Why the Wellness Economy Is Booming Worldwide
Wellness and alternative healing are no longer perceived as a luxury for a few, but a necessity for all to navigate their way through unprecedented times post the global pandemic.
When the world hit ‘pause’ due to a global lockdown, we all had to face repercussions that disrupted our normal way of life. With people continuing to battle with the fears of uncertainty, isolation, and anxiety, the crisis of mental and emotional health is the new pandemic that is emerging from the COVID-19 virus. Prioritizing our mental and emotional health is essential for us to stay grounded and balanced in these chaotic times.
Whilst it is clear that we can’t really predict when and how this pandemic will end, even those in the deepest of slumbers are awakening to the fact that whilst we can’t control what’s going on around us, we still have the POWER to change what’s going on within us.
The Wellness Economy: Redefining Our Health
As people aspire to lead happier, healthier, and more productive lives, we are witnessing a change revolution that’s transforming the way we live, work and relate to one another. The focus on health and wellness is at the forefront of this change for us to remain at our optimum.
There is a sharp upward trend seen in people investing in their mental, emotional, and physical wellbeing. The rapid growth, popularity, and introduction of brands focusing on fitness, beauty & skincare, vegan, mental health, meditation, and yoga brands is a testament to this change in consumer behavior.
It’s not just at the individual level.
New approaches to wellness and alternative healing – through therapy, group counseling, government programs – are being carried out at an accelerated pace at the organizational and community levels. There are multiple business opportunities in the wellness sector, particularly in the high-income countries but also in the middle and lower-income countries.
The boom in the $4 trillion global wellness industry is ripe with entrepreneurial opportunities. It is paving the path for rapid innovation and the introduction of new products and services from existing brands and emerging brands with a massive focus on wellness. The Global Wellness Summit has identified broad emerging sectors in global mental wellness as:
– Sensory & Sleep products and services ($49.5 bn)
– Nutraceuticals & Botanicals ($34.8 bn)
– Meditation & Mindfulness ($2.9 bn)
– Self-improvement ($33.6 bn)
Wellness business leaders expect the growth to be supported by endorsements not just from traditional sources such as doctors, psychologists, and healthcare practitioners, but also from evidence-based research studies on the benefits of meditation, mindfulness, and fitness as a means of preventive health.
By sharing the science behind concepts such as the mind, energy & meditation, even the skeptics can relate to wellness practice as more than just jargon but as a means towards living a life of balance, clarity, and self-awareness, without feeling overwhelmed!