Book4Time
Book4Time
Book4Time
 
EMPLOYERS: POST A JOB
Free ezines & magazines
Jobs News Video Training Products Magazines Spa Business spa-kit Handbook What's on Advertise Subscribe
LATEST JOBS
STAR JOB
Chief Executive
Pendle Leisure Trust
SALARY: £Competitive + fabulous benefits package
LOCATION: Nelson, UK
MORE JOBS
Catalogue gallery
More catalogues
Diary dates
Powered by leisurediary.com
22-22 Jun 2024
Worldwide,
22-24 Jun 2024
Las Vegas Convention Center, Las Vegas, United States
22-24 Jun 2024
Las Vegas Convention Center, Las Vegas, United States
23-25 Jun 2024
The Old Thorns Hotel & Resort, Liphook, United Kingdom
08-10 Jul 2024
The Global Ambassador , Phoenix, United States
17-17 Jul 2024
Pennyhill Park , Bagshot, United Kingdom
28-29 Jul 2024
Southern Sun Rosebank, Johannesburg, South Africa
03-05 Sep 2024
IMPACT Exhibition Center, Bangkok, Thailand
Global wellness economy reaches record-breaking $5.6trn – predicted to hit $8.5trn by 2027
By Megan Whitby 07 Nov 2023
Report co-authors Katherine Johnston, Ophelia Yeung and Tonia Callendar presented the figures live on stage Credit: Liz Terry
GWI reveals the global wellness economy has grown 12 per cent annually since 2020, surpassing the record-breaking 2019 results by 14 per cent
It's forecast to grow another 52 per cent by 2027 and reach US$8.5 trillion – representing 6.6 per cent of global GDP
North America, Asia-Pacific and Europe now make up 90 per cent of the entire wellness market
The GWI will release a Global Wellness Economy Report at every annual GWS going forward
The global wellness economy will be worth US$8.5 trillion by 2027, according to new research unveiled by the Global Wellness Institute (GWI).

Called The Global Wellness Economy 2023, the report was unveiled today on the first day of the 17th annual Global Wellness Summit (GWS), hosted in Miami, Florida.

It is the 10th edition of its kind and illustrates how the market has fared since the massive economic shocks of the pandemic.

It provides numbers and analysis for all 11 wellness sectors, regional data and the top 20 national markets for each wellness sector while exploring the major shifts and trends that will impact each wellness market in the future.

The journey so far
Between 2019 and 2020, the wellness market shrank from US$4.9 trillion to US$4.4 trillion (11 per cent).

It has since grown 27 per cent to reach a record-breaking US$5.6 trillion in 2022, where seven of the 11 wellness sectors now surpass their 2019, pre-pandemic values.

The GWI’s 2022 figures for the 11 sectors are as follows (in ascending order):

• Personal Care and Beauty – US$1.089 trillion (+102 per cent on 2019)

• Healthy Eating, Nutrition and Weight Loss – US$1.079 trillion (+118 per cent on 2019)

• Physical Activity – US$976 billion (+111 per cent on 2019)

• Wellness Tourism – US$651 billion (+90 per cent on 2019)

• Public Health, Prevention and Personalised Medicine – US$611 billion (+171 per cent on 2019)

• Traditional and Complementary Medicine – US$519 billion (+107 per cent on 2019)

• Wellness Real Estate – US$398 billion (+177 per cent on 2019)

• Mental Wellness – US$181 billion (+139 per cent on 2019)

• Spas – US$105 billion (+92 per cent on 2019)

• Workplace Wellness – US$51 billion (+97 per cent on 2019)

• Thermal / Mineral Springs – US$46 billion (+71 per cent on 2019)

“We’re surprised by the resiliency of the global wellness economy, and how quickly it has bounced back from the pandemic,” said Katherine Johnston, GWI senior research fellow and co-author of the report.

“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.”

The GWI predicts that full recovery for the slightly lagging sectors of Wellness Tourism, Spas and Thermal / Mineral Springs will be swift given pent-up demand, anticipating that the first two categories will surpass their 2019 value by year-end 2023 and the latter by 2024.

