What the numbers say: The global wellness economy was estimated at $4.4T in 2020, projected to grow to almost seven trillion by 2025. Of this revenue, some $955B was generated in personal care and beauty, while corporate wellness was estimated at $40B only, according to the Global Wellness Institute. Relevance: The growth of the wellness economy is a positive trend for everyone. It is an opportunity for businesses to grow, for people to improve their health, and for society to become healthier. Sleep and mindfulness are two categories that had not been so popular before the COVID-19 crisis and are attracting consumers’ attention much more. According to McKinsey, the global consumer health and wellness market is a $1.5T market growing 5 to 10 percent annually. Brands that should care: The personal care and beauty industry is a significant player in the wellness economy. Corporate wellness is a smaller market, but it is becoming increasingly important as companies recognize the value of investing in the well-being of their employees to improve productivity and reduce healthcare costs. There is still plenty of room for new and established brands to enter this market and offer innovative products and services that cater to the growing demand for wellness-oriented solutions.
