Latest GWI research reveals global wellness economy is worth $5.6 trillion

New research from the Global Wellness Institute (GWI), revealed at today’s Global Wellness Summit (GWS) shows that the global wellness economy has grown by 12% annually since 2020.

Despite post-pandemic challenges, the wellness economy has experienced a growth surge since 2020 – and by the end of 2022 was worth a record $5.6 trillion (£4.55 trillion/€5.24 trillion).

In its Global Wellness Economy Monitor 2023 report, the GWI forecasts the wellness market will continue to expand its share of consumer spending over the next five years, growing to $8.5 trillion in 2027 – nearly double the size it was in 2020.

Wellness economy growth and recovery

In a remarkable turnaround, seven of the 11 wellness sectors identified by the GWI now surpass their 2019 pre-pandemic size.

With consumers, governments and the medical world placing greater emphasis on preventative health, the GWI predicts the wellness economy will continue to grow at an annual pace of 8.6% through to 2027.

This is considerably higher than the previously projected global GDP growth of 5.1%.

The Global Wellness Economy Monitor 2023 report includes regional numbers and the top-20 national markets for each sector.

It also summarises major wellness trends that will shape each future market, from fit-tech and wearables to meditation and supplements.

Future growth leaders

In the Global Wellness Economy 2023 report, the GWI predicts its biggest projected ‘gainers’ in the years to 2027.

Leading the pack, wellness real estate is predicted to grow by 17.4% annualy, while wellness tourism sits at 16.6% annual growth.

Thermal/mineral springs are set to grow by 14.3% annually and mental wellness by 12.5% each year.

Significantly, the GWI predicts that wellness real estate will enter the top five markets in 2025. It is set to explode from $398 billion value in 2022 to $887.5 billion by 2027.

Thriving wellness sectors

The GWI projects four wellness sectors will exceed $1 trillion in market size by 2024.

These are personal care and beauty, healthy eating, nutrition, weight loss and physical activity, and wellness tourism.

It reveals that wellness markets in all global regions have fully recovered from the pandemic.

Those that have shown the most powerful growth include North America (123% of 2019 market), Middle East-North Africa (119% of 2019), and Europe (114% of 2019).

“The global wellness economy is also facing some challenging macro conditions, such as widening wealth gaps and consumer confidence in uncertain economic conditions,” said Ophelia Young, senior research fellow at the Global Wellness Institute.

“How the wellness economy will do will depend on the interplay of all of these factors.”

The GWI has announced it will now release a Global Wellness Economy Monitor report annually, at each Global Wellness Summit.

The full report can be downloaded here.

Its companion research, providing market size, rankings and analysis on per capita wellness spending for 150 nations, will be released on January 30, 2024.

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