Strategies that wellness tourism companies should implement to capitalize on the continued growth potential of the market

Global market reports from the business research company are now updated with the latest information on market sizing to 2023 and forecast to 2032.

LONDON, February 1, 2023 /PRNewswire/ — According to the business research company’s Global Wellness Tourism Market Report 2023, the wellness tourism market size is expected to be worth $819.9 billion in 2023. Then the market value of wellness tourism is expected to grow to $1178.9 billion in 2027 at a CAGR over 9%. This rapid growth during the forecast period can be attributed to internet penetration and social media usage driven by the global internet penetration level.

The competitive landscape of the global wellness tourism market is fragmented, with a large number of players. The ten largest competitors in the market make up to 1.43 of the total market. This is due to the presence of a number of local players in the market serving customers in certain geographical areas. Hilton Worldwide was the biggest competitor with 0.24% market share, followed by Marriott International Inc., Four Seasons Hotels Ltd., Accor SA, Hyatt Hotels Corporation, Intercontinental Hotels Group, Radisson Hotel Group and others.

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As a major competitor in the wellness tourism market, Hyatt Hotels Corporation’s business strategy is heavily focused on increasing production capacity by launching a new suite of event offerings with advanced features and services such as the implementation of artificial intelligence. For example, in January 2022, Park Hyatt New York, a US-based hotel, launched a luxury restorative sleep suite with an AI-powered bed. Each suite contains a Bryte Restorative Sleep bed that uses artificial intelligence to adjust temperature and firmness based on the stage of a person’s sleep cycle.

Hyatt Hotels Corporation is the fifth largest competitor in the wellness tourism market with a 0.13% market share. Hyatt Hotels Corp (Hyatt) is a global hotel company. The company manages, franchises, owns and develops hotels, resorts and residential properties. The hotels’ restaurants and bars offer a wide variety of food and beverages and provide a range of services.

In addition, in July 2022, Hyatt Hotels Corporation has launched a new collaboration between Thompson Hotels, a US-based hospitality brand, and CorePower Yoga, a US-based chain of yoga studios. This collaboration offers a series of not-your-average rooftop training classes rooted in yoga mindfulness, with the goal of transforming the minds and bodies of guests, CorePower Yoga members, and locals alike.

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According to TBRC’s Wellness Tourism Market Analysis, a key strategy adopted by the Wellness Tourism market player is to expand services, expand business, and increase production capacity with strategic partnerships. To capitalize on the growth potential of the wellness tourism market, major players in the wellness tourism market should consider strategic partnerships and investments with other players to expand their wellness tourism offerings and geographic presence.

For example in April 2022VLCC, an Indiabased beauty and health company, in partnership with Minor International, a Thailandbased hotel group. Through this partnership, VLCC will operate the wellness spas at Minor International’s hotels, benefiting wellness tourists in Thailand.

See more similar market reports:

Global Hotel and Other Travel Accommodation Market Report 2023

Global Medical Tourism Market Report 2023

Global Transportation Artificial Intelligence Market Report 2023

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