12 Oct Best Performing Market Segments in the Wellness Tourism Industry
Many notable companies such as McKinsey, Precedence Research, and the Global Wellness Institute have attested to the fact that the wellness tourism industry is set to surpass a remarkable 1 trillion dollar market valuation as early as 2024. This momentous event is set to take place due to the recent reopening of the global economy which has contributed to the increase in the demand for health and wellness services and products.
In 2021, the wellness tourism market size was estimated to be valued at 850 billion dollars with the main market segments being: lodging, food and beverages, transport, activities and excursions, as well as shopping. These market segments will be discussed further to help potential investors explore the different investment opportunities that are available in the wellness tourism industry.
Lodging
The lodging segment is the primary contributor to wellness tourism’s global GDP, contributing over 160 billion to the industry’s market size in 2020 alone. Furthermore, the segment is forecasted to reach a valuation of more than 316 billion dollars by 2030.
The lodging segment’s exceptional market performance is due to lodging being the most common activity for wellness travellers. Some examples of market leaders in the lodging segment include Tianmu Group, Vienna Hotels Group, Grand Bay Hot Spring Hotel, as well as the Six Senses Group.
Food and Beverages
Healthy food and beverages also contribute a big chunk to wellness tourism’s overall market size. In 2020, the food and beverages segment was the second-highest contributor to the global wellness tourism GDP, contributing approximately 150 billion dollars.
The wellness food and beverages segment is growing faster than the packaged food segment and is projected to reach nearly 300 billion dollars by the year 2030. Some of the leading market players in the segment include Clif Bar & Company, Green Valley Dairies, the Simply Good Foods Company, and Nestlé.
Transport
There is a lot of money being generated by companies that transport people to and from wellness venues and activities. From travel companies that offer holiday travel packages to transport companies that exclusively cater to the wellness sector; the wellness transport segment is highly profitable, generating over 140 billion dollars in 2020 alone. The wellness transport market segment is forecasted to grow to nearly 290 billion in 2030 with some of the leading market players being: Vacayou, Intrepid Travel, and Thomas Cook.
Activities and Excursions
Wellness activities and excursions are the fourth highest-grossing segment of the wellness tourism industry. The wellness activities and excursions market segment was valued at over 136 billion dollars in 2020 and is projected to reach a valuation of over 268 billion dollars by 2030. This projected growth is based on increased demand for wellness services such as spas, retreats, boot camps, and exercise.
Shopping
The increase in people’s desire for healthier living has not only led to an increase in the demand for wellness services but has also led to an increase in the demand for wellness products. The wellness shopping market segment was valued at 132 billion dollars in 2020 and is forecasted to reach 261 billion by the year 2030.
With so many new companies entering this market segment from all over the world, it makes sense why research companies such as Precedence and the Global Wellness Institute have forecasted wellness shopping to be the fastest-growing segment of the wellness tourism industry with a projected compound annual growth rate of 7.8%. Some of the most popular categories of wellness products include electronics, appliances, and clothing.
In summary, the five top market segments of the wellness tourism industry are lodging, food and beverages, transport, activities and excursions, and shopping. These five segments constitute 85% of the global wellness tourism market size which is currently projected to reach over 1.6 trillion dollars by the year 2030.
By R.A. Mbecke Za-Mulamba
