There are millions of hashtags, trends, and influencers in the realm of wellness. Whipped matcha lattes, plant-based recipes, calming yoga flows and energy healing are popping up all over the media. Wellness is redefining itself in a modernized and contemporary way. But what does this mean for the economy? It means the 2020 wellness industry takeover has officially commenced. From here the trillion-dollar industry is only expanding, so don’t get left behind!
How the Wellness Industry is Taking Over
This grand and gleaming industry covers all realms of well-being. According to the 2018 Global Wellness Economy Monitor, the ten industry segments that comprise the economy of wellness include fitness/mind–body, nutrition and weight loss, personal care (beauty and anti-aging); preventative and personalized medicine (public health), spa economy, thermal/mineral springs, traditional and complementary medicine, wellness real estate, wellness tourism, and workplace wellness.
So is this industry really worth the hype? Considering the value of the industry was at $4.2 trillion dollars as of 2017 and has grown 12.8% since 2015, our decision…hell yes! Welcome to the wellness industry takeover.
1.) Fitness and mind-body health
This $595 billion segment of the industry focuses primarily on your overall physical well-being. Meditation/yoga studios, fitness tracker apps, and workout apparel dominate this segment.
2.) Nutrition, healthy eating and weight-loss
New modified diets for “high-vibe consumption” are spreading like wildfire. According to CNN Health, the plant-based diet rings in at number one for healthy eating.
This segment has a worth of $702 billion and covers your organic food purchases, diet plans, and weight loss programs. Gotta stay healthy!
3.) Personal care, beauty, and anti-aging
Ranking at the top of the 10 segments, this $1.1 trillion industry is officially unstoppable. People want to feel their best, and with that comes looking your best.
Dermatology, salons, cosmetics, and anything else related to your good looks reign this segment of personal care.
4.) Preventative and personalized medicine
Taking a more Eastern approach, this segment is worth $575 billion. The main focus is keeping patients well with health plans and check-ups to detect risk factors of disease.
Customized meal plans and wellness lifestyles are growing in popularity by the minute.
5.) Spa economy
The common phrase of “treat yourself” leads this segment of this wellness industry. Coming in at $118 billion, the spa economy is actually still growing 10% annually.
Facials, foot rubs, and feel-good moments, oh my!
6.) Thermal and mineral springs
Is there something life-changing in the water? Nope, just $56 billion. As our society grows, so does our stress level.
According to consumers worldwide, releasing your worries in a warm body of water is well worth it.
7.) Traditional and complementary medicine
Holistic practices such as Ayurveda, homeopathy, energy healing, herbal remedies, and naturopathy constitute an increase in Chinese and Eastern medicine. With a rise in diverse medical healthcare, traditional and complementary medicine make up $360 billion. That’s $1 billion per day.
Ancient Chinese medicine practitioners seem to have known what’s up.
8.) Wellness real estate
As wellness grows to become an essential part of our lifestyles, more homes, and institutional properties are working to incorporate wellness into their design. Haven Coliving is a perfect example. Located in Los Angeles, this living center unites people with a passion for health and wellness.
At a $134 billion market, the wellness real estate economy is expected to expand 6.4% annually.
9.) Wellness tourism
With the expansion of putting your well-being first, incorporating your well-being into travel is just as essential. Growing at 6.5% annually the $639 billion market covers everything from yoga retreats to healthy cruises.
10.) Workplace wellness
An increasing number of companies are ensuring they have outstanding employee performance. In order for employees to perform well, they must be well.
At a $48 billion market, companies are spending high amounts on health and wellness programs, equipment, and activities.
To sum it up, wellness is at the root of all our lifestyles whether we acknowledge it or not. The perpsective on wellness is evolving as it encompasses all aspects of our lives.
Next time you think of your overall well-being, don’t forget that there is more to wellness than eating healthy. There is actually trillions of dollars more. Take a walk over to the wellness industry takeover.