What Are The Top Countries To Start A Wellness Business In?

The global wellness industry is growing – and fast.

In fact, according to The Global Wellness Institute, the global wellness industry accounts for 5.6% of the global GDP and is projected to be worth $8.5 trillion by 2027.

Across many regions of the world, business are popping up to help people with nutrition, personal care, fitness and wellbeing.

Because of this, the growing industry has become a fertile ground for new businesses to tap into.

 

What Do We Mean By ‘Wellness Industry’?

 

The wellness industry refers to any service, technology or product that helps people improve their health and wellbeing. 

It’s not just about treating illnesses or tracking health, it’s about everything from nutrition, to sleep, beauty and even mindfulness.

At the centre of the industry is this idea of preventative healthcare and promoting lifestyle choices that can help people lead healthier lives. It’s all about helping people stay happy, healthy and well – both mentally and physically.

Examples of wellness businesses include:

• Health trackers and wearable technology.
• Wellbeing apps.
• Weight loss programmes.
• Personalised nutrition.
• Supplements.
• Spas, saunas and ice baths.
• Skincare.
• Femtech.
• Herbal medicines.
• Sleep monitoring.
• Gut health improvement.

To name just a few.

 

 

What Are The 5 Biggest Wellness Markets In The World?

 

If you are thinking about where to start a wellness business, you might be wondering which markets are the biggest.

A report by the Global Wellness Institute revealed that the 5 largest markets are:

• The United States – $2.0 trillion.
• China – $870 billion.
• Germany – $310 billion.
• Japan – $255 billion.
• The United Kingdom – $230 billion.

And these markets aren’t just big themselves, they actually represent a huge proportion of the industry in general.

In fact, the top 20 biggest markets represent 70% of the global wellness economy, showing that a huge chunk of the industry is boosted by a few key places.

This could make them great options for startups looking to grow quickly in already active markets.

 

What Are The Fastest Growing Global Markets In The Wellness Industry?

 

But one of the toughest things about trying to infiltrate the biggest wellness markets is that they might be oversaturated.

For business owners looking for the fastest-growing markets – these offer the opportunity to tap into countries with growing demand.

The Global Wellness Institute revealed that the 5 fastest growing markets between 2020 and 2022 were:

• Mexico – $74 billion – 25.2% growth
• Brazil – $96 billion – 18.2% growth
• India – $132.5 billion – 16.5% growth
• Philippines – $41 billion – 8.9% growth
• Indonesia – $49 billion – 5.9% growth

 

Where Are People Spending The Most On Wellness?

 

Aside from market size and growth potential, it’s also important to follow the money! It might sound obvious, but it’s important to know where people are spending money on wellness, to help your business get a piece of the action.

Interestingly, Island nations seem to come up top in this respect, with with the Seychelles taking the top spot, Aruba taking number 4 and countries like The Maldives and The Bahamas also in the top 25.

This is because these islands are big tourist destinations, where tourists spend huge amounts of money on wellness. In fact, between 50-90% of their wellness spending is from tourists, rather than locals, showing how important it is for the overall economy.

When it comes to the top 12 countries with the highest wellness spend per capita, according to Statista these are:

Seychelles – $8,097
Switzerland – $5,737
Iceland – $5,523
Aruba – $5,361
United States – $5,321
Austria – $4,683
Australia – $4,218
Norway – $4,197
Denmark – $3,846
New Zealand – $3,689
UK – $3,342
Canada – $3,287

This high spend makes them great options for wellness brands that appeal to holidaymakers and tourists.

 

So, Where Should You Start A Wellness Business?

 

It’s a good question, as a lot of countries around the world offer appealing markets to break into.

If you’re looking for market size, why not try The US, China or Germany.

If you have your eye on growing economies, then Mexico, Brazil and India might be a better bet.

If your company is offering a service that could appeal to tourists, The Seychelles, Maldives, Bahamas or Aruba might be best for you.

Ultimately, it all depends on what your business is, who its target audience are and where it has the most appeal.

 

The Wellness Industry: An Exciting Opportunity

 

Worth over $5.6 trillion, the wellness industry is more than just a trend – it’s a huge player in the global economy.

Whether you’re looking at setting up a yoga studio, a skincare brand, an AI wellness coach or a new product, the industry is ripe for innovation.

And when it comes to where to set it up – well, that is down to you. Good luck!