Maintaining momentum
The GWI forecasts that the wellness economy will only expand its share of consumer spending and the global economy over the next five years – growing at an annual rate of 8.6 per cent, higher than the projected global GDP growth of 5.1 per cent (IMF forecasts).

The market is slated to reach US$6.3 trillion by the end of 2023 and US$7.4 trillion in 2025, on its march toward US$8.5 trillion in 2027, when it will represent 6.6 per cent of global GDP (vs. 5.6 per cent in 2022).

The biggest projected wellness growth leaders through 2027 are:
• Wellness Real Estate (17.4 per cent annually)
• Wellness Tourism (16.6 per cent annually)
• Thermal/Mineral Springs (14.3 per cent annually)
• Mental Wellness (12.8 per cent annually)

The unusually high future growth rates for Wellness Tourism and Thermal / Mineral Springs reflect a period of continued recovery from 2023-2025.

Regional analysis
Wellness markets in all global regions have fully recovered from the pandemic, but North America (123 per cent of 2019), Middle East-North Africa (119 per cent of 2019) and Europe (114 per cent of 2019) have shown the most powerful growth rates.

In 2022, as countries in Asia suffered prolonged disruptions and lockdowns, the North American market (US$1.9 trillion) surpassed Asia-Pacific (US$1.7 trillion) as the largest regional wellness economy.

These two regions, along with Europe (US$1.5 trillion market), now make up 90 per cent of the entire wellness market.

The report also states that per capita spending on wellness is highest in North America (US$5,108) and Europe (US$1,596).

What’s next for the 11 sectors?
Four wellness sectors – Personal Care & Beauty, Healthy Eating, Nutrition and Weight Loss, Physical Activity, and Wellness Tourism – will exceed US$1 trillion in market size by 2024.

Three sectors are expected to surpass half a trillion dollars in 2024: Wellness Real Estate, Traditional & Complementary Medicine, and Public Health, Prevention and Personalized Medicine.

Healthy Eating, Nutrition and Weight Loss is also expected to leapfrog Personal Care & Beauty to become the largest wellness market by 2025.

Meanwhile, Wellness Real Estate will enter the top five sectors in 2025, and explode from a US$398 billion market in 2022 to US$887.5 billion in 2027.

“The global wellness economy has a strong current under its wings, based on global trends that are only accelerating: an ageing population, rising chronic diseases and mental unwellness, and a shift in consumer values,” said Ophelia Yeung, GWI senior research fellow and paper co-author.

“But it’s also facing some challenging macro conditions like widening wealth gaps, consumer confidence in uncertain economic conditions and rapidly changing geopolitics that will affect the flow of people, capital, technology and ideas. How the wellness economy will do will depend on the interplay of all of these factors.”

To read the full version of the report, click here.

Going forward, the GWI will release a Global Wellness Economy Report at each annual GWS.

The institute will also release Its Country Rankings Report companion research providing market size, rankings, analysis, and per capita wellness spending for 150 nations, on 30 January 2024.


