Thailand Corporate Wellness Market Forecasts from 2023 to 2028

The Thailand corporate wellness market is estimated to grow at a CAGR of 3.24% to reach US$123.796 million in 2028 from US$99.014 million in 2021.

Corporate wellness in Thailand is expected to show significant growth owing to the growing employee awareness of their mental and physical health coupled with the favorable efforts undertaken by the Thai business community to improve employee morale and increase productivity. Also, implementing an employee wellness program can enhance a company's culture and working environment. It has been proven that in the corporate climate of today, a healthy workforce is essential.

Increasing workplace stress

The National Economic and Social Development Council (NESDC) has warned that the majority of the Thai workforce is at risk of burnout. Long workdays, rigid organizational structures, and careless management are the biggest contributors to burnout. According to a recent Mahidol University survey, 12% of the 1, 280 Bangkok workers who participated were at risk for burnout and another 57% were experiencing it. Further, people in Thailand are becoming more and more at risk of developing mental health problems, according to data from the Department of Mental Health. Since April 2021, 45.5% of Thai people have experienced significant levels of stress. In addition, it was determined that 30.6% of people had suicidal risk, 51.5% were on the verge of depression, and 17.6% were burnt out. 90% of these people were working.

Growth due to an increase in stress

Unhealthy food habits, hectic lifestyle, and uneven work-life balance contribute to excessive stress thereby further leading to various disorders in Thailand's workforce. Corporate wellness programs are witnessing a higher demand as they boost the overall health & well-being of employees. Further, by implementing a company wellness program the employers in a way promote a positive environment & healthy workplace that in turn increases the reputation of businesses as well. Moreover, corporate businesses are increasingly adopting corporate wellness programs due to their numerous benefits such as boosting employees' morale, lowering healthcare expenses, lower absenteeism & higher employee retention in the long term, crucial for the success of a company. Additionally, over the past few years, workplace stress among adults in Thailand has increased manyfold.

Major market player strategies

Many market players are putting their strategic plans into action, which is fostering Thailand corporate wellness market growth. MantraCare is the supplier of choice for businesses in Thailand when it comes to employee wellness programs. Numerous employee benefits programs are available, including EAP, Corporate Yoga, fitness classes, financial wellness, the Steps challenge, physical therapy, women's well-being, chronic disease reversal (for Diabetes and hypertension), meditation, work counseling, and other wellness initiatives.

Corporate Wellness Companies’ Services

• FitTripper, Monthly wellness engagement sessions, Gym programs, and Yoga classes among others.
• MantraCare, worksite wellness programs, weight management programs, Yoga & fitness classes, hypertension programs, and physical & online therapy among others

Market Key Developments

• In February 2023, Slingshot, a consultancy firm launched a unique program to eliminate employee burnout & enhance their productivity. The plan was named “Leading Well, the Leadership Wellness”, which displays the need for prioritizing wellness at the workplace for the physical & mental health of individuals and companies.

Segmentation:

By Type

• Weight Management & Fitness
• Smoking Cessation
• Stress Management
• Others

By Enterprise Size

• Small
• Medium
• Large

By Province

• Chiang Mai
• Pattaya
• Bangkok
• Phuket