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Global Wellness Institute Ranks 145 Countries by Wellness Market Size


News provided by

Global Wellness Institute

Jan 30, 2024, 10:54 ET

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The Global Wellness Economy: Country Rankings (PRNewsfoto/Global Wellness Institute)
The Global Wellness Economy: Country Rankings (PRNewsfoto/Global Wellness Institute)

New, in-depth research on national wellness markets finds the three biggest are the US ($1.8 trillion), China ($790 billion) and Germany ($269 billion). At the global level, consumers now spend as much on wellness per capita as on healthcare—and much more on wellness than on clothing/shoes and hotels/restaurants

MIAMI, Jan. 30, 2024 /PRNewswire-PRWeb/ -- A new report released today by the non-profit Global Wellness Institute (GWI) is the only research to answer key questions about the wellness industry. How big is the total wellness market for each country? Which countries' markets are growing fastest post-pandemic? How much do people spend per capita each year on wellness in each nation? What is the wellness market's contribution to each country's overall economy/GDP?

The Global Wellness Economy: Country Rankings is packed with data. It finds that the US remains the undisputed goliath in wellness spending, with an annual market worth $1.8 trillion, and ranking first in 9 of the 11 wellness sectors. Almost all the top-25 wellness markets have seen strong growth since the pandemic, with the UK, the Netherlands, the US, Mexico, Canada and Australia as standouts, surpassing their pre-pandemic market sizes by 120% or more. Globally, the wellness economy drives 5.6% of total GDP—so, roughly 1 in every 20 "dollars" spent by consumers worldwide is on wellness.

New, in-depth research on national wellness markets finds the three biggest are the US ($1.8 trillion), China ($790 billion) and Germany ($269 billion)

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To put all this wellness spending in context, the research finds that annual, global per capita spending on wellness ($706) is on par with consumer out-of-pocket spending on healthcare ($711). At the regional level, per capita wellness spending is higher than consumer out-of-pocket spending on healthcare across every region except North America. And wellness spending per capita is higher than spending on clothing/shoes ($289) and hotels/restaurants ($475) all across the world (Euromonitor data). In countries like Switzerland, Iceland and the US, people spend far more: on average, over $5,300 a year on wellness.

"For countries interested in growing their wellness economy, it's crucial to know where they stand in this massive global industry," said Ophelia Yeung and Katherine Johnston, GWI's senior research fellows. "It's also important to see how different countries' wellness markets have responded to the impacts of the pandemic."

The report is a companion to GWI's 2023 Global Wellness Economy Monitor, a complete global update on all 11 wellness sectors, finding that the world wellness economy is worth $5.6 trillion and forecast to reach $8.5 trillion by 2027.

DOWNLOAD THE "COUNTRY RANKINGS" REPORT HERE.
GRAPHS ARE HERE.

Top 25 National Wellness Markets

Numbers refer to market size and annual growth rate 2020-2022:

1)    United States    $1.8 trillion—14%
2)    China        $790 billion—8.9%
3)    Germany    $269 billion—16.8%
4)    Japan        $241 billion—minus 3.9%
5)    UK        $224 billion—19.4%
6)    France        $172 billion—11.6%
7)    India        $132.5 billion—16.5%
8)    Canada        $128 billion—13.5%
9)    S. Korea    $113 billion—9.4%
10)    Italy        $112 billion—7.9%
11)    Australia    $110 billion—12.9%
12)    Brazil        $96 billion—18.2%
13)    Russia        $94.5 billion—13.2%
14)    Spain        $83 billion—12.4%
15)    Mexico        $74 billion—25.2%
16)    Netherlands     $50 billion—12.1%
17)    Switzerland    $50 billion—14.5%
18)    Indonesia    $49 billion—5.9%
19)    Turkey        $45 billion—14%
20)    Taiwan        $43 billion—5.1%
21)    Austria        $42 billion—13.9%
22)    Philippines    $41 billion—8.9%
23)    Poland        $39 billion—11.1%
24)    Thailand    $35 billion—8.5%
25)    Sweden    $30 billion—7.5%

The five largest wellness markets are the US ($1.8 trillion), China ($790 billion), Germany ($269 billion), Japan ($241 billion) and the UK ($224 billion). The top ten largest markets represent 70% of the global wellness economy; the top 25 represent 86%. The vast majority of the 25 largest wellness markets have seen robust recent growth. Comparing market sizes in 2019 vs. 2022, 22 of 25 countries (except Thailand, Japan, Brazil) are now larger than they were pre-pandemic, as measured in US dollars. But it's important to note that currency depreciation impacts data for countries like Japan, Brazil, and some eurozone countries like Germany, France and Italy. For instance, the Japanese yen fell by 19.8% against the US dollar in 2022, so if it looks like its wellness market shrank by 3.9% annually from 2020 to 2022 in dollars, it actually grew 6.6% each year when measured in yen. And with the euro depreciating by 12.3% against the dollar in 2022, if GWI's data shows that Germany's wellness economy grew by 16.8% from 2020 to 2022, it grew by 21.7% when measured in euros.

