Texas City, Texas Jan 30, 2021 (Issuewire.com) - A recent report by Market Insight Solutions has estimated that the global wellness tourism market is estimated to rise at a CAGR of 7.40% over the forecast period of 2021 to 2027.
The market was valued at USD 728.17 billion in 2019 and is estimated to reach a value of USD 1,289.51 billion in 2027. The detailed analysis which takes into account multiple geographies and tourism spheres observed that while the overall tourism market faced a downfall of 60% in 2020, it is expected to have exponential growth in 2021 and 2022.
The study, which covered countries across North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa, found that North America accounted for the largest share in the wellness tourism market, with a share of over 39.42% of the global market, as of 2019. Even though Europe was the prime destination for a number of wellness trips around the world, the rise in average spending on each trip in countries such as the U.S. and Canada contributed increasingly to the market for wellness tourism in North America.
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The report also includes multiple insights on the various types of locations and services that tourists are opting for. The domestic location sphere is estimated to be the largest segment holding a share of about 67.63% share in the market and expected to reach USD 832.38 billion in 2027. The increasing inclination in the number of weekend and short-haul trips as compared to long-distance vacations appears to be driving the growth of this segment over the forecast period. Interestingly, on the services front, lodging services was the largest segment and is expected to grow at a CAGR of 6.06% over the forecasted period of 2021 to 2027. This growth has especially been amplified by lodging services upscaling their offerings to include spas, resorts, hotels, and retreats.
Speaking about the forecasted growth of the tourism market, Market Insight Solutions Analyst said that, 'It is exciting to see that while the pandemic did pose a challenge to tourism globally, the market is expected to bounce back with equal fervour. The rise in the disposable income of the middle-class population along with an increasing appreciation for travel, balanced lifestyles, and personal well-being has been spurring this growth. Such insights can truly help travel & tourism players understand the changing demands of the post-pandemic tourist and subsequently mold their services to meet the same'
As per the report, rising incomes and populations in Asia Pacific countries such as China, India, and Japan appear to be contributing significantly to the market. Brands such as the Intercontinental Hotels Group, Hilton Worldwide, Marriott International, and Accor Hotels have also been identified as key players.
The report is a thorough study that includes top companies, their annual presentations, industry publications, press releases and their drivers, opportunities, trends as well as location, service, and regional analyses.
Segments Covered in the report
Location Outlook
- Domestic
- International
Service Outlook
- Lodging
- Food & Beverage
- Shopping
- Activities & Excursions
- In-Country Transport
- Other Services
Regional Outlook
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Austria, Netherlands, Italy, Spain)
- Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Indonesia)
- Central & South America(Brazil, Chile, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, South Africa)
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Market Insight Solutions is a leading consulting firm that caters to a diverse portfolio of research campaigns. It is one of the fastest-growing research organizations led by an extensive team of individuals with more than 10 years of experience in diverse research domains. The company publishes in-depth market studies across domains such as food & beverages, chemicals, consumer goods, healthcare, automotive, factory automation. It also offers multiple services like syndicated or published research, customized research, company profile analysis, and Ph.D. guidance services. Its strategic insights aim at providing credible and practical solutions to meet the specific requirements of each client.
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Source :Market Insight Solutions
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