July 25, 2024
Global Sleep Tourism Market

Global Sleep Tourism Market is Estimated to Witness High Growth Owing to Rising Awareness Regarding Mental Wellbeing

The global sleep tourism market is a growing and fast evolving industry. Sleep tourism refers to travels undertaken for the purpose of better quality sleep in nature’s tranquility and serene environments away from everyday stress and hectic lifestyles. Sleep tourism destinations focus on providing restorative sleep through therapies such as meditation, yoga, spa treatments, nature walks, silence and darkness. The increased focus on mental wellbeing and self-care over the past few years have helped raise awareness about healthy sleep and rejuvenation. This is the primary driver behind the rising popularity of purposeful sleep vacations tailored to provide recuperative rest.

The Global Sleep Tourism Market is estimated to be valued at US$ 118.64 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the global sleep tourism are Welgrow Travels, Carnoustie Ayurveda and Wellness Resort, Niraamaya Wellness Retreat, Atmantan Wellness Center, Mekosha Ayurvedic Retreat, Ananda in Himalayas, Vana Retreat, Somatheeram Ayurvedic Health Resort, Kairali Ayurvedic Healing Village, Nirvana Naturopathy and Retreat, Soukya Holistic Health Center, Pureandcure, The Hotel Figueroa, Wellbeing Escapes, The Healthy Holiday Company, Black Tomato, &Beyond, Six Senses Hotels Resorts SpasCh, Vacayou, and The Park Hotels.

The key opportunities in the Global Sleep Tourism Market Share include scope for developing wellness retreats and spas that specially focus on deep sleep therapies and techniques. Destinations near mountains, forests, beaches and other scenic locales are in high demand for sleep vacations.

On the global front, countries like Thailand, India, Indonesia are emerging as popular sleep tourism hubs. With growing health awareness, several other nations are also recognizing sleep wellness as an important sector and supporting its infrastructure and service development.

Market drivers

The rising stress levels and sleep deprivation prevalent across both developed and developing nations are considered one of the primary drivers for the sleep tourism industry. Medical research repeatedly highlights the ill-effects of poor sleep on physical, mental and emotional health. The market is witnessing strong growth as more individuals are realizing the importance of dedicated work-life balance holidays for deep sleep and relaxation of the mind and body.

PEST Analysis

Political: Travel restrictions and visa policies imposed by different countries affect the movement of sleep tourism travelers. However, removing such barriers can boost the industry.

Economic: Changes in disposable incomes and spending power influence the demand for luxury sleep tourism experiences. Economic growth in certain countries expands the customer base.

Social: Growing awareness about wellness, preventive healthcare and work-life balance contributes to the popularity of sleep tourism. Younger population is more open to explore new destinations for health benefits.

Technological: Digital marketing tools help operators enhance outreach. Apps and web portals make package booking convenient. Advances in transport infrastructure facilitate regional travel.

Value Concentration by Geography

The global sleep tourism market in terms of value is highly concentrated in developed regions like North America and Western Europe. Countries such as the USA, UK, Germany, France and Italy account for over 45% of the total market revenue owing to high spending ability of people and well-established wellness resorts. Emerging markets in Asia Pacific and Latin America are still at a nascent stage.

Fastest Growing Region

South Asia led by India and Southeast Asia are projected to be the fastest growing regions for sleep tourism during the forecast period. Countries like Thailand, Bali, Sri Lanka are becoming increasingly popular because of their rich traditional medical practices like Ayurveda and Naturopathy combined with scenic locales at affordable rates. Domestic tourists from China and economic growth in the region will majorly drive the high double digit growth in these developing Asian countries.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.