Wellness is no longer just about supplements and red light therapy; it now encompasses mental and emotional balance, as well as spiritual products—a category poised for significant growth, with a projected $9.6 billion valuation by 2034.
According to a new report from Transparency Market Research, the figures show the momentum behind the global spiritual and wellness products market, shaped by several trends and leading industry players.
To begin, the growing global embrace of mental and emotional well-being has transformed ancient practices like meditation and yoga into mainstream habits—a shift that has fueled demand for products such as yoga mats, meditation cushions, meditation apps and aromatherapy items. There is also a growing awareness of other practices, such as Ayurveda, Reiki and Traditional Chinese Medicine, that have captured the interest of consumers.
Although the spiritual and wellness world typically emphasizes inner connection and disconnection from distractions, Transparency Market Research notes that technology has played a significant role in its evolution, citing innovations like AI-powered meditation apps and wearables that track emotional health. Such tools have made it easier for consumers to explore new segments of this growing market while also creating new channels for market expansion, according to the report.
In terms of tangible products, there’s also a sustainability component, as consumers—perhaps feeling a bit more enlightened—are increasingly seeking ethically sourced and eco-friendly products. Having environmentally-friendly ingredients or packaging can pay off for brands, as Deloitte recently shared that 63% of millennials are willing to pay more to purchase environmentally sustainable products.
As for what’s trending in the spiritual and wellness product segment, the report finds mindfulness and meditation aids have gained traction, primarily with urban millennials and professionals. Healing crystals and stones also show promise, elevated by social media influencers and fitness pioneer Tracy Anderson, as well as essential oils and candles. Lastly, spiritual self-help books, online courses, and podcasts are also in demand from wellness-seeking consumers.
Among the current market leaders in the spiritual and wellness space highlighted in the report are aromatherapy brand doTERRA, activewear giant Lululemon, yoga and meditation accessory brand Gaiam Inc., plant-based wellness brand Saje Natural Wellness, Herbivore Botanicals and digital wellness platform Mindvalley.
The report also highlights that, in addition to online platforms and specialty stores, mass retailers have embraced wellness products, reflecting their growing mainstream appeal. This month, Target expanded its commitment to wellness (and doubled down on its 2023 plans) by adding over 2,000 products across various categories, many of which are exclusive to the retailer.
Transparency Market Research’s report on spiritual and wellness products can be found here.
