31 Mar Key Wellness Industry Statistics and Predictions 2023
The COVID-19 epidemic sparked a wellness movement that persisted even after the world’s doors reopened. The year of the “self” in 2022 was one in which everyone took some time to think about themselves. Interestingly, collagen and digital healthcare were big last year. Nevertheless, the theme of 2023 is “balance”. This year, the emphasis is on sustaining our wellness and self-awareness journeys while going about our daily lives now that we’ve miraculously returned to our pre-pandemic existence. With that said, here are some important statics and predictions that, will be more prominent in 2023 and the years to come.
Wellness Industry Market Size
The global market for health and wellness was valued at over 4.3 trillion dollars in 2020, and by 2025, it is expected to reach around 7 trillion. This demonstrates the rising demand for goods and services related to health and wellness as well as the industry’s potential for expansion. This is important because it shows that more people are realising the value of wellness and are prepared to invest in it.
With a $1.2 trillion market value, the United States accounts for 28% of the global wellness sector. This demonstrates the enormous magnitude of the wellness and health industry in the US. This further illustrates that the wellness sector is a lucrative and expanding industry and that investors should think about investing to take advantage of the trend.
In the UK, the wellness industry market is estimated at $158.4 billion. This ranks the country’s wellness economy at #5 worldwide and #2 in Europe. Furthermore, the UK has the sixth-largest spa market and the ninth-largest wellness tourism market in the world, demonstrating how well the country’s wellness industry is doing.
Consumers’ Perceptions and Behaviour
According to McKinsey, consumers hold a 79% importance rating for well-being and a 42% high priority rating. The importance that consumers are placing on their general well-being is likely to drive demand in the coming years.
In the next year, consumers are anticipated to spend more on wellness-related goods and services, with a stronger emphasis on services such as hotels, resorts and fitness facilities. This is because people are placing greater importance on their physical and mental health and they are prepared to spend money on services that will enable them to reach their objectives.
The personal care, beauty, and anti-ageing segment lead the wellness sector with a $1,083 billion market share. However, the wellness industry’s physical activity segment is predicted to be worth $1.1 trillion by 2023. With such potential for growth, it is a profitable and attractive segment to invest in.
Corporate Wellness Segment
Similarly, the corporate wellness segment is anticipated to grow significantly over the next several years. In fact, the segment is predicted to reach $97.4 billion by 2027. This unequivocally shows that the health and wellness sector is expanding and will probably continue to play a significant role in the world economy.
Additionally, corporate wellness initiatives may save businesses $2.7 billion annually, according to estimates by Reuters. Businesses seeking to increase their profitability may find investing in employee health and well-being to be an appealing choice since it can have a considerable financial advantage. This serves as a crucial reminder of the value of workplace health and wellness and the potential rewards for firms that make investments in their workforce.
The wellness and health industry is always growing and evolving. Moreover, the advancement of technology has made the industry more accessible and user-friendly. As the wellness and health business develops, it is essential to stay up to date on industry statistics. By doing this, you may continue to compete in the market and make informed decisions. Essentially, companies and investors that employ the right strategies and resources may take advantage of the opportunities offered by the wellness sectors.