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PRODUCT NEWS
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| US named world’s largest wellness economy, reaching US$1.8 trillion valuation |
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| 18 Apr 2024 . BY Megan Whitby |
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| The GWI reports that the US spa industry contributes US$25.9 billion to its wellness economy / Shutterstock/PeopleImages.com - Yuri A |
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NASM is playing a crucial role in getting GWI’s detailed analysis into the hands of key players looking to analyse and understand this innovative, world-leading wellness market
– Susie Ellis |
The Global Wellness Institute (GWI) has released new data on the US’ wellness economy, valuing it at US$1.8 trillion.
According to the organisation's recent report – called The Global Wellness Economy: United States – the US is the world’s leading wellness economy and is now double the size of China’s market, worth US$790 billion.
The US has solidified its position as the leader in nine out of the 11 wellness sectors measured by the GWI within the expansive US$5.6 trillion global wellness economy.
The Spa category boasts a substantial portion, accounting for US$25.9 billion of the US wellness market.
The 2024 report is now available on GWI’s Geography of Wellness platform following a partnership with the National Academy of Sports Medicine (NASM), an organisation dedicated to evidence-based education and certification for fitness and wellness professionals.
NASM’s sponsorship provided GWI with the resources to research all 11 sectors that comprise the country’s wellness economy.
“By making this information available to all, NASM is playing a crucial role in getting GWI’s detailed analysis into the hands of investors, academics, business leaders and government agencies looking to analyse and understand this innovative, world-leading wellness market and the opportunities that lie ahead,” said Susie Ellis, GWI chair and CEO.
US wellness economy by sector
Below is a snapshot, in order of market size, of all 11 sectors that make up the US wellness economy. Numbers refer to each market’s global rank, current market valuation and growth from 2020-2022.
1. Physical Activity: #1, US$338.6 billion (+22.9 per cent).
2. Personal Care & Beauty: #1, US$310 billion (+13.4 per cent).
3. Healthy Eating, Nutrition & Weight Loss: #1, US$289 billion (+8.4 per cent).
4. Wellness Tourism: #1, US$259 billion (+31.8 per cent).
5. Public Health, Prevention & Personalized Medicine: #1, S$222 billion (-4.9 per cent).
6. Wellness Real Estate: #1, US$176 billion (+26 per cent).
7. Mental Wellness: #1, US$87 billion (+13.3 per cent).
8. Traditional & Complementary Medicine: #2, US$81.5 billion (+7.4 per cent).
9. Spas: #1, US$26 billion (+30.9 per cent).
10. Workplace Wellness: #1, US$18 billion (+8.1 per cent).
11. Thermal/Mineral Springs: #6, US$1.04 billion (+24.1 per cent).
Total wellness economy: #1, US$1.8 trillion (+14 per cent).
Further details can be found here, including a detailed, downloadable country report entitled The Global Wellness Economy: United States.
The report also includes additional breakdowns on individual markets, such as:
• The physical activity sector, including:
– Sports and active recreation (US$67.2 billion).
– Fitness (US$41.3 billion).
– Mindful movement (US$12.7 billion).
– Fitness tech (US$17.5 billion).
• Healthy eating, nutrition and weight loss, including:
– Healthy labelled food and beverages (US$223.5 billion).
– Vitamins and supplements (US$49.9 billion).
– Weight loss products and services (US$20.0 billion).
• Mental wellness, including:
– Self-improvement (US$19.6 billion).
– Meditation and mindfulness (US$2.2 billion).
• The US spa market, including
– Hotel/resort spa (US$6.5 billion).
– Medical spa (US$3.5 billion).
“The GWI’s reputation is well-recognised, and we are excited to partner with an organization that aligns with our mission to foster wellness on a global scale,” said Mehul Patel, CEO of NASM.
“The Global Wellness Economy report is one of the tools NASM uses when making decisions within the wellness space. By making GWI’s data and insights accessible, we are supporting GWI’s goal of empowering the wellness industry at the local, national, and global level.”
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