2023 Global Wellness Market Valued at $6.3 Trillion

The global wellness market grew from $4.6 trillion in 2020 to $5.8 trillion in 2022 and reached a record $6.3 trillion last year, according to newly released data from the Global Wellness Institute (GWI).

Wellness continues to expand its share of the overall economy, now representing over 6% of global GDP, up from 5.75% in 2019, according to GWI’s Global Wellness Economy Monitor 2024 report.

Wellness markets across every global region have seen strong growth from 2019 to 2023, with North America, Europe, and Middle East-North Africa recording the biggest gains. According to GWI, market sizes in nine of the 11 wellness sectors have well exceeded their 2019 levels; only thermal/mineral springs and workplace wellness have not yet fully recovered, but will in 2024, the Institute asserts.

GWI predicts that the industry will grow by 7.3% annually from 2023 to 2028, when it will represent 6.8% of global GDP. GWI predicts the market will hit $6.8 trillion in 2024 and nearly $9 trillion in 2028—nearly double its 2019 size.

Sector Recovery & Growth Data

Among the wellness sectors that have grown throughout the pandemic is mental wellness, according to GWI. This sector has grown strongly since 2019, as consumers desperately sought out products, services and activities to help them cope with the immense stresses they faced during the pandemic and beyond. All types of products and services have posted strong growth in recent years—sleep solutions; sensory products and services; vitamins, supplements, and functional foods/beverages targeting brain health and energy; cannabis; self-improvement; coaching; and myriad meditation and mindfulness products and services.

Public health, prevention and personalized medicine have also risen considerably due to governments and healthcare systems accelerating their public health and prevention expenditures in response to the pandemic, according to GWI. Worldwide, public and private spending on public health/prevention has increased as a share of overall health expenditures (from 4.0% in 2019 to 6.1% in 2021-2023) and remains far above pre-pandemic levels.

Wellness sectors that initially shrank but have recovered from the pandemic included beauty,  physical activity and traditional & complementary medicine (T&CM).

Personal Care & Beauty

Personal care and beauty initially shrank by 12.0% in 2020, due to pandemic-related retail disruptions and an overall decline in consumer spending. This sector has recovered quickly in 2021-2023, and it is now 13% above its pre-pandemic level. The growth of personal care and beauty from 2019-2023 (3.1% annual growth) has slightly lagged the growth of overall consumer expenditures during this time period (4.4% annual growth), possibly because several major Asian markets have been affected by currency depreciation, which dampens growth rates in US dollar terms.

Physical activity declined by 14.6% in the first year of the pandemic, but it has rebounded quickly in 2021-2023 as people returned to their regular activities and exercise routines.

Traditional and complementary medicine initially declined by 6.4% in 2020 due to business shutdowns disrupting visits to service providers and product manufacturing/sales. The market has rebounded in 2021-2023, and the pandemic has boosted demand for T&CM, as consumers increasingly seek out ways to strengthen their immunity, and fend off sickness, and manage chronic conditions. The rapid rise of the cannabis and CBD market, as regulatory regimes have been loosening in many countries, has especially boosted the growth of this sector, finds GWI.

According to GWI, spas (+4.1% annual growth 2019-2023; now at 118% of their 2019 level) were hit hard by the early stages of the COVID-19 pandemic, with travel restrictions, business shutdowns, and stay- at-home orders leading to a 38.2% drop in revenues and a loss of over 4,700 businesses in 2020. Virtual offerings are a poor substitute for a physical presence and full immersion in spa experiences. The ongoing pandemic-related restrictions and tourism decline continued to affect many spas around the world throughout 2021 and 2022. Nevertheless, the industry has recovered steadily alongside the recovery of the tourism industry, and spas have posted strong revenue growth rates every year since 2020. As of 2023, global industry revenues have fully recovered and are at 118% of their pre-pandemic level.

Wellness sectors that shrank significantly during the pandemic and have not fully recovered include workplace wellness and thermal/mineral springs. 

GWI’s report shows projections through 2028 for all 11 wellness sectors. It also contains regional data, the top 20 national markets for each wellness sector and per-capita spending by sector.