The Wellness Boom: On Track to $8.5 Trillion
Krissy Vann | Host, All Things Fitness and Wellness
In the wake of the massive economic disruptions caused by the pandemic, the global wellness economy has not only rebounded but has exceeded all expectations, reaching a staggering $5.6 trillion in value, according to a new report released by the Global Wellness Institute (GWI).
This research, presented by the non-profit organization, indicates a remarkable 12% annual growth since 2020, surpassing the pre-pandemic high of $4.9 trillion in 2019. The study reveals that seven out of eleven wellness sectors have now exceeded their 2019 market size, with key sectors such as wellness real estate, public health, prevention, personalized medicine, mental wellness, healthy eating, nutrition, and weight loss, as well as physical activity, showing substantial growth.
Katherine Johnston, GWI senior research fellow, expressed her surprise at the resilience of the global wellness economy, citing the rapid recovery from pandemic disruptions and the shift towards wellness and prevention in the public consciousness. As the world increasingly recognizes the importance of well-being, the wellness economy is predicted to expand even further, with an impressive 8.6% annual growth expected through 2027. The market is forecasted to reach a monumental $8.5 trillion by that year, nearly double its 2020 size, as consumers, healthcare, and governments place a greater emphasis on preventive measures and wellness.
The report, titled "The Global Wellness Economy 2023," provides comprehensive insights into the wellness market, including sector-specific data, regional trends, and the major shifts impacting each market. The GWI plans to release the Global Wellness Economy Report annually, along with the "Country Rankings Report," a companion study offering market size rankings, analysis, and per capita wellness spending for 150 nations, which is scheduled for release on January 30, 2024. The future of the wellness economy seems brighter than ever, with continued growth and expansion anticipated in the years to come.
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