An In-Depth Look at the Growing, Trillion-Dollar Global Wellness Industry
In the post-pandemic world, wellness has become a non-negotiable for many people. More than ever, people prioritize their mental, physical and spiritual health. Practices like meditation and yoga have become more mainstream. The stigma associated with seeking therapy for mental health issues is quickly fading. Wellness is essential. Not only is it a great investment in yourself, but it is a growing industry. The Global Wellness Institute projects that the wellness industry will enjoy a 9.9% average annual growth rate, with the wellness economy reaching nearly $7 trillion by 2025. These are just a few of the many reasons to invest in a wellness franchise.
The pandemic was eye-opening, making people think harder about their health. Throughout this time, there were significant personal and societal losses — some that could have been prevented with more awareness about disease prevention. Covid had a profound impact on those with chronic diseases, which in itself is a major issue in the United States. According to the Center for Disease Control (CDC), chronic diseases represent 7 of the 10 top causes of death in the United States. Disease prevention is essential. It is the key to living longer, healthier, quality lives. The CDC reports that getting regular exercise, regulating stress levels and eating healthy meals prevent disease. Obesity, for example, can lead to diabetes, heart disease, high blood pressure and other conditions. According to the National Institute of Diabetes and Kidney Diseases, nearly 1 in 3 adults (30.7%) are overweight. With a few lifestyle changes, this percentage can be significantly reduced without the help of prescription drugs or extreme surgeries.
Throughout the pandemic, rates of anxiety and depression skyrocketed and brought more awareness about the importance of mental wellness. The World Health Organization reports that during the first year of the pandemic, the global prevalence of anxiety and depression increased by a massive 25%. One positive result of this has been an increased awareness of mental health issues and the destigmatization of seeking therapy. Mental wellness helps people cope with stress, have better relationships and live better lives. This is why we have seen more people go to therapy and utilize mindfulness methods like meditation. Mental wellness is also a growing industry. According to the Global Wellness Institute, mental wellness was first measured as a $122 billion global market in 2019. It grew 7.2% during the pandemic, reaching $131 billion in 2020.
Wellness in Franchising
The wellness industry has been growing by leaps and bounds and has many possibilities for aspiring franchise owners. There’s an opportunity in just about every area of wellness. For example, some brands specialize in cutting-edge treatments like float therapy, cryotherapy and IV infusions, while others offer classic wellness therapies like massage and chiropractic. Wellness franchises also comprise mental health therapy, boutique fitness, yoga, stretching and more. The list goes on and on. Below, we look at three diverse brands encompassing different wellness sectors and investment levels.
Ellie Mental Health
Ellie Mental Health is a fast-growing franchise with over 180 locations in the U.S. Its goal is to destigmatize mental health and make services more accessible. Ellie acknowledges that talking about mental health can be scary and has set out to offer a safe place to do so. At Ellie, clients can find a comfortable place to discuss their problems with mental health providers who suit their needs. Ellie is committed to working with compassionate and accepting therapists who make a huge difference for patients struggling with mental health issues.
Even though yoga has been around for thousands of years, its popularity is soaring. According to Yoga Earth, approximately 36 million Americans practice yoga regularly. Brands like YogaSix are leveraging its growing popularity. Founded in 2012, YogaSix is a modern, boutique-style yoga studio. According to the company’s website, the brand has over 170 studios and 550 licensed locations and is the largest franchised yoga brand worldwide. This franchise incorporates six different yoga classes, with different yoga styles. Empowering people and creating an inclusive environment have been core values for this franchise. YogaSix is dedicated to improving peoples’ bodies and minds to become the best version of themselves.
According to the HeartFoundation.org, cost is a top reason people avoid the gym. Also, a lot of people struggle with gym anxiety, where they fear judgment from others. Crunch Fitness solves those issues by making working out easy, inexpensive and accessible. Its “judgment-free” culture offers a non-intimidating environment where people can feel comfortable working out. Each fitness center provides a wide range of workout equipment, amenities and classes. Crunch embodies an inclusive and fun workout environment to motivate people to exercise. The brand started in 1989 in a small basement in New York City and now has over 400 locations. This fast-growing franchise was ranked a top global franchise by Entrepreneur in 2022.
Wellness Franchises in the Post-Pandemic World
In the post-pandemic world, taking care of our well-being is more important than ever. The global wellness industry, focusing on mental and physical health, is growing fast and is expected to reach $7 trillion by 2025. From yoga, fitness, mental health services and more, there are opportunities to suit every interest, budget and lifestyle in wellness franchising.