There are various concerns that contribute to growing the wellness industry’s profits: the search for a healthy lifestyle, mental and psychological health, the desire to age well, holistic beauty, etc. Estimated at $4.4 billion worldwide (2020), the industry is expected to grow by approximately 10% annually over the next few years.
A vast and complex ecosystem
Source: Global Wellness Institute report, The Global Wellness Economy: Looking Beyond COVID, December 2021, worldwide data
Few industries can avoid the trend. In the real estate market, for example, a wellness aspect is integrated into all residential and commercial developments, be it in their design, choice of materials, installations, or proposed services.
For most sectors, the wellness aspect is a true blessing, making it possible to:
- Highlight premium products and services with greater added value;
- Expand offerings and diversify revenue sources.
A breath of fresh air for tourism companies
Source: Global Wellness Institute report, The Global Wellness Economy: Looking Beyond COVID, December 2021
Technology plays a part
Natural aspiration may be intrinsically linked to the wellness industry, but that won’t stop products and services from including a strong technological, or even scientific, component:
- There are tons of life coaching, meditation, and sleep tracking apps linked to smart watches and bracelets;
- Beauty brands are using biotechnologies to recreate nature-inspired ingredients in a lab;
- Internationally, a growing number of wellness facilities offer retreats combining classic medicine and alternative approaches.
A lucrative yet tricky industry!
Labels such as “clean” or “green” are minimally regulated and often considered misleading to consumers. Plus, there are various scandals linked to the safety of certain natural health products. The lack of overall guidelines can (indirectly) affect the reputation of legitimate brands. This industry, more than any other, depends on transparency to stay credible.
Wellness in Quebec
Specificities of the provincial industry compared to the rest of Canada
Source: Vividata, Fall 2022, 14+, Québec vs les autres provinces canadiennes, base : Canada