New Research: Physical Activity Is an $828 Billion Market – To Reach $1.1 Trillion+ by 2023
Yesterday at the Global Wellness Summit being held in Singapore, the Global Wellness Institute (GWI) released its major 2019 research report: Move To Be Well: The Global Economy of Physical Activity.
In 2018, the GWI found that the fitness/mind-body market was worth $595 billion, but this new research broadens the scope of that segment to the entire “physical activity economy,” which is now valued at $828.2 billion globally, and includes the sports and active recreation, fitness, and mindful movement core segments—along with the supporting markets of equipment and supplies, apparel and footwear, and technology.
With this new data, wellness jumps to a $4.5 trillion global market.
This is the most data-packed study for GWI to date: The 180-page report goes in-depth on the consumer spend within all six markets (at global, regional and national levels); participation rates for 150 nations; the big emerging trends across countries; and market growth projections—while providing deep insight into public and private sector initiatives that can help bring more movement to all.
The physical activity economy will surpass $1.1 trillion by 2023. Asia-Pacific will overtake North America as the largest market, accounting for an eye-opening 40 percent of all global growth through 2023. China and India together will drive nearly one-third of all growth. Mindful movement will be the #1 growth sector (12 percent annually from 2018–2023), jumping from a $29 billion market to $52 billion. Technology will be the second-fastest-growing market (8.6 percent annually), expanding from $26.3 billion in 2018 to $39.8 billion by 2023.