Global Wellness Market Expands Beyond Expectations
Nov/07/2024
The global wellness market reached a striking valuation of $6.32 trillion in 2023, marking a 25% rise since 2019, surpassing the combined size of the sports and pharmaceutical sectors, as per the Global Wellness Institute (GWI). This robust growth reflects heightened global interest in health and well-being, spurred by the pandemic, an aging population, chronic diseases, and increased focus on mental health. GWI’s broad definition encompasses 11 sectors, with personal care and beauty leading at $1.21 trillion, followed by healthy eating ($1.09 trillion) and physical activity ($1.06 trillion). The fastest-growing segment, wellness real estate, grew at an average rate of 18%, reaching $438.2 billion. McKinsey’s analysis, using consumer data from categories such as sleep and nutrition, placed the market size at $1.8 trillion as of January, highlighting the expansive and varied nature of the wellness industry. Following tag cloud shows most frequent words related to wellness trademarks filed in US in 2024 up to date (November 7th).
