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News report
Peak performance

Fresh figures show the global wellness market is growing at a rapid pace and will maintain momentum


The global wellness economy has exceeded US$5.6 trillion and will reach US$8.5 trillion by 2027, according to the 2023 Global Wellness Economy Monitor report.

The figures, just released by the Global Wellness Institute (GWI), represent a major turnaround after COVID-19 which saw the market shrink from US$4.9 trillion to US$4.4 trillion (-9.5 per cent) between 2019 and 2020.

It’s since grown 26 per cent between 2020 and 2022 and seven of the 11 wellness sectors now exceed their 2019, pre-pandemic values (see Diagram 1).

Spa-related sectors
The report shows that the traditional and complementary medicine sector grew by 15 per cent from 2020 to 2022 and is now worth US$518.6 billion.

The global spa market is valued at US$104.5 billion and thermal/mineral springs at US$46.3 billion. While these sectors increased by 50 per cent and 16 per cent respectively from 2020 to 2022, they’re still behind their 2019 values of US$113.8 billion and US$65.7 billion.

Yet, GWI predicts that a full recovery for these markets will be swift, increasing by 8.3 per cent and 14.3 per cent a year respectively, given pent-up demand. By 2027 it estimates that the spa industry will be worth US$156.1 billion and thermal/mineral springs will generate US$90.5 billion (see Diagram 2).

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

In 2022, 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), 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).

Presenting the findings at the Global Wellness Summit in November (see p88), report co-author Ophelia Yeung said: “We’re very bullish about the wellness economy. Wellness has become a dominant consumer value and interest in it is only going to grow.

“But we also have a lot of unknown factors including widening wealth gaps, 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.”

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Snow’s holistic cool-down: Embracing inclusivity in post-sauna rituals
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A wholly owned UK and Ireland subsidiary of JK Group in Germany with an established heritage of 30+ [more...]
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Uniting the world of spa & wellness
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News   Products   Magazine   Subscribe
News report
Peak performance

Fresh figures show the global wellness market is growing at a rapid pace and will maintain momentum


The global wellness economy has exceeded US$5.6 trillion and will reach US$8.5 trillion by 2027, according to the 2023 Global Wellness Economy Monitor report.

The figures, just released by the Global Wellness Institute (GWI), represent a major turnaround after COVID-19 which saw the market shrink from US$4.9 trillion to US$4.4 trillion (-9.5 per cent) between 2019 and 2020.

It’s since grown 26 per cent between 2020 and 2022 and seven of the 11 wellness sectors now exceed their 2019, pre-pandemic values (see Diagram 1).

Spa-related sectors
The report shows that the traditional and complementary medicine sector grew by 15 per cent from 2020 to 2022 and is now worth US$518.6 billion.

The global spa market is valued at US$104.5 billion and thermal/mineral springs at US$46.3 billion. While these sectors increased by 50 per cent and 16 per cent respectively from 2020 to 2022, they’re still behind their 2019 values of US$113.8 billion and US$65.7 billion.

Yet, GWI predicts that a full recovery for these markets will be swift, increasing by 8.3 per cent and 14.3 per cent a year respectively, given pent-up demand. By 2027 it estimates that the spa industry will be worth US$156.1 billion and thermal/mineral springs will generate US$90.5 billion (see Diagram 2).

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

In 2022, 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), 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).

Presenting the findings at the Global Wellness Summit in November (see p88), report co-author Ophelia Yeung said: “We’re very bullish about the wellness economy. Wellness has become a dominant consumer value and interest in it is only going to grow.

“But we also have a lot of unknown factors including widening wealth gaps, 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.”

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FEATURED SUPPLIERS

Advanced regeneration technology: enhance your skin's future with myLEDmask by myBlend
MyBlend’s innovative myLEDmask is the result of years of meticulous research and development in photobiomodulation, phototherapy and laser techniques by Dr Olivier Courtin and his team of experts. [more...]

Snow’s holistic cool-down: Embracing inclusivity in post-sauna rituals
In the world of wellness, the age-old tradition of sauna bathing is synonymous with relaxation, detoxification and rejuvenation. But, a crucial and sometimes overlooked part of the journey is the all-important cooldown. [more...]
+ More featured suppliers  
COMPANY PROFILES
RKF Luxury Linen

RKF Luxury Linen, established in the East of France for several decades, owns an artisanal know-how [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

DIRECTORY
+ More directory  
DIARY

 

28-29 Jul 2024

Les Nouvelles Esthetiques Spa Conference 2024

Southern Sun Rosebank, Johannesburg, South Africa
03-05 Sep 2024

ASEAN Patio Pool Spa Expo

IMPACT Exhibition Center, Bangkok, Thailand
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
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