tourism market growth. In addition, a few of the famous wellness tourism destinations are difficult to reach and access for people with mobility issues, and certain destinations have complicated routes to reach and access. Such factors are expected to impose a negative impact on market growth. Furthermore, the availability of other tourism options, such as adventure and cultural tourism, which are equally exciting and attractive to travelers, impedes market growth. Furthermore, some wellness services, such as spa treatments and hot springs, can have a negative impact on the environment, and people who have sufficient knowledge of such impacts are not showing interest in exploring such wellness services, which can have a slight negative impact on the market growth. The possibility of contacting with infectious diseases with the traveling required to experience the wellness services is another obstacle to the market growth.
Market Size Available
2022 to 2028
2023 to 2028
By Service, Travel Purpose, Travel Type, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report on the global wellness tourism market has been segmented and sub-segmented based on service, travel purpose, travel type, and region.
Wellness tourism market – By Service:
The lodging segment captured the largest global wellness tourism market share in 2022, followed by the F&B segment. The growing preference from travelers to have convenient accommodation at hotels that address all needs is primarily driving the segment's growth rate. The lodging segment is also estimated to witness the fastest CAGR during the forecast period. In addition, many hotels and resorts are equipped and provide a wide range of wellness services, such as spa treatments, yoga and meditation classes, healthy cuisine options, and fitness facilities, which further contributes to the growth of the lodging segment.
Segments such as in-country and shopping are expected to hold a considerable share of the global wellness tourism market during the forecast period.
Wellness tourism market – By Travel Purpose:
Based on the travel purpose, the secondary segment accounted for the largest share of the global wellness tourism market in 2022. The segment's growth is majorly driven by the rising desire from people to add wellness activities to their international trips, even when their primary aim of the trip is not for wellness.
On the other hand, the primary segment held a considerable share of the global market in 2022 and is expected to grow at a healthy CAGR during the forecast period.
Wellness Tourism Market – By Travel Type:
The domestic segment accounted for the most significant share of the global wellness tourism market in 2022. The better awareness that domestic visitors have over international travelers, such as the country's traditions, customs, legislation, etiquette, and others, is one of the key factors driving the segmental growth. In addition, domestic travelers' advantages, such as not requiring a visa or passport or requiring currency conversion, which makes domestic travel easier than foreign travel, are another major factor contributing to the segment's growth rate.
The international segment accounted for a substantial share of the worldwide market in 2022 and is anticipated to showcase a prominent growth rate over the forecast period.
Wellness Tourism Market – By Region:
Geographically, North America had the largest share of the global wellness tourism market in 2021, and the domination of the North American region is estimated to continue over the forecast period. North America is one of the largely adopted regions for wellness tourism. People in North American countries have an increased desire for promising health and well-being and are showing significant interest in exploring wellness treatments and services. The U.S. captured the major share of the North American market, followed by Canada in 2021. Factors such as an increased understanding of holistic health therapies among the U.S. population and the presence of people with high disposable income propel the growth of wellness tourism in the U.S.
The wellness tourism market in APAC is anticipated to notable growth during the forecast period owing to the growing appeal of many exotic places in the Asia Pacific, such as China, India's mountain ranges, Malaysia, and Singapore. In addition, the rising number of hotel chains with wellness centers that offer massages, spa treatments, herbal therapies, and rejuvenation programs fuel the growth rate of the APAC wellness tourism market.
The European wellness tourism market occupied a considerable share of the worldwide market in 2021 and is expected to showcase a noteworthy CAGR during the forecast period. For many years, Europe has been a popular tourist destination. The growing demand for wellness services owing to an increase in stress-related health conditions is expected to boost the market growth in the European region.
KEY MARKET PARTICIPANTS:
Accor SA, Allergan PLC, Canyon Ranch, Fitpacking, Four Seasons Hotels Ltd., Galderma SA, Hilton Hotels and Resorts, Hyatt Corporation, KPJ Healthcare Berhad, Marriott International, Inc., Miraval Group, Omni Hotels & Resorts, Radisson Hotel Group, Rancho La Puerta Inc. and Shangri-La Asia Ltd are a few of the prominent companies operating in the global wellness tourism market profiled in this report.
RECENT HAPPENINGS IN THIS MARKET:
As per our research report, the global wellness tourism market size is projected to be USD 1311.29 billion by 2028..
Geographically, the North American wellness tourism market accounted for the largest share of the global market in 2022.
The global wellness tourism market is estimated to grow at a CAGR of 8.12% from 2023 to 2028.
Yes, we have studied and included the COVID-19 impact on the global wellness tourism market in this report.
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