The global wellness industry has reached a valuation of US$6.32 trillion in 2023, marking a significant 25% increase since 2019. Katherine Johnson from the Global Wellness Institute (GWI) noted that this growth was stronger than anticipated, largely driven by a heightened focus on health during the pandemic [a050ef08]. Wellness is defined as a holistic pursuit of health, encompassing various sectors, with personal care and beauty leading at US$1.21 trillion [a050ef08].
North America stands out with the highest per capita spending on wellness, averaging US$5,768 per person [a050ef08]. The fastest-growing category within the wellness sector is wellness real estate, valued at US$438.2 billion and expanding at an impressive rate of 18.1% [a050ef08]. Companies such as The Well and Siro are capitalizing on this trend by expanding their offerings in wellness real estate and tourism [a050ef08]. GWI projects that the wellness economy could reach US$6.8 trillion by the end of 2024, indicating a robust trajectory for the industry [a050ef08].
In parallel, the global market for waste management services is valued at US$1,499.3 billion in 2022 and is projected to reach US$2,094.5 billion by 2032, with a compound annual growth rate (CAGR) of 3.4% [f02df197]. This sector plays a crucial role in mitigating environmental impacts and promoting a circular economy, driven by technological advancements and regulatory frameworks [f02df197]. The increasing population and urbanization contribute to the growing amount of waste generated, presenting both challenges and opportunities for innovation [f02df197]. Recent acquisitions and partnerships in the waste management sector, such as Waste Management's acquisition of Advanced Disposal Services and Stericycle's partnership with UPS healthcare, highlight the industry's importance in creating a sustainable future [f02df197].