Posted by The Wellness Industry is alive and well, fast becoming one of the most profitable segments of the global economy.
New research from the Global Wellness Institute reveals the industry saw an all-time high this year, reaching a new peak of $6.3 trillion worldwide. To put that in perspective, this figure surpasses sports, tech, tourism, the green economy, and even the pharmaceutical industry.
The market’s “relentless momentum” is forecast to continue, hitting an anticipated $9 trillion by the year 2028. Wellness continues to occupy an ever larger share of the overall economy, now representing more than 6 percent of the global GDP.
It seems everyone is interested in health and wellness, not just Americans. The surge in wellness spending can be seen in every global region during the five years from 2019 to 2023, with the largest gains found in North America, Europe, and the Middle East/North Africa regions. A report from Bloomberg says the wellness industry grew an astonishing 25 percent across the globe.
What’s motivating consumers to turn their attention to health and wellness so much more than in past decades? A post-pandemic perspective is credited for much of the enthusiasm, with a heightened awareness toward well-being emerging in the aftermath.
An aging population is another factor, as this growing demographic seeks improved quality of life during the golden years. Still another contributor is the growing mental health field, valued at $375 billion in 2002 and anticipated to exceed $532 billion by 2030.
The largest sector is the category of “self-care,” but the fastest growing area of health and wellness is surprisingly found in real estate – a category of commercial and private properties that are geared in one way or another toward the health of residents or visitors.
There’s no indication the wellness economy will slow down any time soon. GWI senior researchers Katherine Johnston and Ophelia Yeung aren’t surprised. “In a world full of uncertainty and divisiveness, wellness has become a universal value. No matter your politics or beliefs, who doesn’t desire the knowledge, tools, and opportunities to build a healthy life for yourself and your family?”