The Global Wellness Institute (GWI) has released a new report on the wellness industry, showcasing remarkable post-pandemic growth. Since the pandemic’s economic impact, the global wellness economy has shown impressive resilience. It grew by 12% annually since 2020, reaching $5.6 trillion, surpassing its 2019 levels by 14%. The GWI predicts an additional 52% growth by 2027, with a market size of $8.5 trillion.
Key Insights:
- Recovery from the Pandemic: The wellness economy, worth $4.9 trillion in 2019, contracted to $4.4 trillion in 2020 due to the pandemic. However, it rebounded, growing 27% to reach $5.6 trillion in 2022. Seven 11 wellness sectors have now exceeded their 2019 values, demonstrating remarkable resilience and growth. Notable sectors include wellness real estate, public health, prevention, personalized medicine, mental wellness, healthy eating, nutrition, weight loss, and physical activity. The recovery of wellness tourism, spas, and hot springs is expected soon.
- Global Wellness Market: Wellness markets worldwide have fully rebounded, with North America, the Middle East-North Africa, and Europe showing significant growth since 2019. In 2022, North America overtook Asia-Pacific as the largest regional wellness economy, now representing 90% of the global wellness market. Per capita wellness spending is notably higher in North America and Europe than in other regions.
The Future Looks Bright:
- Projected Growth: The wellness economy is expected to grow at an annual rate of 8.6% over the next five years. It will reach $6.3 trillion by the end of 2023 and $7.4 trillion in 2025, eventually hitting $8.5 trillion in 2027. This growth will outpace the projected global GDP growth.
- Leading Growth Sectors: Wellness real estate, wellness tourism, thermal/mineral springs, and mental wellness are projected to be the leaders in wellness sector growth through 2027. Several wellness sectors are expected to exceed $1 trillion in market size by 2024, with healthy eating, nutrition, and weight loss becoming the largest wellness market by 2025.
In Conclusion:
The global wellness economy has demonstrated remarkable resilience and growth following the challenges of the pandemic. It is set to continue its impressive expansion, driven by global trends such as an aging population, increasing chronic diseases, and a shift in consumer values. However, it also faces challenges related to wealth disparities, economic uncertainty, and changing geopolitics, which will impact its future performance.
About the Global Wellness Institute:
The Global Wellness Institute (GWI) is a nonprofit organization dedicated to advancing research and education in the global wellness industry. GWI’s mission is to promote wellness worldwide by educating public institutions, businesses, and individuals on ways to prevent disease, reduce stress, and enhance overall quality of life. For more information, visit: https://globalwellnessinstitute.org/
