The Covid-19 pandemic has super-charged the global wellness market as consumers worldwide scrambled to boost their immunity levels and live healthier lives.
The Global Wellness Institute (GWI) has just released a landmark report – The Global Wellness Economy: Country Rankings. The first research to measure the wellness economies of 150 nations.
Australia ranks 10th in the world with a total spend of US$84 billion. Aussies move up to the number six position in the wellness spend per capita stakes, forking out US$3771 (AUD$5239) per year.
The world’s top three largest wellness markets are – the US (US$1.2 trillion), China (US$683 million) and Japan (US$304 million).
The global wellness economy is currently worth US$4.4 trillion and is predicted to reach US$7 trillion by 2025, reports the GWI. Accounting for 5.1 per cent of global GDP, roughly one in every $20 spent by consumers worldwide goes to wellness products and services.
This last year, the GWI generated country-level data for all 11 wellness sectors, says Ophelia Yeung, GWI senior research fellow. “So now, for the first time, we can answer the questions everyone asks: How big is the total wellness market for each country and who ranks highest? Which nations are growing, which are shrinking? How do national wellness markets differ and why?”
The top 10 wellness markets, including Australia, represent 71 per cent of total global revenues, notes the GWI.
It’s no surprise the world’s most populous countries (e.g. China, India, Indonesia, Brazil and Russia), or the wealthiest (e.g. Switzerland, Australia, Canada and the Netherlands), or countries that combine size with wealth (e.g. the US, Germany, Japan and the UK) spend the most on wellness, add the report’s authors.
Things are looking up across the Tasman as well. New Zealand didn’t make the top 20 largest wellness markets list, but ranks 7th in the world for spend per capita at US$2969.
The top three sectors in the global wellness market, notes the GWI, are healthy eating, nutrition and weight loss, followed by personal care and beauty and physical activity.