The global wellness tourism market size is expected to reach USD 1.2 trillion by 2026 registering a CAGR of 7.1%, according to a new report by Grand View Research, Inc. Rising number of health-conscious people is contributing to the increasing demand for wellness activities at popular travel destinations. Promotional campaigns arranged by various governments are also encouraging wellness tourism across the globe. Rising disposable income levels, especially in developing regions like China, India, and Mexico, have contributed to the increasing demand for wellness activities.
Key companies in the market offer various wellness services, such as spa services, mindfulness training, accommodation, and food & beverages. Preference for wellness activities along with vacation due to rising cases of various health issues associated with stress, such as insufficient sleep and physical inactivity, will drive the market further. According to the National Center for Chronic Disease Prevention and Health (NCCDPHP), the productivity losses from absenteeism cost employers USD 225.8 billion or USD 1,685 per person, annually.
Europe was the dominant regional market in 2018 as it has been a popular travel destination for years. On the other hand, Asia Pacific is expected to witness the fastest CAGR from 2019 to 2026. China and India are the key markets in Asia Pacific region. In India, Heaven on Earth airport spa chain announced their merger with Serena Spa in January 2016. This merger helped Heaven on Earth become the largest spa company in India. Thus, such business strategies adopted by key companies in the region will augment the market growth further.
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Further key findings from the study suggest:
- The lodging services segment held the largest market share in 2018 and is projected to maintain its leading position throughout the forecast period
- Wellness activities segment is anticipated to witness the fastest CAGR over the forecast period from 2019 to 2026 as these services focus on health and wellbeing while traveling
- Based on travel purpose, the market is segmented into primary and secondary wellness tourism. The secondary segment led the market, in terms of revenue, in 2018
- The domestic travel type segment held the largest market share in 2018 owing to increased expenditure by domestic tourists on wellness activities
- Some of the key companies in the global wellness tourism market are Accor Hotels, Hilton Worldwide, Hyatt Hotels, InterContinental Group, Marriot International, Radisson Hospitality, and Rosewood Hotels
- In May 2018, Accor Hotels acquired Mantra Group to expand the geographical presence, especially in Asia Pacific. Accor also acquired Fairmont Raffles Hotels in July 2016
- These acquisitions helped enhance Accor’s brand portfolio and provided Accor with a significant position in the hospitality industry