Health and Wellness Franchises Tap Into the $3.7 Trillion Global Wellness Industry
If living a healthy lifestyle is important to you, you feel you would enjoy helping others to do so, and you want to own your own business, then investing in a health or wellness franchise may be ideal for you.
The Health and Wellness Marketplace by Numbers
Health and wellness is a priority for many Americans due to a variety of reasons including increasing awareness of the danger obesity, bad eating habits, and stress pose to one’s physical health. In fact, the $3.7 trillion global wellness industry is expected to grow over 17% through 2020. After surveying 1,350 adults ages 18 to 65 across the country, Myprotein found that the average American is spending $155 per month on gym memberships, personal trainers, meal plans, supplements, and workout gear, totaling about $112,000 per lifetime. When Myprotein broke down the data from the survey, it surprisingly revealed that Americans spend an average of $56/month on nutritional supplements such as protein shakes and vitamins. When it comes to monthly gym memberships, 87% of those surveyed have one. Although 66% of those who were surveyed by Myprotein said they do not currently invest in personal trainers, IBISWorld found that growth in the personal training sector will continue between 2018 and 2022, with industry revenue projected to increase 3% in 2018 alone.
Who Is Driving Health and Wellness Franchise Sector Growth
While their needs and goals may vary, there are several groups who are driving demand for franchises that focus on healthy living and well-being:
- Baby boomers are seeking ways to improve or maintain their mobility and quality of life as they age.
- Millennials perceive their fitness and health as a key part of their lifestyle.
- Generation X and the older end of Generation Z also view investing in their health as a priority.
Health and Wellness Franchise Sectors
There are many health and wellness franchises to choose from in a variety of sectors including:
- Fitness: general gym or focused on a particular type of fitness (Pilates, yoga, etc.),
- Diet and weight loss
- Back and foot comfort
- Skin care
- Medical Testing
- Nutritional supplements
Ultimately, deciding on which one is right for you will depend on many factors including your interest, budget, financial and lifestyle goals. There is a lot for you to think about and research in order to ensure you are making informed decisions.
Although you may not yet know which health or wellness franchise will most likely fulfill your vision, one thing you can be confident of is that Americans will continue to invest in remaining fit and healthy and feeling good about themselves in general. This bodes well for those who choose to pursue a career that helps people achieve a sense of well-being.
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