Wellness is all about maintaining your being, both mentally and physically as well as making healthier lifestyle choices. And while the concept of wellness has been around for quite some time, it has enjoyed steady growth over the last few years. It's one of the most popular markets, both for manufacturers as well as their affiliates.
Its steady growth rate over the last couple of years can be attributed to the increase in the number of people making healthier life choices and recognizing the importance of wellness. Rising disposable incomes, rapid urbanization and the availability of wearable devices have also helped to drive this growth.
In an insightful interview with Deep Patel, founder of a grooming brand that achieved 8 figures within 2 years, he discusses the transformative power of entrepreneurship in the health and wellness industry. And that's just one example. It's a clear sign of the times.
In this article, we will explore the latest health and wellness industry statistics, facts and trends. So, whether you are a new market entrant or an established player, this data and insights will help you to understand the industry better and know where to focus your resources.
1. Global Wellness Statistics
According to health and wellness industry statistics released by Statista, the market was valued at approximately $4.4 trillion in 2019. This figure is expected to pass the $6 trillion mark by 2025, as more people become increasingly aware of their health and wellness.
Between 2015 and 2017, the health and wellness industry grew by approximately 6.4%, which is almost double that of the global economic growth rate. This is based on a wellness industry growth report published by the Global Wellness Institute.
According to the same report, personal care, anti-aging, beauty and personal care account for $1 trillion of the market share, healthy eating, weight loss and nutrition account for $700 billion, wellness tourism stands at $630 billion, mind-body and fitness at approximately $600 billion and complementary and traditional medicine accounts for around $360 billion.
The wellness industry contributes to approximately 5.3% of the global economic output, according to these health and wellness industry statistics. This is an indication that individuals around the world are more than willing to spend a considerable amount of their money on relaxation, self-care and overall wellness. And as noted earlier, this health and wellness industry growth rate is expected to remain steady, moving forward.
2. Regional Health and Wellness Industry Statistics
As for the health and wellness market share, North America remains the leader in the industry. Wellness industry statistics released by Research Dive show that North America accounted for approximately 39.7% of the market share.
This trend is expected to continue in the coming years, owing to the increase in the use of health, wellness and fitness-related services in the U.S and Canada. Furthermore, the growing number of people being diagnosed with chronic diseases in this region is expected to boost its dominance further. According to recent health and wellness industry statistics, the North American market is projected to reach around $2.5 billion by the end of 2026.
Following North America closely is the Asia-Pacific region, which is expected to witness massive growth. Its healthy growth rate can be attributed to the increasing awareness of the importance of wellness and health products among the people in the region.
Furthermore, the increasing demand for wellness tourism in the region, combined with favorable investment conditions and various government initiatives, are considerably supporting the region’s strong market growth.
A health and wellness industry analysis conducted by Research Dive shows that the Asia-Pacific health and wellness market will reach approximately $2 trillion by 2026, up from around $1.3 trillion in 2018.
3. Corporate Wellness
Corporate wellness is one of the fastest-growing segments in the health and wellness industry. As the name suggests, corporate wellness entails companies and organizations putting in place programs and services designed to improve their employees’ health and wellbeing.
Such services and programs help to keep the workforce happy, healthy, and motivated, leading to higher productivity at work. According to corporate wellness statistics released by Statista, the corporate wellness market size is projected to grow from $82 billion in 2020 to more than $87 billion by 2027.
Different organizations offer different corporate wellness programs to their workforce. Some of the most popular wellness programs in the corporate world include annual health risk assessment, onsite flu vaccinations, health club memberships, fitness challenges and competitions, participating in marathons, office mental health support, fun games and activities as well as cooking challenges, just to name a few.
4. Wellness Tourism
Wellness tourism is another rapidly growing segment in the health and wellness industry. People are traveling across the globe for Ayurveda treatments, mindfulness training, meditation, yoga, agricultural tourism as well as spa treatments.
Leveraging travel software development can enhance wellness tourism businesses by offering seamless booking experiences, personalized travel packages, and efficient management of customer data.
According to wellness tourism statistics released by Vision Research Reports, the global wellness tourism market size was valued at around $683 billion in 2020.
