Strategies That Wellness Tourism Companies Should Implement In Order To Capitalize On The Market's Consistent Growth Potential - By The Business Research Company
The Business Research Company's Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032
LONDON, Feb. 1, 2023 /PRNewswire/ -- As per the Business Research Company's Wellness Tourism Global Market Report 2023, the wellness tourism market size is expected to be worth $819.9 billion in 2023. The wellness tourism market value then is expected to grow to $1178.9 billion in 2027 at a CAGR of more than 9%. This rapid growth in the forecast period can be attributed to internet penetration and use of social media driven by global internet penetration rate.
The global wellness tourism market's competitive landscape is fragmented, with a large number of players. The top ten competitors in the market made up to 1.43 of the total market. This is due to the existence of number of local players in the market serving customers in particular geographies. Hilton Worldwide was the largest competitor with 0.24% share of the market, followed by Marriott International Inc., Four Seasons Hotels Ltd., Accor S.A, Hyatt Hotels Corporation, Intercontinental Hotels Group, Radisson Hotel Group, and more.
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A major competitor in the wellness tourism market, Hyatt Hotels Corporation's business strategy is highly focused on increasing its production capacity by launching a new suite of event offerings with advanced features and services such as the implementation of artificial intelligence. For instance, in January 2022, Park Hyatt New York, a US-based hotel, launched a luxury restorative sleep suite featuring an AI-powered bed. Each suite contains the Bryte Restorative Sleep bed, which uses artificial intelligence to adjust the temperature and firmness depending 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% share of the market. Hyatt Hotels Corp (Hyatt) is a global hospitality company. The company manages, franchises, owns, and develops hotels, resorts and residential properties. The restaurants and bars inside hotels offer a wide variety of food and beverages and provide a range of services.
Additionally, in July 2022, Hyatt Hotels Corporation launched a new collaboration between Thompson Hotels, a US-based hospitality brand, and CorePower Yoga, a US-based yoga studio chain. This collaboration offers a series of not-your-average rooftop workout classes rooted in the mindfulness of yoga, with the goal of transforming the minds and bodies of guests, CorePower Yoga members, and locals.
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According to TBRC's wellness tourism market analysis, a key player-adopted strategy in the wellness tourism market is service expansion, business expansion, and increasing production capacity with strategic partnerships. To capitalize on the wellness tourism market's growth potential, major wellness tourism market players should consider strategic partnerships and investments with other players to expand their wellness tourism offerings and geographic presence.
For example, in April 2022, VLCC, an India-based beauty and wellness company, partnered with Minor International, a Thailand-based hotel group. Through this partnership, VLCC will manage the wellness spas in Minor International's hotels, benefiting the wellness tourists in Thailand.
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