According to market reports, the global health and wellness industry, which was valued at US$ 3.31 billion in 2020, is expected to reach US$ 4.24 billion by 2026, exhibiting a CAGR of 4.10 per cent from 2021-2026.
Health and wellness refer to the state of complete wellbeing of the body, mind, and spirit. And with growing prevalence of chronic lifestyle diseases, sedentary lifestyles and hectic schedules, the prevalence of diabetes, blood pressure and many more are the key factors driving market growth.
Apart from this, the rapid progression of wellness tourism and mineral spa is also driving growth in this market. The spa market is predicted to be worth US$154.6 billion by 2022 along with the wellness tourism projected to reach US$ 919 billion by 2022. However, with the onset of the COVID-19 pandemic, this touch-based industry has diversified into few new touch-me-not divisions like digital wellness, health and immunity, online yoga and meditation, and an increased appeal of protein powder.
As a result, the health and wellness industry has gone mainstream in recent years, where even the corporates are promoting wellness and meditation as a productivity hack and great hotel chains have launched wellness tourism brands. Hence, the current state of health and wellness industry is like where people are spending more money on their health and experiences instead of traditionally popular areas like fashion.