Asia Pacific Wellness Tourism Market Size
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | > 7.00 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Wellness Tourism Market Analysis
Wellness tourism is a type of tourism where people travel to places for the betterment of their physical or mental state. 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. 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 work-related stress which will, in turn, favor the services such as spa, yoga programs, lodging, and boarding, among others. 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.
Covid 19 severely impacted on overall tourism industry and wellness tourism is not exception for that. During pandemic situation many Asian countries opted for lockdown which stopped tourism activity. The revenue of major player in wellness tourism market was dropped significantly due to Covid 19. Now countries have started uplifting lockdown restriction and people are preferring to travel for stress relief resulting in recovery of revenue in Asia Pacific Wellness Tourism market.
Asia Pacific Wellness Tourism Market Trends
This section covers the major market trends shaping the APAC Wellness Tourism Market according to our research experts:
Increasing Awareness Regarding Wellness as Travel Category
Wide range of wellness activities provided by various countries in Asia Pacific region is one of the major attractions for international tourist to visit this region. Many countries in this geography are known for their own special wellness segment like India for India and Shri Lanka for Ayurveda, meditation and yoga; South Korea for traditional bathhouse and beauty, Vietnam for healthy eating; Nepal and Bhutan for healing. Government of many countries are supporting and promoting the wellness tourism activities for overall growth of tourism and seeing tourism as emerging part of economy. Economic incentives offered by various countries, including China, India, Philippine, Sri Lanka, Bhutan and Malaysia to companies investing in wellness-related developments. For example, new and redevelopment projects in the segment of wellness tourism in India are supported with Market Development Assistance Scheme. This initiative helps in growth of international tourist hence contributing to growth of wellness tourism market. The Asia-Pacific region has demonstrated itself to be a firm favorite for international travelers, with over 360 million international tourist arrivals in 2019. However, due to the global pandemic and border closures, the international arrivals in the Asia-Pacific region plummeted to under 60 million in 2020, and further down to 20.9 million in 2021.
Domestic Travel Segment Dominates the Market
The domestic segment accounted for the largest share of wellness tourism market in 2021 and projected to anticipate largest share during forecast period from 2022 to 2027. The growing preference for affordable facilities in proximity rather than long-distance retreats in a different country is driving the growth prospects for the health and wellness tourism market in the domestic wellness tourism segment. In Asia Pacific region primary and secondary wellness traveller both contribute to growth of domestic segment. Asia-Pacific is also the world's fastest-growing inbound travel market.
Asia Pacific Wellness Tourism Industry Overview
The report covers major international players operating in the Asia Pacific Wellness Tourism Market. In terms of market share, some of the major players currently dominate the market. Hospitality giants like Accor, Hilton Worldwide Holdings Inc., Radisson Hotel Group, Hyatt Hotel Corporation, Marriot International, InterContinental Group, Rosewood Hotels, Four Seasons Hotels are some of the key players operating in market. Asia Pacific Wellness Tourism market is a fairly consolidated market.
Asia Pacific Wellness Tourism Market Leaders
Accor
Hilton Worldwide Holdings Inc.
Radisson Hotel Group
Hyatt Hotel Corporation
Marriot International
*Disclaimer: Major Players sorted in no particular order
Asia Pacific Wellness Tourism Market News
- On June 29th 2022, Hyatt Hotel Corporation announced that a Hyatt affiliate has entered into a management agreement with NTT Urban Development Corporation for Hyatt Centric Sapporo. Slated to open in 2024, the 216-room hotel will mark the third Hyatt Centric property in Japan, following Hyatt Centric Ginza Tokyo and Hyatt Centric Kanazawa.
- On March 22nd 2022, Cabinet of Thailand Government approved a budget of THB1.4 billion to develop Phuket Integrated Medical Services Centre to promote the province as a world-class medical tourism destination.
Asia Pacific Wellness Tourism Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porters' Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Insights of Technology Innovations in the Market
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Travel Type
5.1.1 Domestic
5.1.2 International
5.2 Activity
5.2.1 In-country Transport
5.2.2 Lodging
5.2.3 Food and Beverage
5.2.4 Shopping
5.2.5 Activities and Excursions
5.2.6 Other Services
5.3 Travelers Type
5.3.1 Primary Wellness Travelers
5.3.2 Secondary Wellness Travelers
5.4 Geography
5.4.1 China
5.4.2 India
5.4.3 Japan
5.4.4 Australia
5.4.5 Thailand
5.4.6 Others
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 Accor
6.2.2 Hilton Worldwide Holdings Inc.
6.2.3 Radisson Hotel Group
6.2.4 Hyatt Hotel Corporation
6.2.5 Marriot International
6.2.6 InterContinental Group
6.2.7 Rosewood Hotels
6.2.8 Four Seasons Hotels
6.2.9 Apollo Hospital Enterprise Limited
6.2.10 KPJ Healthcare Berhad*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Asia Pacific Wellness Tourism Industry Segmentation
Wellness Tourism is travel associated with the pursuit of maintaining or enhancing one's personal wellbeing. A complete background analysis of the Asia Pacific Wellness Tourism Market, which includes an assessment of the parental market, emerging trends by segments, significant changes in market dynamics, and market overview, is covered in the report. Asia Pacific Wellness Tourism Market is segmented by Travel Type (Domestic, International), by Activity (In-country Transport, Lodging, Food and Beverage, Shopping, Activities and Excursions, Other Services), by Travelers Type (Primary Wellness Travelers, Secondary Wellness Travelers) and by Geography (China, India, Japan, Australia, Thailand and Others).
Travel Type | |
Domestic | |
International |
Activity | |
In-country Transport | |
Lodging | |
Food and Beverage | |
Shopping | |
Activities and Excursions | |
Other Services |
Travelers Type | |
Primary Wellness Travelers | |
Secondary Wellness Travelers |
Geography | |
China | |
India | |
Japan | |
Australia | |
Thailand | |
Others |
Asia Pacific Wellness Tourism Market Research FAQs
What is the current Asia Pacific Wellness Tourism Market size?
The Asia Pacific Wellness Tourism Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Wellness Tourism Market?
Accor, Hilton Worldwide Holdings Inc., Radisson Hotel Group, Hyatt Hotel Corporation and Marriot International are the major companies operating in the Asia Pacific Wellness Tourism Market.
What years does this Asia Pacific Wellness Tourism Market cover?
The report covers the Asia Pacific Wellness Tourism Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Wellness Tourism Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
APAC Wellness Tourism Industry Report
Statistics for the 2024 APAC Wellness Tourism market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. APAC Wellness Tourism analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.