News
1 to 12 of 8744 news stories
22 Jun 2024
Boutique operator Heartcore is paying damages to a violinist whose career was cut short following an accident during a class in 2019. Maya Meron suffered abdominal damage and a fractured left elbow when the locking ... More
21 Jun 2024
Conde Nast’s iconic fashion and lifestyle publication Vogue has created a list of 100 of the world's leading spas, known as the Global Spa Guide. Showcasing a wide range of spas – from urban sanctuaries ... More
21 Jun 2024
Results are in for the latest Good Spa Guide (GSG) consumer survey, with this year's findings categorised into five life stages to better understand different people’s priorities when visiting spas. The State of Spa Report ... More
21 Jun 2024
The 2024 Global Wellness Summit (GWS) is set to make a splash in Scotland from 4-7 November, with the theme “A Watershed Moment for Wellness”. Held at the historic Old Course Hotel in St Andrews, ... More
20 Jun 2024
Fitness influencer and karate champion, Anna Lewandowska, has announced the launch of a multi-concept boutique in Barcelona called Edan Studios based on HIIT, Pilates and dance. Lewandowska has signed franchise agreements for two Holmes Place ... More
20 Jun 2024
Turkish hospitality group Maxx Royal Resorts has launched a new upscale coastal retreat on Türkiye's Bodrum peninsula, complete with a large 4,500sq m destination spa. Framed by landscaped gardens and views of the Aegean, the ... More
19 Jun 2024
Victoria Brownlie, the British Beauty Council’s chief of policy and sustainability, has been named in King Charles’ Birthday Honours 2024 for her services to the UK’s beauty and personal care industry. Brownlie has been praised ... More
19 Jun 2024
A new retreat focused on helping people lead longer, happier lives is launching on the Japanese island of Okinawa. As one of the world's five Blue Zone areas, Okinawa is known for its population's longevity ... More
18 Jun 2024
One&Only Resorts has introduced a new three-storey spa on the picturesque Greek island of Kéa, located at its recently launched oceanfront property, One&Only Kéa Island Resort and Private Homes. Set on a dramatic cliffside site, ... More
14 Jun 2024
Hotels incorporating wellness amenities experienced a significant boost in Total Revenue per Available Room (TRevPAR) in 2023, according to the latest Wellness Real Estate Report by RLA Global, produced in partnership with P&L benchmarking firm ... More
13 Jun 2024
The 2024 G7 Summit is now underway at a destination spa resort in Puglia, Italy, with leaders from Canada, France, Germany, Italy, Japan, the UK and the US convening to address some of the world’s ... More
13 Jun 2024
Minor Hotels CEO Dillip Rajakarier has unveiled plans to introduce an innovative medi-wellness concept to the group's Anantara Hotels, Resorts and Spas brand, with ambitions to expand the concept to additional resorts in the future. ... More
     
International SPA Association - iSPA
Oakworks Inc
Company Profile
Lemi Group
Lemi Group designs and produces treatment tables, chairs and multi-functional furniture and [more]
 
MORE PROFILES
Featured Supplier
Metawell: unlocking the possibilities in a new era of wellness
A decade ago, the Gharieni Group began pioneering the integration of advanced wellness technologies into its spa and treatment beds. This innovative approach has since become one of the industry's most significant disruptions and groundbreaking trends. ... more
Lemi
Product news
Ojmar introduces battery-free electronic locker to cut carbon footprints in health clubs and spas
Ojmar introduces battery-free electronic locker to cut carbon footprints in health clubs and spas
Omorovicza celebrates Claridge’s partnership with exclusive two-hour ritual inspired by ballet
Omorovicza celebrates Claridge’s partnership with exclusive two-hour ritual inspired by ballet
111Skin announces launch of Wrinkle Erasing Retinol Patches
111Skin announces launch of Wrinkle Erasing Retinol Patches
Swissline creates Never-Creased Sunscreen SPF 50 for mature skin
Swissline creates Never-Creased Sunscreen SPF 50 for mature skin
Acupuncture and physiotherapy inspire Comfort Zone’s new Facial Roller device
Acupuncture and physiotherapy inspire Comfort Zone’s new Facial Roller device
Living Earth Crafts creates Radiance PT LED light therapy bed
Living Earth Crafts creates Radiance PT LED light therapy bed
Directory

 
JOBS
NEWS
VIDEO
TRAINING
PRODUCTS
MAGAZINE
 
SPA BUSINESS
SPA-KIT.NET
SPA BUSINESS HANDBOOK
SUBSCRIBE
ADVERTISE
FREE DIGITAL SUBSCRIPTIONS
CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024



