With today’s emphasis on living a better life through healthier eating and exercise, it’s no wonder that the health and wellness market is expected to be the next burgeoning industry over the next 20 to 30 years. According to the Global Wellness Institute, the wellness industry grew by nearly 11 percent between 2013 and 2015. In 2017, the wellness industry accounted for $3.7 trillion worldwide, and is expected to continue to increase.
What are the big sectors in this industry? Beauty and anti-aging account for $999 billion, with healthy eating and nutrition behind at $648 billion. Wellness tourism comes in third at $563 billion, and fitness/mind-body fourth at $542 billion.
We’ve seen healthy eating trends continue to dominate the landscape. According to Label Insight, 67 percent of Americans will be prioritizing healthy or socially conscious food purchases for 2018. From organic and plant-based food selections at the grocery store to the numerous weight-loss and healthy food delivery services available at our fingertips, this trend shows no signs of slowing down.
So how are companies capitalizing on this booming trend, and innovating to keep up with consumer demand? Businesses across various industries are aligning themselves to appeal to consumers who are focused on wellness as a way of life. An example of this is wellness tourism, with hotels offering unique experiences such as zero-gravity nap pods for those suffering from a little jet lag, or yoga classes offered in the mountains, such as the Blackberry Farm, where classes take place on a platform in the middle of the Great Smoky Mountains.
The wellness real estate market is also a fast-growing market in this industry; it grew 19 percent from 2013 to 2015, and is expected to continue that trajectory. Workplace wellness is also another area of focus — while this is $40 billion industry, only an estimated 9 percent of workers have access to a workplace wellness program.
The wearables market has seen explosive growth in the last few years. From smart watches to heart rate monitors, the market for wearable technology is expected to be worth $25 billion by 2019, according to CCS Insight. Fitness and activity trackers are expected to account for 50 percent of the unit sales in 2019.
What are some of the wellness trends being foreseen for 2018? From wellness kitchens and travel spots to even taking personal responsibility for the air we breathe, living a better life touches on just about all aspects of life, according to the 2018 Global Wellness Trends Report.
What are creative ways for your own business to capitalize on this wellness trend?