16 Jul ENLIGHTENING HEALTH AND WELLNESS INDUSTRY STATISTICS [2023]: FACTS, DATA AND TRENDS

Research Summary. As people take their health more seriously, the already-massive health and wellness industry has grown to meet consumers’ demands. Here are some statistics about this industry:

• The global wellness market is worth $4.4 trillion as of 2022.
• The U.S. wellness industry is valued at $1.2 trillion and makes up 28% of the worldwide wellness market as of 2021.
• The retail value of the U.S.’s health and wellness products is about $186 billion.
• Experts predict that the global wellness industry will see an annual growth rate of 9.9% as it recovers from the COVID-19 pandemic.
• The global wellness industry is estimated to have a CAGR of 5.5% from 2021 to 2030.

For further analysis, we broke down the data in the following ways:
Consumer Opinions | Trends and Projections | Spa Industry

HEALTH AND WELLNESS INDUSTRY STATISTICS BY SECTOR

• Personal care and beauty is the largest sector of the global wellness industry at a value of $955 billion.
• The global health eating, nutrition, and weight loss sector is worth $946 billion.
• The global physical activity sector is worth $738 billion.
• The global wellness tourism sector is worth $436 billion.
• The traditional and complementary medicine sector is valued at $413 billion globally.
• The global public health, prevention, and personalized medicine sector is worth $375 billion.
• The global wellness real estate sector is worth $275 billion.
• The mental wellness sector is worth $131 billion worldwide.
• The spas sector of the global wellness industry is valued at $68 billion.
• The workplace wellness sector is worth $49 billion globally.
• The hot and mineral springs sector of the worldwide wellness industry is worth $39 billion.
• The global wellness tourism sector is expected to see an average annual growth rate of 20.9% from 2020 to 2025.

HEALTH AND WELLNESS INDUSTRY STATISTICS BY CONSUMER OPINIONS

• 79% of consumers believe wellness is important.In addition, 42% of consumers view wellness as a top priority. These surveyed consumers live in six different countries across North America, South America, Europe, and Asia, showing that this is a global perspective not limited to just one or two cultures.
• Of the money they spend on wellness, Americans spend the majority of it on products and services used to improve their health.50.1% of their annual wellness spending went to this category, while 20.1% went to their appearance and 13.8% went toward fitness. An additional 9.2% was spent on nutrition, 6.3% on mindfulness, and 0.6% on better sleep.

48.2% of Americans say they’ve increased their prioritization of wellness over the past two to three years.

This survey was taken in August 2020, and while almost half of the respondents said they’d seen an increase in this area, 42% said that they hadn’t seen any change in their prioritization of wellness over the past two to three years, and 10% said it had actually decreased.

As far as becoming healthier, 41.9% of these same respondents said that they have seen their overall wellness levels increase over the past two to three years, 36.5% said they saw no change, and 21.4% said they saw them decrease.

• 28% of consumers say they’d choose more natural skincare products over more effective ones in 2021.This is down from the 36% who said the same the year before.

  This carries over to more than just skincare as well, as 28% said they’d choose more natural dietary supplements over more effective ones, compared to 41% who said the same in 2020.

HEALTH AND WELLNESS INDUSTRY TRENDS AND PROJECTIONS

• In 2017, the global wellness industry was worth $4.32 trillion.
• As of 2020, the global health and wellness industry is worth about $4.44 trillion.
• The global health and wellness market is expected to reach a value of about $6.99 trillion in 2025.
• The global health and wellness market is expected to see a CAGR of 5.5% from 2021 to 2030.
• As it recovers from the COVID-19 pandemic, the worldwide wellness economy is expected to see an annual growth rate of 9.9% from 2020 to 2025.

SPA INDUSTRY STATISTICS

• The U.S. health and wellness spa industry earned $19.83 billion in revenue in 2020.While many industries saw a decrease during this year due to the COVID-19 pandemic, this one saw an increase from 2019’s revenue of $19.43 billion. It’s expected to continue to grow as well, reaching a revenue of $22.1 billion by 2025.
• The U.S. spa industry is worth $15.1 billion as of 2020.This is the largest market value of any country in the world, with the next closest being China, with a spa industry worth $6.3 billion.
• In 2021, the U.S. saw 173 million spa visits.This number is almost 40% higher than the 124 million visits Americans made to spas in 2020 — a low number attributed to the spa closures caused by the COVID-19 pandemic.

  Before 2020, the annual number of spa visits was regularly increasing yearly with a steady climb from 143 million in 2009 (which, due to the economic recession, was lower than 160 million in 2008) to 192 million in 2019.

HEALTH AND WELLNESS INDUSTRY STATISTICS FAQ

• How big is the health and wellness industry?The health and wellness industry is worth $4.4 trillion. This is the global market’s value as of 2022, and experts predict an annual growth rate of 9.9% as it comes out of the COVID-19 pandemic, which will turn into an estimated CAGR of 5.5% from 2021 to 2030.

  The U.S. health and wellness industry is valued at $1.2 trillion, and it accounts for about 28% of the worldwide market.

  The U.S. wellness spa industry alone is worth $15.1 billion and is the largest in the world, far eclipsing China’s, which is worth just $6.3 billion. American spas had 124 million visits in 2020, which is 35% lower than the 192 million they saw in 2019.

• Is the health and wellness industry growing?Yes, the health and wellness industry is growing. The industry took a significant hit during the COVID-19 pandemic, but it’s recovering rapidly at an annual rate of 9.9%. Experts expect it to continue to grow even after it regains the ground it lost, predicting a CAGR of 5.5% from 2021 to 2030.

  In 2017, the global wellness industry was valued at $4.32 trillion, and this number continued to grow until it dropped back down in 2020, reaching a value of $4.44 trillion that year. By 2025, however, it’s estimated to reach a value of $6.99 trillion.

• What is the fastest-growing health and wellness company?

• The fastest-growing health and wellness company is Medifast. This was the only wellness company included on FORTUNE Magazine’s list of top 100 Fastest-Growing Companies. They’ve been included on the list for three years in a row, showing that their growth is continuing to stay strong.

  Medifast’s main brand is OPTAVIA, which offers health and wellness services, products, and community. The brand is worth $1 billion and has had over two million customers.

• What is the largest sector of the health and wellness industry?The largest sector of the health and wellness industry is personal care and beauty. This sector is valued at $955 billion, and it’s just a little bit larger than the healthy eating, nutrition, and weight loss sector, which is valued at $946 billion.

  After those two comes the physical activity sector valued at $738 billion, the global wellness tourism sector at $436 billion, and the traditional and complementary medicine sector at $413 billion.

  Rounding out the list are the wellness real estate, mental wellness, spas, workplace wellness, and springs (as in hot springs or mineral springs) sectors.

CONCLUSION

Over the few years surrounding 2020, 48.2% of Americans say they’ve increased their prioritization of health and wellness, and 79% of consumers all over the world say they believe that wellness is important, with 42% saying they view it as a top priority.

To meet the health and wellness needs of all these consumers, the health and wellness industry has continued to grow, recovering from COVID-19 pandemic setbacks at an annual rate of 9.9%, and is projected to continue to grow at a CAGR of 5.5% from 2021 to 2030.

Globally, the health and wellness market is valued at $4.4 trillion, and the largest sector of that market is personal care and beauty, valued at $955 billion.

Even though the global wellness tourism sector is currently only worth $436 billion, it’s expected to see an annual growth rate of 20.9% from 2020 to 2025, which will quickly bump it up the list of most valuable wellness sectors.

curated by ozzie small