Global Wellness Institute and Therme Group Forge Path to Wellness in South Korea

Friday, February 16, 2024

The Global Wellness Institute (GWI), a premier nonprofit organization focused on research and education within the international wellness sector, has recently expanded its Geography of Wellness initiative to include South Korea, thanks to a collaboration with Therme Group. Therme Group, a worldwide entity devoted to promoting comprehensive urban wellness, has chosen the Golden Harbor area in Incheon City, South Korea, for its inaugural project in the Asia Pacific region.

“GWI’s Geography of Wellness platform offers a detailed map of the wellness landscape, delineating the economic contributions of wellness-oriented businesses and activities specific to each nation,” said Susie Ellis, GWI chair and CEO. “South Korea, the world’s ninth largest wellness market, has demonstrated both growth and resilience, scaling from a pre-pandemic $99.6 billion in 2019, to a 5% dip in 2020 ($94.4 billion), to a valuation of $113 billion in 2022.”

South Korea excels in its wellness economy, leading in several areas such as physical activity and traditional & complementary medicine, where it ranks sixth worldwide. It also ranks eighth globally in public health, prevention, personalized medicine, and workplace wellness, showcasing its commitment to improving workplace environments and public health strategies despite a minor decrease in spending in the workplace wellness sector last year.

GWI evaluates 11 crucial sectors within the wellness economies of 218 countries. South Korea has seen significant valuation increases across almost all these sectors in 2022, as detailed in the newly available Global Wellness Economy: South Korea report.

South Korea’s wellness sector exhibited robust growth from 2020 to 2022, accompanied by varying valuations across different segments:

• Physical Activity surged by 11%, reaching a valuation of $29.68 billion.
• Personal Care & Beauty saw a steady increase of 3.5%, amounting to $24.87 billion.
• Healthy Eating, Nutrition & Weight Loss experienced a slight decline of 0.5%, totaling $13.49 billion.
• Traditional & Complementary Medicine grew by 2.7%, reaching $13.46 billion.
• Public Health, Prevention & Personalized Medicine exhibited a remarkable growth of 44.6%, valued at $13.40 billion.
• Wellness Real Estate surged by 16.5%, reaching $8.37 billion.
• Wellness Tourism witnessed a notable increase of 11.3%, reaching $5.43 billion.
• Mental Wellness showed a positive growth of 7.2%, with a valuation of $2.86 billion.
• Spas experienced significant growth, soaring by 16.2% and valued at $1.55 billion.
• Workplace Wellness saw a decrease of 3.6%, amounting to $1.15 billion.
• Thermal/Mineral Springs segment recorded an increase of 13.3%, totaling $0.58 billion.

Embracing Wellness in South Korea

In South Korea, the pursuit of wellness intertwines ancient traditions with modern advancements, set against a backdrop of abundant natural resources. Korean culinary delights, renowned for their diverse range including kimchi, banchan, fresh seafood, and vegan options, have captivated global audiences. Traditional wellness practices like sauna sessions, meditation, martial arts such as taekwondo and taekgyeon, herbal teas, and acupuncture, alongside modern fitness regimens and digital wellness tools, contribute to a holistic approach to health. Additionally, skincare rituals and the world-famous K-beauty industry further enhance the experience of living well in South Korea.

Exploring Wellness in South Korea

The country’s picturesque landscape, nestled between vast mountain ranges and surrounded by seas, provides an ideal setting for a myriad of wellness activities. From indulging in hot springs and hiking to engaging in water sports, South Korea offers diverse opportunities for rejuvenation. Whether staying at mountain retreats, seaside resorts, or embarking on meditation retreats and temple stays, visitors can immerse themselves in nature’s bounty. Sampling mountain herbs, temple cuisine, and traditional Korean dishes not only delights the palate but also promotes well-being, especially in colder climates. Urban centers boast a plethora of wellness amenities, from spas and fitness centers to traditional and alternative medicine practices. Visitors seeking a cultural experience can partake in mindful tea ceremonies or embrace Korean bathing traditions at natural hot springs and communal baths, enjoying a social and family-friendly atmosphere.

Therme Group’s collaboration with GWI is pivotal in showcasing South Korea on the global stage. Stelian Iacob, senior vice president of Therme Group, remarked: “South Korea has rich and varied wellbeing traditions and a high-growth wellness economy. We are committed to enhancing the wellbeing of South Korea’s residents and visitors, and this research provides vital data for the industry. The research shows that people are rediscovering the health benefits of thermal bathing and wellness therapies, and we look forward to working with local partners to bring our unique wellbeing resort experience to the region.”

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