In 2023, the global wellness industry reached a remarkable $6.32 trillion valuation, surpassing the combined size of the sports and pharmaceutical industries. This figure, reported by the Global Wellness Institute (GWI), marks a 25% growth since 2019, driven by a surge in demand for health-focused products and services post-pandemic.
The GWI defines wellness as “the active pursuit of activities, choices, and lifestyles that lead to a state of holistic health”. Their research spans 11 categories: personal care, nutrition, physical activity, and the rapidly expanding wellness real estate sector. By GWI’s estimation, personal care and beauty alone represent a $1.21 trillion segment, reflecting the broad consumer association of self-care products and services with wellness.
Growth factors: Ageing population, chronic disease, and mental health
The wellness industry’s growth stems from major global trends, including an ageing population, rising chronic disease rates, and an increased focus on mental health. Wellness real estate is among the fastest-growing sectors, valued at $438.2 billion with an annual growth rate of 18.1%. This segment encompasses residential and commercial buildings that enhance occupant health, ranging from advanced air filtration to onsite fitness amenities.
North America has the highest per capita wellness spending at $5,768 annually, followed by Europe at $1,794. Wellness tourism, another high-growth category, is valued at $830 billion, with hospitality brands like Siro and Emory embracing wellness-focused services, offering travellers experiences designed to promote health and well-being.
A competitive landscape for wellness offerings
From the launch of The Estate by Sam Nazarian and Tony Robbins, focusing on longevity and wellness hotels, to The Well’s wellness-oriented residences in Miami, companies are increasingly investing in wellness-oriented real estate to meet growing consumer demand. Rebecca Parekh, CEO of The Well, highlights that wellness has shifted from a luxury to an essential, shaping spending decisions.
The GWI report also includes sectors like mental wellness ($233 billion), spas ($137 billion), and thermal springs ($63 billion), indicating the broad and diverse nature of the wellness economy. Although these smaller sectors collectively contribute to the industry’s impressive growth.
Wellness economy outlook for 2024 and beyond
With consumer values increasingly prioritising wellness, the GWI report projects the global wellness economy to reach $6.8 trillion by the end of 2024 as the industry continues to expand across regions and sectors.
The sustained growth of the wellness industry signals not just a trend but a profound shift in consumer preferences, transforming how individuals worldwide spend on health and well-being.