Wellness Business Industry Research For You
• Trends, Sectors, & Opportunities for Wellness Professionals
• Everything You Need to Know about Wellness Business in 2024
As a wellness professional, you understand the profoundly positive impact your work can have on others.
It is of no surprise that collectively, the wellness industry has grown rapidly over the past few years, to become a significant player in the goods and services space.
The Global Wellness Institute (GWI) (2023) reports the global wellness economy was valued at $4.9 trillion in 2019, but due to the COVID-19 pandemic, it fell to $4.4 trillion in 2020.
The article covers the following topics:
The Wellness Economy is Growing in Multiple Sectors in 2024
As we continue to emerge from the pandemic, the wellness economy is expected to return to its robust growth, with the GWI projecting an average annual growth rate of 9.9%. By 2025, the wellness economy is expected to reach nearly $7.0 trillion.
The wellness economy is a significant contributor to the global economy, representing 5.1% of global economic output in 2020. This is further evidence of the importance of the industry, and it underscores the need for wellness professionals to stay informed about the trends, challenges, and opportunities in the industry.
The Wellness business industry in 2024
Evidently, the wellness industry is certainly booming in 2024. Consumers intend to keep spending more on products and services that improve their health, fitness, nutrition, appearance, sleep, and mindfulness.
The demand for natural, transparent and credible wellness products and services is steadily increasing into the next couple of years. Digital and social channels are becoming significantly more influential in the quest of reaching and engaging with audiences.
Most importantly, wellness in the foreseeable future will be more serious and science-backed, but also more social and sensory, according to the “Future of Wellness” report released on Jan. 31 by the Global Wellness Summit.
The Wellness Economy is Growing in Multiple Sectors in 2024
It's important to note that the wellness economy is not a single sector. Instead, it's made up of eleven sectors that are interrelated and interconnected, and most certainly experiencing growth in 2024. These sectors include:
1. Personal Care & Beauty:
This sector includes products and services related to personal care, such as
Skincare,
Haircare,
Makeup, and
Beauty treatments.
2. Healthy Eating, Nutrition, & Weight Loss:
This includes products and services related to
Healthy eating,
Nutrition, and
Weight loss, such as supplements, diets, and nutrition coaching.
3. Physical Activity:
Including products and services related to physical activity, such as
Fitness classes,
Personal training, and
Gym memberships.
4. Wellness Tourism:
This sector includes products and services related to wellness tourism, such as
Wellness retreats,
Spa vacations, and
Yoga retreats.
5. Traditional & Complementary Medicine:
Products and services related to traditional and complementary medicine, such as
Acupuncture,
Massage, and
Herbal medicine.
6. Public Health, Prevention, & Personalized Medicine:
This sector includes products and services related to
Public health,
Prevention, and
Personalized medicine, such as health coaching, preventative medicine, and genetic testing.
7. Wellness Real Estate:
Often overlooked, this sector includes products and services related to wellness real estate, such as
Wellness-oriented buildings,
Communities, and
Homes.
8. Mental Wellness:
Hugely important, this sector provides products and services related to mental wellness, such as
Therapy,
Counseling, and
Meditation.
9. Spas:
This sector includes products and services related to spas, such as
Massages,
Facials, and
Body treatments.
10. Workplace Wellness:
Any products and services relating to workplace wellness, such as
Corporate wellness programs,
Ergonomic workspaces, and
Stress management training.
And finally:
11. Thermal/Mineral Springs:
This sector provides products and services linked with thermal and mineral springs, such as
Hot springs,
Mineral baths, and
Thermal pools.
Trends and Opportunities for Wellness Professionals
While this list of sectors continues to evolve, each currently presents unique opportunities and challenges for wellness professionals.
Staying informed about the
Latest trends,
Innovations, and
Best practices in each sector
Can help you to provide the best possible products and services to your clients.
Health and wellness business ideas in 2024
Now that we established how many amazing opportunities lie ahead within the health and wellness industry, let’s have a look at a few business ideas for the year ahead.
• Build a Health and Wellness App
If the last couple of years have taught us anything, people do not no longer need an expensive membership with strict schedules that might not fit a consumer’s lifestyle.
Today’s health and wellness apps with personalized recommendations and supportive communities also offer a unique sense of inclusivity and encouragement to customers.
What better way to offer this type of one-to-one experience than with a practical app consumers carry with them every day of their life?
• Create a Health and Wellness Blog
Turning your commitment to wellness into informative and engaging articles, posts, videos, and reviews may work well as a side hustle or even become a full-time gig if you have the time and energy to make it truly successful.
• Start Wellness Coaching
Allied health professionals who wish to start their own health coaching business are in luck. Demand for health coaches has been growing across the globe, as a large percentage of the adult population suffers from at least one chronic disease like heart disease, diabetes and cancer.
