The Wellness Market Is On Fire
Wellness Market Booming: MUY HOUSE In The Right Place
New research into the statistics of the global wellness market show potential for tremendous growth in an industry that is already booming. The wellness market grew to a staggering $4.9 trillion in 2019 but was stymied by the pandemic year of 2020. It sat at $4.4 trillion, but insights indicate annual growth of 10% through the year 2025. Holy moly! After two years of health scares, the actual growth may actually be even higher as people look to take care of their bodies and minds more diligently than they did pre-pandemic.
The Global Wellness Institute’s report covers 11 sectors within the wellness market. Each of these sectors is analyzed individually in order to calculate the total worth of the overall market. Nobody has the time for all 11, right? Us either. So let’s take a quick look at SOME of these sectors to see which are the hottest right now.
Personal Care & Beauty
Let’s begin with the largest sector, Personal Care & Beauty, worth $955 billion. This sector encompasses all spending on products and services for personal hygiene and appearance, including the care of the body, face, skin, hair, and nails. That expensive but miracle-working purple shampoo you bought? Yup, count it here. This sector also includes services like salons and barbershops. Our partners use only the highest quality products in this sector to ensure the absolute best experiences for all of our members at our events and retreats. Forget that smelly budget motel soap, we stay as far away from that stuff as we can!
Healthy Eating, Nutrition, & Weight Loss
The next sector is all about food and diets. This sector is worth around $946 billion. This sector has always been one of the largest in the wellness market, but the pandemic has introduced a wave of new eating and cooking habits. Remember when we were too scared to go out to eat? We were forced to cook more and many of us have, as a result, formed new habits in which we opt for cooking instead of eating out. We (Some of us. Not us.) even got good at it! We have all become more aware that the things we put in our bodies can strengthen our immune system and therefore keep us healthier. Although we may have gotten less take-out, we did not necessarily improve our eating habits, as many of us are currently in the process of shedding our “pandemic weight.” (Yes, you can blame your belly on the pandemic. We do it all the time.) We understand these trends and will continue to provide diet and food retreats that can reset your body and help you to become the healthiest you can be. We only use the purest ingredients and highest quality chefs to feed our members what they deserve. (*Chef’s kiss*)
Physical Activity is the 3rd largest sector in the wellness market, weighing in at $738 billion. In general, physical activity is divided into two categories: natural movement and recreational physical activity. Natural movement is movement that is essential to our daily lives like walking to work, physical labor at work, or those pesky household chores. Recreational physical activity is movement that we choose to do in our leisure time like sports, jogging, or weight lifting. Going upstairs doesn’t really count, unfortunately. We know that many times our members need guidance and planning in order to get their bodies on track to look the best they ever have and we’re happy to work with the best trainers in a wide variety of activities to help you on your way. We also understand that sometimes it’s more about fun than body fat percentage and we’re happy to have members who know that too. Call us crazy, but we believe that physical activity can actually be fun! Do we sound too much like your middle school gym teacher? Sorry.
Arguably the hardest hit sector by the pandemic is the wellness tourism sector. It’s still worth a whopping $436 billion though. Wellness tourism experiences require real-time in-person immersion and although many have tried, they are difficult to recreate virtually. Would you consider a virtual vacation a real vacation? We wouldn’t either. Wellness tourism can be defined as travel in the pursuit of maintaining or improving one’s well-being. Wellness tourism is our bread and butter and many of the other experiences or elements of our business revolve around it. We seek out the most incredible locations with the aim of allowing visitors to accomplish their wellness goals, whether they be to reconnect with nature, themselves, or their loved ones, or to have a once-in-a-lifetime experience – and everything in between. We’re kind of like your wellness sherpa. You’re welcome!
Wellness Real Estate
For some, this sector is difficult to put a finger on. Wellness real estate can be defined as property construction that institutes intentional wellness elements into the design, materials, and amenities. This sector is worth about $275 billion and it continues to grow, up from $148 billion in 2017. The pandemic may have actually boosted growth in this sector with people realizing the importance that buildings play in a variety of factors from combatting moods like depression and loneliness to the utilization of outdoor space when being indoors was not an option. “Healthy buildings’ are shifting from being a luxury to becoming the expectation. We know how important the environment is, indoor or out, during a retreat or experience and we purposefully seek out locations that we know will have our members in awe.
The global wellness market is experiencing some unprecedented growth and we couldn’t be more excited to be a part of it. We are currently planning out our spring calendar and it looks like 2022 is shaping up to be the best year yet! Be sure to stay tuned with all the happenings surrounding MUY HOUSE so that you don’t miss out on any of our memorable experiences. We are diligently researching to discover new and unique venues and activities that we know you’ll love! If you haven’t already, come join the fun and become a member today!