Book4Time
Book4Time
Book4Time
Book4Time
Jobs    News   Products   Magazine
NEWS
Global wellness economy reaches record-breaking $5.6trn – predicted to hit $8.5trn by 2027
POSTED 07 Nov 2023 . BY Megan Whitby
Report co-authors Katherine Johnston, Ophelia Yeung and Tonia Callendar presented the figures live on stage Credit: Liz Terry
Credit: GWI
The global wellness economy has a strong current under its wings
– Ophelia Yeung
GWI reveals the global wellness economy has grown 12 per cent annually since 2020, surpassing the record-breaking 2019 results by 14 per cent
It's forecast to grow another 52 per cent by 2027 and reach US$8.5 trillion – representing 6.6 per cent of global GDP
North America, Asia-Pacific and Europe now make up 90 per cent of the entire wellness market
The GWI will release a Global Wellness Economy Report at every annual GWS going forward
The global wellness economy will be worth US$8.5 trillion by 2027, according to new research unveiled by the Global Wellness Institute (GWI).

Called The Global Wellness Economy 2023, the report was unveiled today on the first day of the 17th annual Global Wellness Summit (GWS), hosted in Miami, Florida.

It is the 10th edition of its kind and illustrates how the market has fared since the massive economic shocks of the pandemic.

It provides numbers and analysis for all 11 wellness sectors, regional data and the top 20 national markets for each wellness sector while exploring the major shifts and trends that will impact each wellness market in the future.

The journey so far
Between 2019 and 2020, the wellness market shrank from US$4.9 trillion to US$4.4 trillion (11 per cent).

It has since grown 27 per cent to reach a record-breaking US$5.6 trillion in 2022, where seven of the 11 wellness sectors now surpass their 2019, pre-pandemic values.

The GWI’s 2022 figures for the 11 sectors are as follows (in ascending order):

• Personal Care and Beauty – US$1.089 trillion (+102 per cent on 2019)

• Healthy Eating, Nutrition and Weight Loss – US$1.079 trillion (+118 per cent on 2019)

• Physical Activity – US$976 billion (+111 per cent on 2019)

• Wellness Tourism – US$651 billion (+90 per cent on 2019)

• Public Health, Prevention and Personalised Medicine – US$611 billion (+171 per cent on 2019)

• Traditional and Complementary Medicine – US$519 billion (+107 per cent on 2019)

• Wellness Real Estate – US$398 billion (+177 per cent on 2019)

• Mental Wellness – US$181 billion (+139 per cent on 2019)

• Spas – US$105 billion (+92 per cent on 2019)

• Workplace Wellness – US$51 billion (+97 per cent on 2019)

• Thermal / Mineral Springs – US$46 billion (+71 per cent on 2019)

“We’re surprised by the resiliency of the global wellness economy, and how quickly it has bounced back from the pandemic,” said Katherine Johnston, GWI senior research fellow and co-author of the report.

“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.”

The GWI predicts that full recovery for the slightly lagging sectors of Wellness Tourism, Spas and Thermal / Mineral Springs will be swift given pent-up demand, anticipating that the first two categories will surpass their 2019 value by year-end 2023 and the latter by 2024.

Maintaining momentum
The GWI forecasts that the wellness economy will only expand its share of consumer spending and the global economy over the next five years – growing at an annual rate of 8.6 per cent, higher than the projected global GDP growth of 5.1 per cent (IMF forecasts).

The market is slated to reach US$6.3 trillion by the end of 2023 and US$7.4 trillion in 2025, on its march toward US$8.5 trillion in 2027, when it will represent 6.6 per cent of global GDP (vs. 5.6 per cent in 2022).

The biggest projected wellness growth leaders through 2027 are:
• Wellness Real Estate (17.4 per cent annually)
• Wellness Tourism (16.6 per cent annually)
• Thermal/Mineral Springs (14.3 per cent annually)
• Mental Wellness (12.8 per cent annually)

The unusually high future growth rates for Wellness Tourism and Thermal / Mineral Springs reflect a period of continued recovery from 2023-2025.

Regional analysis
Wellness markets in all global regions have fully recovered from the pandemic, but North America (123 per cent of 2019), Middle East-North Africa (119 per cent of 2019) and Europe (114 per cent of 2019) have shown the most powerful growth rates.