It’s expected to witness a compounded annual growth rate (CAGR) of approximately 7.10%, between 2021 and 2028. So, by 2028, the market is expected to be worth approximately $1.10 trillion.
The increase in the number of health-conscious individuals frequenting popular travel destinations in the world is behind this growth. Furthermore, rising disposable income levels in developing areas together with promotional campaigns run by governments around the globe have also considerably led to the rise of wellness tourism.
Domestic wellness tourism takes the lion’s share, compared to international wellness tourism. Also, it’s projected to witness a steady compounded annual growth rate (CAGR) between 2019 and 2026.
While the domestic wellness tourism segment continues to dominate the market, the international segment is projected to experience the fastest growth rate between 2019 and 2026.
Currently, Europe holds the biggest revenue share of wellness tourism while the Asia-Pacific region is projected to experience the fastest growth rate during the same period. Rising disposable incomes and technological advances in developing countries like India and China will fuel this growth.
5. Virtual and Online Wellness
Virtual and online wellness activities experienced tremendous growth in 2020, owing to the global pandemic. And this segment is also expected to keep growing.
According to 2020 Statista health and wellness statistics, most of the health and fitness services that people spent on mostly were health tracking apps, training apps, and fitness apps.
And most of the gyms are now back open, some people don’t have any intention of going back there. So, you can expect the virtual and wellness segment to keep growing.
6. Spa Industry Statistics
Similar to other niches in the health and wellness industry, the spa industry has continued to grow at a steady rate. According to the latest spa industry statistics published by Grand View Research, the global spa market size was valued at approximately $47.5 billion in 2020.
Based on the same report, the market is projected to expand at a compound annual growth rate (CAGR) of approximately 12.1%, between 2021 and 2028.
There were approximately 149,000 spas in 2017, earning around $93.6 billion, with a workforce of almost 2.5 million employees. This is according to spa industry statistics published by the Global Wellness Institute.
According to the report, the global spa industry has been growing by around 9.9% annually, between 2015 and 2017. The industry is projected to hit the $128 billion mark by the end of 2022.
Currently, the top five markets in the global spa industry are the U.S, China, Japan, Germany and France. Global Wellness Institute projects that the industry will need more than 54,000 experienced spa managers and 300,000 trained spa therapists by 2022.
Maintaining a healthier lifestyle, both physical and mental is expected to increase the demand for spa services. Rapid urbanization, sedentary lifestyles, and hectic work schedules for busy professionals have also increased the demand for treatment in spas.
Resort or hotel spa accounts for the largest market share. However, destination spa is also projected to witness a healthy growth rate, due to the increasing demand for traditional spas like Ayurveda, Turkish and Swedish massage.
7. Health and Wellness Industry Trends
The health and wellness industry is expected to keep changing, evolving and adopting new trends. So, whether you have already invested in this industry or you are a potential investor, it’s important to keep up with these trends and changes and adjust accordingly. Some of the expected trends in this industry include:
7.1 A Shift to Clean, Natural Products
Consumers are increasingly shifting to clean, natural products like cosmetics, skincare, multivitamins, sleep enhancers and subscription food services. Furthermore, most consumers now prefer choosing a natural dietary supplement, as opposed to an effective one with synthetic ingredients.
So, if you sell any of the products within this category, it’s time to adjust your ingredient sourcing and manufacturing methods, to ensure your products are all-natural and clean.
7.2 The Rise of Services
Products have always dominated the health and wellness industry. But recently, consumers are increasingly shifting towards services, which address their mental, physical and emotional wellbeing.
Such services may include nutritionists, personal trainers, mindfulness counseling and meditation. So, if you are looking for investment ideas in this niche, you should consider being a service provider.
8. Wrapping It Up
The global health and wellness market is strong and growing steadily. All categories that we’ve covered in this report are projected to keep growing at a healthy rate. Therefore, the market has ample room for investment opportunities. However, it’s also worth noting that the wellness market will also become increasingly competitive going forward, as more players join the industry. So, both current and future investors will need to be strategic on how and where to invest as well as how to attract and retain consumers.