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Global Wellness Industry forecasted to hit 7 Trillion Dollars by 2025.
The Global Wellness Economy Stands at $4.4 Trillion Amidst the Disruptions of COVID-19; Is Forecast to Reach $7 Trillion by 2025
New Global Wellness Institute research–the most in-depth in its history–reveals that the wellness market grew to a record $4.9 trillion in 2019 and then fell to $4.4 trillion in the pandemic year of 2020. But with a consumer “values shift” underway, the future of the wellness market is incredibly bright, predicted to grow 10% annually through 2025.
The wellness economy will grow to $7 trillion in 2025, because the forces that have been driving it remain as powerful as ever: an expanding global middle class, an ageing population, and rising chronic disease,” said Katherine Johnston, GWI senior research fellow. “But the pandemic has brought new shifts and a global ‘values reset’: ‘Wellness’ now means far more than a facial or spin class, with a growing focus on mental wellbeing and the importance of work-life balance, social justice, environmental sustainability, the built environment, and public health. These drivers will underpin the recovery of the wellness economy.
From: The Global Spa Association
A Wave of Scent Fuelled by the Pandemic
Back in 2019, one of our key trends was how fragrance was getting a wellness makeover. With a new understanding of scent’s role in our mental and physical health, there was a new wave of functional fragrances and scent-for-wellbeing applications starting to rise. The pandemic has kicked research into how scent impacts human health–and innovations in how scent can be deployed for wellbeing into higher gear.
As the New York Times brilliantly explores (see below), the most bizarre symptom of Coronavirus (COVID-19), the (often long-term) loss of the sense of smell, has made medical researchers wake up to the importance and complexity of our most neglected sense. After studying this virus symptom, researchers went “from thinking of smell as a ‘bonus sense’ to a dominant one, and ‘from a secondary sense to one of the primary things that influences our life.’” It’s finally leading to a surge in interest in “smell science.” We’ve known that smell is the only sense with a direct path to three important brain areas: the orbitofrontal cortex, associated with awareness; the hippocampus, the memory center; and the amygdala, the emotion or mood center. One recent study revealed that our brains can tell the difference between exercise and fear sweat.
The pandemic is spurring fascinating new research, including the way that olfaction is tied up with the functioning of our immune systems.
BY: GLOBAL WELLNESS SUMMIT
Clean Beauty To Dominate the Beauty And Skincare Industry.
" People became more aware of clean beauty during the pandemic. When our routines were put on hold, consumers started evaluating their lifestyle choices. This is when people became conscious about what they’re putting inside their bodies. The typical consumer began reading the fine print of the products they use, only to realise the damage such products have been causing. Moreover, they got the time and chance to witness the impact of their choices on the environment. This encouraged consumers to opt for products that are free of sulfates, parabens and other toxic ingredients. They realised that skincare was not about achieving flawless beauty standards but feeling positive and powerful about your skin. This is when the niche demand for ‘clean’ and ‘toxin-free’ skincare and beauty products became a mainstream trend." https://www.entrepreneur.com/article/411314
The millennials and GenZs are the two driving generations for the sales of clean beauty and skincare products globally. The ‘woke’ generation, some might say, are highly aware of the chemistry behind the products they put on their body. With a mass understanding of the harmful impact of conventional beauty and skincare products, the newer generations have become the flag bearers of this industry. As more and more people start adopting clean beauty and toxin-free products, the industry is likely to see exponential growth in the years to come.