The global wellness industry hit an all-time high valuation of US$6.3trn in 2023, according to new research from the Global Wellness Institute (GWI).
The Global Wellness Economy Monitor 2024 has predicted it will reach US$9trn in 2028, which is nearly double what it was worth in 2019 size.
The research was presented at the recent Global Wellness Summit (GWS) 2024 in Scotland, and provides information for all 11 wellness sectors, including personal care and beauty, spas, and wellness tourism.
All 11 wellness sectors saw positive growth from 2021 to 2023, with wellness tourism (30.3%) and spas (29.3%) being among the sectors that saw the biggest growth spurts.
Researchers say this is a testament to the recent boom in wellness travel, but also reflects that these sectors suffered the biggest pandemic hits.
According to the researchers, the years between 2013 and 2023 could be dubbed ‘the wellness decade’, as it’s when the consumer interest and need for wellness became an explosive and permanent shift. Over that decade, the market grew by 6.5% annually.
The GWI forecasts that between 2023-2028, the annual growth rate for the wellness economy will be an even faster 7.3%. The spa sector is set to experience a 6.1% projected annual growth rate and hit US$184.3bn by 2028.
“The wellness economy continues to march forward at a brisk pace, despite a decline in global wellbeing on many fronts,” said Katherine Johnston and Ophelia Yeung, GWI senior researchers. “In a world full of uncertainty and divisiveness, wellness has become a universal value.”
