Wellness Tourism Market (By Service: Lodging, Wellness Activities; By Travel Purpose: Primary, Secondary; By Travel Type: Domestic, International) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 20222030

According to Vision Research Reports, the wellness tourism market size was reached 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.

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.

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 Fiveelements Pte. 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

The Wellness Tourism market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Wellness Tourism market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Wellness Tourism market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Wellness Tourism market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Wellness Tourism market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Wellness Tourism capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Wellness Tourism by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Wellness Tourism market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Wellness Tourism market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Wellness Tourism market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Wellness Tourism industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Wellness Tourism market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Wellness Tourism market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Wellness Tourism market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Wellness Tourism market. These factors have benefited the growth of the global market for Wellness Tourism. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Wellness Tourism. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Wellness Tourism are as follows:

• Historic Year: 2017-2020
• Base Year: 2020
• Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market