In 2022, as countries in Asia suffered prolonged disruptions and lockdowns, the North American market (US$1.9 trillion) surpassed Asia-Pacific (US$1.7 trillion) as the largest regional wellness economy.

These two regions, along with Europe (US$1.5 trillion market), now make up 90 per cent of the entire wellness market.

The report also states that per capita spending on wellness is highest in North America (US$5,108) and Europe (US$1,596).

What’s next for the 11 sectors?
Four wellness sectors – Personal Care & Beauty, Healthy Eating, Nutrition and Weight Loss, Physical Activity, and Wellness Tourism – will exceed US$1 trillion in market size by 2024.

Three sectors are expected to surpass half a trillion dollars in 2024: Wellness Real Estate, Traditional & Complementary Medicine, and Public Health, Prevention and Personalized Medicine.

Healthy Eating, Nutrition and Weight Loss is also expected to leapfrog Personal Care & Beauty to become the largest wellness market by 2025.

Meanwhile, Wellness Real Estate will enter the top five sectors in 2025, and explode from a US$398 billion market in 2022 to US$887.5 billion in 2027.

“The global wellness economy has a strong current under its wings, based on global trends that are only accelerating: an ageing population, rising chronic diseases and mental unwellness, and a shift in consumer values,” said Ophelia Yeung, GWI senior research fellow and paper co-author.

“But it’s also facing some challenging macro conditions like widening wealth gaps, consumer confidence in uncertain economic conditions and rapidly changing geopolitics that will affect the flow of people, capital, technology and ideas. How the wellness economy will do will depend on the interplay of all of these factors.”

To read the full version of the report, click here.

Going forward, the GWI will release a Global Wellness Economy Report at each annual GWS.

The institute will also release Its Country Rankings Report companion research providing market size, rankings, analysis, and per capita wellness spending for 150 nations, on 30 January 2024.
The GWI forecasts that the wellness economy will only expand its share of consumer spending and the global economy over the next five years Credit: GWI
RELATED STORIES
MORE NEWS
Heartcore ordered to pay damages in Coreformer collapse case, with lessons for the sector
Boutique operator Heartcore is paying damages to a violinist whose career was cut short following an accident during a class in 2019.
Vogue hand-picks 100 of the world’s best spas to curate Global Spa Guide
Conde Nast’s iconic fashion and lifestyle publication Vogue has created a list of 100 of the world's leading spas, known as the Global Spa Guide.
Good Spa Guide report reveals diverse spa preferences and spending habits across age groups
Results are in for the latest Good Spa Guide (GSG) consumer survey, with this year's findings categorised into five life stages to better understand different people’s priorities when visiting spas.
Global Wellness Summit 2024 to make waves in Scotland with theme “A Watershed Moment for Wellness”
The 2024 Global Wellness Summit (GWS) is set to make a splash in Scotland from 4-7 November, with the theme “A Watershed Moment for Wellness”.
Influencer Anna Lewandowska reveals plans for a new 'wellness paradise' called Edan Studios in Barcelona
Fitness influencer and karate champion, Anna Lewandowska, has announced the launch of a multi-concept boutique in Barcelona called Edan Studios based on HIIT, Pilates and dance.
Luxury 20-treatment-room spa launches in Türkiye at Maxx Royal Bodrum Resort
Turkish hospitality group Maxx Royal Resorts has launched a new upscale coastal retreat on Türkiye's Bodrum peninsula, complete with a large 4,500sq m destination spa.
+ More news   
 
COMPANY PROFILES
Zenoti

Zenoti addresses every facet of running a spa, from crafting an exceptional client experience and [more...]
+ More profiles  
DIRECTORY
+ More directory  
DIARY

 

22-22 Jun 2024

World Bathing Day

Worldwide,
22-24 Jun 2024

IECSC Las Vegas

Las Vegas Convention Center, Las Vegas, United States
+ More diary  
 


CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS