Wellness tourism is booming, and the global market is expected to be worth US$1trn (R18,9trn) by 2024, reveals the Global Wellness Institute’s report, Global Wellness Economy Monitor 2023.
According to the report, wellness tourism is travel that focuses on pursuing the maintenance and enhancement of well-being.
The global wellness tourism market was hit hard in 2019 and 2020 – nosediving from $720bn (R13,6trn) to $351bn (R6,6trn). However, the sector has been experiencing the most rapid recovery.
Wellness tourism was worth $650,7bn (R12,3trn) in 2022 and experienced a compound annual growth rate of 36,2% between 2020 and 2022.
The report predicts that the global wellness tourism market will exceed $1trn (R18,9trn) in 2024 and about $1,4trn (R26,5 trillion) in 2027.
Sub-Saharan Africa bounces back
In 2022, revenue from sub-Saharan Africa’s wellness economy exceeded 2019 by 6%. Between 2019 and 2020, revenue for the region’s niche tourism sector fell by 60,8% from $5,5bn (R104bn) to $2,1bn (R39,8bn), but between 2020 and 2022, it grew by 53,1%.
Sub-Saharan Africa’s wellness tourism is placed second globally, following the Middle East and North Africa’s growth of 61,5%.
