Global Wellness Economy Set to Soar to $10 Trillion by 2029, Report Reveals
The global wellness economy is on an upward trajectory, projected to reach a staggering $9.8 trillion by 2029, a significant leap from $6.8 billion in 2024. This data is according to the latest report from the Global Wellness Institute, released in early December 2024. The combined beauty and wellness market has already ballooned to $200 billion, marking a 4 percent increase year-over-year ending June 2025.
Two of the most sought-out areas by travelers and wellness consumers are longevity and biohacking services. The Global Wellness Institute predicts a robust industry growth of 7.6 percent annually through 2029. This growth is driven by what the organization describes as a “rampant chronic disease and mental unwellness.”
Around 70 percent of consumers in the U.S., Canada, Europe, and Australia have indicated that they prioritize self-care. This suggests a cultural shift towards holistic health and well-being. Leading this beauty-as-wellness movement are the younger consumers, particularly Gen Z and Millennials, with emotional wellness being a significant motivator behind their beauty product choices.
- The thermal/mineral springs business is pegged as one of the biggest gainers.
- Wellness real estate is also on the rise.
- Traditional medicine continues to hold its ground.
- Mental wellness is gaining increasing importance.