A new report from the Global Wellness Institute (GWI) that the global wellness industry is worth $6.32 trillion.
This reflects a 25% increase from $5 trillion in 2019. It eclipses the sports and pharmaceutical industries, at $484.9 billion and $1.6 trillion, respectively.
Katherine Johnson, a Global Wellness Economy Monitor author, says the growth was greater than predicted (Bloomberg).
She explained that the COVID-19 pandemic created a heightened focus on health and well-being.
An increasingly aging population, the prevalence of chronic disease and an increased interest in mental health are also catalyzing growth.
What is wellness?
The GWI defines wellness as “the active pursuit of activities, choices and lifestyles that lead to a state of holistic health.”
In addition, it analyzes a whopping 11 sectors, the biggest of which is personal care and beauty, valued at $1.21 trillion.
Real estate is the fastest-growing sector. A recent surge in private and commercial wellness properties is worth $438.2 billion with an 18.1% average growth rate.
Healthy eating, nutrition and the weight loss sector totals $1.09 trillion, and physical activity lands at $1.06 trillion.
In contrast, McKinsey limits its scope to 6 sectors, valuing the global wellness industry at $1.8 trillion.
Johnson told Bloomberg “Once wellness starts to permeate your personal or consumer values, it starts shaping your purchasing decisions and just becomes a bigger and bigger share of your out-of-pocket spending”.
As each sector recovers from the pandemic, GWI estimates the wellness economy could hit $6.8 trillion by 2025.
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