Global wellness industry forecasted to reach $8.5trn in 2027

Published 03rd Feb 2024 by Karina Corbett

The wellness industry has made a powerful recovery since the pandemic, according to a new report from the Global Wellness Institute (GWI).

The research found that the industry grew 27% since 2020 to reach $5.6trn, with seven of the 11 wellness sectors now surpassing their 2019 pre-pandemic values.

With consumers, the medical world and governments now placing a much bigger value on prevention and wellness, the GWI forecasts that the wellness economy will grow at a 8.6% annual pace through 2027, when the market will reach $8.5trn – nearly double its 2020 size.

Among the 11 sectors, the spa industry was noted to have recovered quickly to reach a $104.5bn market. There now 181,175 spas operating around the world, with the industry rapidly evolving beyond massage and facials as it adds new wellness modalities and revenue streams, such as sound baths, hyperbaric oxygen chambers, cryotherapy, IV drips, infrared lighting treatment, acupuncture and reiki.

Meanwhile, the personal care and beauty market is now slightly above its pre-pandemic level, with a new record value of $1.1trn.

“We are surprised by the resiliency of the global wellness economy, and how quickly it has bounced back from the pandemic – it has exceeded our own expectations and forecasts,” said Katherine Johnston, GWI senior research fellow.

“If the pandemic disrupted industry momentum in the short term, it has simultaneously created a dramatic shift in the long-term opportunities and trajectory for wellness."

Karina Corbett

Karina Corbett

Published 03rd Feb 2024

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