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Health & Wellness is the Next Trillion Dollar Industry | WMI

Posted by Kerri Krom on Dec 19, 2016 1:35:00 PM

wellness market size

Women’s Marketing recently collaborated with Rodale on original consumer research designed to explore and explain the modern “Health & Wellness” consumer mindset and delve into 2014 wellness trends. Wellness, defined as the quality or state of being healthy in body and mind, especially as the result of deliberate effort, is a mindset we believe has seeped into the lives of the everyday woman, and has emerged as a lifestyle here to stay.

Which Product Categories Account for the Increasing Wellness Market Size?

There are several common threads that stand out across the various definitions of wellness. Wellness is multi-dimensional, holistic, changes over time and along a continuum, and is most importantly individual, but also influenced by the environment and community. The next trillion dollar industry globally, the Health & Wellness market space is dominated mostly by beauty and anti-aging product sales at $679 billion, followed by fitness and mind + body exercise ($390 billion) and health eating, nutrition and weight loss sales ($277 billion).

Other product sales that complete the Health & Wellness market are complementary and alternative medicines, wellness tourism, spas, medical tourism and workplace wellness. In the United States alone, women invest $125 billion against their nutrition, $40 billion against alternative medicine and $25 billion against OTC drugs.

The Wellthy Mindset

Wellness, the “new black,” is now a status symbol among consumers, who prioritize maintaining their well-balanced physical and mental health. We are experiencing a phenomenon where health is creeping into all aspects of consumer life and experience. The increase in wellness market size has brands taking notice, adopting the health creep, or consumerization of health. More consumers are gravitating towards products with embedded health benefits that are actually well designed, desirable, accessible, fun, tasty, interesting or storied.

Health & Wellness Industry Trends

Fitness and wearable technology sales (think FitBit, Fuelband and Timex Sport) is up $10 billion to $81.4 billion in wholesale sales in the US as 3.3 million fitness bands and trackers were sold in 2013. The digital fitness category is now a $330 million market, and that is just one of many fitness categories that is experiencing exponential growth. Healthier food sales are seeing serious growth as well, as 73% of consumers have switched to healthier versions of food items. Blenders, juice extractors and citrus juicers are top-growing small kitchen appliance categories.

Just as this consumer is mindful of her fitness and what she puts in her body, she tends to purchase beauty products that are more environmentally friendly. Health & Wellness industry trends reflect this, as organic beauty product sales are expected to grow 74% from 2013 to 2018. Vitamins and supplement sales will reach $13.9 billion by 2018, a 58% increase from 2008.

Health and Wellness Industry Trends 2017 

In 2016, analysts reported that the global wellness economy reached $3.7 trillion and growth is expected to accelerate by 17% in the next five years. In 2017, we predict there will be a tremendous opportunity for marketers to meet the needs of health-focused consumers—in our 2017 Health and Wellness Industry Trend Report, we’ve identified strategic areas of growth within the category. 

Wellness Marketing and You

As wellness market size increases, the industry is maintaining an equally healthy path as its consumers. Is your brand incorporating the health creep into its marketing efforts? For more information on our Health & Wellness market research view our free, on-demand webinar! For in-depth insight on how your brand can capitalize on wellness trends, contact Women’s Marketing Inc. online or call 203-256-4188 today.

Filed Under: Industry News, Health & Wellness