The global thermal springs tourism market was valued at USD 50.19 billion in 2023 and is projected to reach USD 130.78 billion by 2030, growing at a CAGR of 14.8% from 2024 to 2030. Growth is driven by rising wellness trends, increasing awareness of health benefits, and a growing preference for natural healing therapies.
Thermal springs are gaining popularity among travelers seeking relaxation and holistic wellness. This trend aligns with the global shift toward wellness tourism, where mental and physical well-being are key travel priorities.
Improved accessibility and infrastructure in destinations like Japan, Hungary, and Iceland have further boosted market growth. Modernized thermal spring facilities attract a broader range of visitors, including families and adventure seekers, offering both rejuvenation and nature-based experiences.
Key Market Insights:
- Asia Pacific led the market with 46.83% revenue share in 2023, driven by the cultural significance of hot springs in countries like Japan, China, and South Korea.
- Recreational services held a 40.66% share in 2023, reflecting the strong demand for leisure and wellness-oriented experiences.
- Domestic travelers accounted for 63.69% of the market in 2023, supported by growing interest in local wellness escapes and accessible health-focused travel options.
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Market Size & Forecast
- 2023 Market Size: USD 50.19 Billion
- 2030 Projected Market Size: USD 130.78 Billion
- CAGR (2024-2030): 14.8%
- Asia Pacific: Largest market in 2023
- Europe: Fastest growing market
Key Companies & Market Share Insights
The thermal spring tourism market features a dynamic competitive landscape, comprising traditional wellness resorts, emerging luxury spa brands, and eco-tourism operators. Leading destinations like Hungary, Japan, and Iceland maintain dominance due to their historical legacy, advanced infrastructure, and well-established thermal spring resorts that combine cultural elements with modern wellness offerings.
These regions benefit from strong brand identity and government backing. Market players are continuously enhancing services to align with rising demand for health-focused, sustainable, and premium experiences. Competition increasingly centers on blending traditional healing practices with upscale amenities, appealing to both local and global travelers seeking holistic and luxurious wellness retreats.
Key Players
- Terme Di Saturnia
- Grand Resort Bad Ragaz
- Gellért Thermal Bath
- Ooedo Onsen Monogatari Hotels & Resorts Co., Ltd.
- Baden-Baden Kur & Tourismus GmbH
- Blue Lagoon
- Caldea
- Vichy Thermalia
- Puyehue Hot Springs Hotel
- Spa Thermal Park of Montecatini Terme
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Conclusion
The thermal springs tourism market is experiencing substantial growth, fueled by heightened consumer awareness regarding health advantages and a growing inclination towards natural healing and overall wellness travel. Asia Pacific currently leads the market, with Europe anticipated to be the fastest-growing region. Recreational services and domestic travel segments are prominent. The industry is seeing increased investments in new developments globally. This expansion highlights a dynamic market with continuous advancements, reflecting a strong preference for health and wellness-oriented tourism experiences.
