The global wellness market is estimated to be more than $1.8 trillion and is growing 5% to 10% annually, according to a new report. The McKinsey & Company report explains that health and wellness products and services have seen “high demand” in developed countries in recent years.
The company noted that these categories are also booming in emerging markets, where willingness to spend on health and wellness products often exceeds that in developed markets.
In emerging markets such as China, India and the Middle East, the percentage of consumers intending to increase spending on health-related products and services is two to three times higher than in developed markets such as Canada and the United States.
According to a McKinsey study, growth in this sector is not only being driven by Gen Z and millennials, but also Gen X and baby boomers. For example, in China, almost two-thirds (63%) of baby boomers intend to spend more money on fitness, compared to just 4% in India.
Consumers prioritise health, fitness and value for money
GlobalData Global Sportswear Market to 2027 According to the report, although growth in 2023 slowed due to higher inflation in Europe and North America, the sportswear market still outperformed the overall apparel market.
This is due to the versatility and comfort of athleisure items, which continue to remain extremely popular as consumers prioritize value for money, health and fitness, and the desire to try new sports.
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From GlobalData
The report notes that health and wellness is the key driver of the global sportswear market, pointing out that increasing focus on fitness and physical activity is driving the demand for sportswear products. The continued focus on exercise and outdoor activities is expected to drive the demand for sportswear products.
It also highlighted the opportunity to capitalize on consumers’ desire to try new types of sports.
This gives sportswear brands the opportunity to innovate and introduce materials and technologies that meet the evolving needs of consumers who are pursuing more active lifestyles and prioritizing both performance and style.
Between 2022 and 2027, the global sportswear market is forecast to grow at a CAGR of 5.9%, with Asia Pacific leading the way with a CAGR of 8.6%. GlobalData predicts that the region’s market share will increase from 31.2% in 2022 to 35.4% in 2027, driven by an emerging middle class that is increasingly adopting global trends such as streetwear and athleisure.