In order to become a health coach, you will need a degree in nutrition, nursing, psychology or other allied health programs. It’s a good idea to plan ahead on how you will find clients and market your services to make sure your health coaching business succeed
How to start a health and wellness business in 2024
In any case, when establishing any new business, and the health and wellness industry is no exception, it’s key that you understand your concept, build a business plan, then establish yourself both online and offline.
1. Develop your concept:
To develop your wellness concept and start growing your business, it’s important to think about your passions, the skills you already have, and your goals for the future.
Take a look at what areas of wellness you want to focus on and start brainstorming. Research your desired market, understand the gaps in the industry, and check out your competition.
2. Create a business plan:
Put yourself on the road to success by taking crucial steps to plan and prepare.
It’s critical that you understand your target audience as this will influence your decision-making going forward. Knowing what your customers love, dislike, and want to see more of is an essential part of your business plan.
You also need to figure out your opening and ongoing finances, as well as predicting any potential profit and have a solid marketing strategy to position your business for your targeted audience.
3. Check that you meet the right qualifications and legal requirements:
Now, you won’t need a qualification for every wellness niche, but it will be required for some. For example, it would be unsafe and unprofessional to offer advice to paying customers as a personal trainer or nutritionist without the proper qualifications.
Not only does having the appropriate qualifications create trust with your client base, but it also gives you the authority and confidence to speak about your area of business.
Additionally, you’ll need to register your company name, then request and secure any needed permits, figure out tax, and obtain insurance. Without these steps, your business can’t get off the ground so don’t put it off.
4. Create an online presence:
Knowing how to start a healthy lifestyle business and what steps to take can be a little overwhelming, but creating your website can make it feel like it’s all coming together. Here are 5 Amazing Coaching Websites to Inspire You.
Utilize the innovative technology available to create an easy customer experience, whether that’s through well-designed website pages for appointment scheduling, or an efficient system to take payments online.
And of course, don’t forget about branding and social media to get you in front of as many people as possible.
What are the "Don'ts" when starting a wellness business
Essentially, these are the key don'ts when launching your new health and wellness business.
Don’t:
Rush into it, take your time to research and develop your business plan
Overlook legal requirements, this could be a costly and dangerous mistake
Ignore your target market, without them you simply have no business
Neglect your online presence, including having a professional website, active social media accounts and an SEO strategy
Try to do everything yourself, even though this is the last but perhaps it is the most important point. Avoid burnout and stunting the growth of your new health and wellness business. Consider hiring staff or outsourcing tasks to help you manage your workload and focus on what you do best.
Consumer Demand Drives Growth
One of the key drivers of growth in the wellness industry is the increasing consumer demand for wellness products and services. Consumers are becoming more health-conscious and are willing to pay a premium for products and services that support their well-being. This presents a significant opportunity for wellness professionals to develop and market products and services that meet the needs and preferences of today's health-conscious consumers.
Professionals working in the wellness industry can help to increase the demand for the products and services by using social media channels, their website and podcasts, etc. to provide edutainment to consumers.
Creating helpful content can help your preferred clients and customers to learn more about the positive benefits and impacts to their wellbeing after using these products and services.
Technological Innovation Increases Opportunities for Wellness Professionals
Another important trend in the wellness industry is the increasing focus on technology and innovation. From wearable devices that track physical activity to personalized nutrition plans based on genetic testing, technology is transforming the way we approach wellness.
As a wellness professional, it's important to stay informed about the latest technological innovations and how they can be integrated into your products and services.
Staying on top of the latest technological evolutions relating to your wellness industry sector and sharing our knowledge about them on social media and in blogs, helps to position you as an expert and can provide helpful advice to your current and future clients about how to navigate and leverage the tech to improve their health and wellbeing.
Taking the overwhelm out of technologies and demystifying their function will help to build trust and relationships with prospective clients and customers.
Key Takeaways
The global wellness economy is a rapidly growing and important industry, with significant contributions to the global economy.
While the COVID-19 pandemic had a negative impact on the industry in 2020, the industry is expected to return to its robust growth, with the GWI projecting an average annual growth rate of 9.9%.
As wellness professionals, it's essential to stay informed about the trends, challenges, and opportunities in the industry, as well as to develop and market products and services that meet the needs and preferences of today's health-conscious consumers.
By doing so, you can play an important role in promoting and improving the health and well-being of individuals and communities worldwide.
Using social media and other digital marketing tactics such as blogs, and podcasts can be a powerful way to establish yourself as a credible presence in the wellness community.
If you need any guidance on how to achieve this, feel free to contact Dharana Digital for assistance. We empower you to help others.
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