Personal care rockets the wellness industry to $6t

Emily Parsons

• less than 3 min read

Morning Brew delivers quick and insightful updates about the business world every day of the week from Wall St. to Silicon Valley.

Welcome to the salt scrub economy. Increased awareness of holistic health and wellness has caused a seismic shift in the health industry, according to a new report that estimates wellness is now worth over $6 trillion, surpassing the pharmaceutical industry.

The analysis completed by the trade group Global Wellness Institute (GWI) claims that the wellness industry grew 26% since 2019 to $6.3 trillion. That figure is substantially higher than the $1.8 trillion value McKinsey assigned to the wellness industry, which is giving some analysts pause (GWI and McKinsey define wellness differently). But the report provides some unquestionable insights into how different types of businesses are capitalizing on the wellness movement. According to the report:

Zoom out: The “wellness real estate sector” grew the fastest, at a rate of 18.1% from 2019 to 2023 and to $438.2 billion. That encompasses everything from offices with air filtration systems to gyms with too many amenities (looking at you, Equinox).—CC

Morning Brew delivers quick and insightful updates about the business world every day of the week from Wall St. to Silicon Valley.