The global industry welfare It reached a valuation of $6.32 trillion in 2023, according to a report by the non-profit organization Global Wellness Institute. This is an increase of 26% compared to 2019, and it indicates a path of growth for the coming years. It is estimated that it could reach 9 billion in 2028.

The entity, which promotes well-being and health through education and the private sector, points out in its analysis, the Global Wellness Economy Monitor 2024, that the wellness industry is now approximately four times larger than the global pharmaceutical industry ( valued at 1.6 trillion dollars).

The high figures are understood when considering the broad definition that GWI contemplates well-being. It defines it as “the active search for activities, options and lifestyles that lead to a state of comprehensive health,” and includes sectors such as wellness tourism or the real estate sector dedicated to wellness.

In comparison, according to Bloomberg, McKinsey & Co. estimated, taking consumer spending in six categories, the global wellness economy at $1.8 trillion in January 2024.

The wellness market has grown progressively over the last four years and It now represents more than 6% of the world’s GDP, up from 5.75% in 2019. Growth will continue and could see an increase of 7.3% annually between 2023 and 2028, reaching $6.8 trillion in 2024. The wellness sector could account for 6.8 % of world GDP within four years.

“The welfare economy continues to advance at a rapid pace, despite the decline in global well-being on many fronts”, commented Katherine Johnston and Ophelia Yeung, GWI researchers. “In a world full of uncertainty and division, well-being has become a universal value“.

The sector has been boosted by the concern for health and well-being as a result of the pandemic. In addition, other economic, social and cultural factors, such as the general aging of the population, chronic diseases or the importance of mental health, have favored its growth.

The Global Wellness Institute analysis has considered 11 categories. The one with the highest turnover in 2023 was Personal care and beautywith 1.2 billion dollars. They followed him Nutrition, healthy eating and weight loss, with 1.09 billion; and Physical activitywith 1.06 billion dollars.

In terms of growth, those with the highest annual growth rate between 2019 and 2023 were Wellness Real Estate (18.1%); Public health, prevention and personalized medicine (15.2%); Mental health and well-being (11.6%).

The Global Wellness Institute also points out that the wellness market has grown in all regions since the pandemic. Specifically, North America has done so 137% since 2019); while the Middle East and North Africa have done so by 130% and 125%, respectively.

In terms of volume, the wellness markets The largest are North America ($2.2 trillion), Asia-Pacific ($1.9 trillion) and Europe ($1.7 trillion). And together they represent more than 90% of the entire global wellness economy.

He future of the industry will continue to be positive. The sector is projected to reach $7.3 trillion in 2025, and as mentioned, perhaps $9 trillion in 2028. By then, the featured categories will be Wellness Real Estate; Mental well-being; and Wellness tourism.