An analysis of Thailand's wellness economy competitiveness in ASEAN.
Abstract
The wellness economy, encompassing industries that promote health, well-being, and quality of life, has emerged as a rapidly expanding global sector. Post COVID-19, heightened public awareness of health has driven projections by the Global Wellness Institute (GWI) of an average annual growth rate of 8.6%, surpassing global GDP. Within ASEAN, wellness spending is concentrated in five countries—Indonesia, the Philippines, Thailand, Malaysia, and Vietnam—accounting for nearly 90% of the regional market. While most countries demonstrated resilience during the pandemic, Cambodia, Laos, and Thailand experienced severe contractions due to their dependence on international tourism. Using the BCG Matrix framework (2019–2022), this study assesses Thailand’s competitive trajectory, revealing strong positions in wellness tourism and spas but structural vulnerabilities arising from overreliance on these sectors. The findings underscore the need for strategic diversification into high-potential areas, including preventive and personalized medicine, healthy eating and nutrition, mental wellness, and wellness real estate. Expanding into these domains would enhance resilience, reduce risk exposure, and strengthen Thailand’s capacity to position itself as a sustainable ASEAN and global wellness hub.
Keywords: Wellness Economy, Competitiveness, ASEAN, Health, Sustainable Development
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