Wellness Spending Per Capita: Top 12 Countries

1)    Seychelles        $8,097
2)    Switzerland        $5,737
3)    Iceland                     $5,523
4)    Aruba            $5,361
5)    United States        $5,321
6)    Austria            $4,683
7)    Australia        $4,218
8)    Norway            $4,197
9)    Denmark        $3,846
10)    New Zealand        $3,689
11)    UK            $3,342
12)    Canada            $3,287

Spending on wellness is (no surprise) highest in wealthy countries that also rank in the top 25 for GDP per capita, including Switzerland, Iceland, the US, Austria and Australia. And those countries have seen significant recent growth in wellness spending (per capita): in the US that spend has risen $1,636—and in Switzerland $1,365—from 2020 to 2022.

While it may be surprising to see small countries like the Seychelles and Aruba so high on this list (the Maldives and the Bahamas also rank in the top-25), it's because these islands are major high-end wellness tourism destinations, with a huge portion (50-90%) of their wellness spending coming from inbound wellness tourists rather than locals. The impact of the wellness market (heavily dominated by inbound wellness tourism) on these countries' economies is staggering: in the Seychelles the wellness market accounts for 42% of the total economy, while in the Maldives that number is 22.6%.

The ratio of how much the wellness economy contributes to GDP is highest in North America (6.9%) and Europe (5.8%)—and lowest in the Middle East-North Africa region, at 3.3%. North America and Europe's wellness markets have been growing faster than the overall economy. Among the top-25 wellness markets, some of the countries where wellness makes up a bigger percentage of GDP are the Philippines (10.1%), Austria (9%), the UK (7.3%), the US (7%) and South Korea (6.8%).

Research Sponsors: This research was made possible by the generous support of BDMS Wellness Clinic, Conceptasia and Fukui Wellness Collaboration, Therme Group, Blueprint Global, The Philippines Department of Tourism, National Academy of Sports Medicine, The Singapore Tourism Board, AG7, and The Ministry of Tourism and Creative Economy, Republic of Indonesia.

About the Global Wellness Institute: The Global Wellness Institute(GWI), a nonprofit 501(c)(3), is considered the leading global research and educational resource for the global wellness industry and is known for introducing major industry initiatives and regional events that bring together leaders to chart the future. GWI positively impacts global health and wellness by educating public institutions, businesses and individuals on how they can work to prevent disease, reduce stress, and enhance the overall quality of life. Its mission is to empower wellness worldwide.

Media Contact

Beth McGroarty, Global Wellness Institute, 2133000107, [email protected], http://www.globalwellnessinstitute.com/

SOURCE Global Wellness Institute

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North America: Wellness Economy Sectors (2022)
North America: Wellness Economy Sectors (2022)
Regional Comparison of Per Capita Spending on Wellness Versus Other Spending Categories, 2022
Regional Comparison of Per Capita Spending on Wellness Versus Other Spending Categories, 2022
Wellness Economy Per Capita, GDP Per Capita, and Tourism: Top 25 Markets in 2022
Wellness Economy Per Capita, GDP Per Capita, and Tourism: Top 25 Markets in 2022
Wellness Economy and Tourism as a Percent of GDP: Top 25 Markets 2019 and 2022
Wellness Economy and Tourism as a Percent of GDP: Top 25 Markets 2019 and 2022
Wellness Economy: Top 25 Markets in 2022
Wellness Economy: Top 25 Markets in 2022
The Global Wellness Economy: Country Rankings
The Global Wellness Economy: Country Rankings
North America: Wellness Economy Sectors (2022) Regional Comparison of Per Capita Spending on Wellness Versus Other Spending Categories, 2022 Wellness Economy Per Capita, GDP Per Capita, and Tourism: Top 25 Markets in 2022 Wellness Economy and Tourism as a Percent of GDP: Top 25 Markets 2019 and 2022 Wellness Economy: Top 25 Markets in 2022 The Global Wellness Economy: Country Rankings

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