The global wellness tourism market is expected to reach USD 1,062.83 billion by the end of 2025.
The growing interests of the tourists towards the sectors such as health, travel, and foods are the factors driving the growth of the market over the forecast period.
However, the rising number of tourist destinations in developing countries such as India and China have attracted more customers from the international market.
This has anticipated the growth of international customers and wellness services in the market. The factors such as rising disposable income have increased the customers' expenditures towards different services of social and healthy wellbeing, thereby anticipating the market growth.
The wellness tourism market is driven by the rising hectic lifestyles characterized by the work-related stress which will, in turn, favor the services such as spa, yoga programs, lodging and boarding among others. However, market players are focusing on offering various services to ensure high customer satisfaction.
Moreover, the rising number of chronic diseases in the market has also driven the demand for the services provided to the consumers in the market. However, the awareness of the consumers towards mental and physical health, thereby practicing preventive measures with a healthy diet have anticipated the demand in the market.
The significant growth of the wellness tourism sector is because of the promotional campaigns supported by the respective national governments. The promotional campaigns intend to improve the services assuring the physical and mental wellbeing of the consumers. For instance, the Sri Lankan government have promoted the services towards the economic interests and identified the strategies towards the part of the National Export Strategy of Sri Lanka.
Vendors in the market are focusing on providing quality services to gain a competitive edge.
The rising number of market players are concentrating on offering lucrative and customized service packages targeting various classes of the consumers has increased the competition in the market, thereby favoring the interests of the consumers to opt for experiential travels.
This, in turn, will augment the market growth. For instance, In February 2019, the company Hyatt Hotels announced to open its two hotels in California, Chicago at beachside with excellent destinations and iconic retail services.
The companies operating in the global industry are focusing on initiatives with the aim to develop new services and expand destination areas. Companies continue to integrate promotional services and areas for the expansion of existing sectors for customer needs. Some of the key service providers in the market include Marriott International, Intercontinental Hotels Group, Hilton Worldwide, Wyndham Hotels & Resorts, Accor Hotels, and Hyatt Hotels
Companies operating in the market are also switching to e-commerce platforms to offer their services. This is primarily attributed to expanding online retail channels and changing consumer behavior towards the services.
Market players are exploring social and digital marketing platforms to create new opportunities for customers to ensure enhanced accessibility and new purchases at online portals. For instance, in May 2018, the Radisson Hospitality AB has partnered with MakeMyTrip to enhance its presence in the international market with around 1,400 hotels and resorts to be available in the online distribution channel platform. These initiatives will render interesting, unique service offerings and brand experiences for the customers and ultimately increase the scope for the opting online distribution channels over the forecast period.
