Six Dimensions of the $1.5 Trillion Global Wellness Market

The “COVID-19 Effect” has substantially increased the prioritization of wellness among global consumers, but is your own myopic view of the construct leaving opportunity on the table? Wellness is a modern word with ancient roots. As a modern concept, wellness gained popularity in the 1950s, 1960s and 1970s, when subject matter experts largely shaped the way we conceptualize and talk about wellness today. In a 1979 “60 Minutes” segment, Dan Rather stated, “Wellness, there’s a word you don’t hear everyday”, but today most Americans do hear that word every day. That being said, Americans aren’t the only ones paying attention to wellness, as the global wellness market is estimated to be $1.5 trillion and growing mid-to-high single-digits annually. A rise in both consumer interest and purchasing power presents tremendous opportunities for functional CPG brands. At the same time, the wellness market is getting increasingly crowded, creating the need to be strategic about where and how they should compete. So, how do you view wellness? Maybe you said improving your general health or working out more, but that’s only a few ways that today’s consumers view wellness.  They tend to have a much broader and more sophisticated lens that now encompasses six dimensions... Better Health Better Fitness Better Nutrition  Better Appearance  Better Sleep Better Mindfulness  With that knowledge, I'll share several strategies functional CPG brands could deploy to be best positioned in this growing wellness market.