SANTA CLARA — The female economy is poised to outpace the economy of some of the biggest nations in the next five years.

That’s according to a new report released by business consulting firm Frost & Sullivan.

Titled “Global Mega Trends to 2030,” the report’s key finding revealed that the global female income is expected to reach $24 trillion annually in 2020 — up from $20 trillion in 2018.

Meanwhile, women are expected to control $43 trillion of global consumer spending through voluntary private consumption or an exchange of money for goods and services in 2020.

“The increasing economic power of women will result in a big transformation in product design and marketing. Women are expected to spend more than $40 trillion this year, ushering in the need for more focused user-centric strategies and products,” said Archana Vidyasekar, Visionary Innovation Group’s global research director, in a statement.

“An interesting trend to note is the change in gender strategies, moving from being women-centric to more gender-neutral. In many ways, this is the key to succeed with this segment. Women are not asking for exclusivity, they are looking for inclusivity—gender-neutral experiences that, unfortunately, are still lacking in many user experiences.”

Other findings:

  • There will be 100 million more women in the global labor force by 2030. Asia-Pacific will have the largest female workforce, with millennials representing the largest proportion of female laborers in 2030.
  • By 2030, women will change the workforce landscape with a more than 40 percent average participation rate, eventually adding up to 100 million more working women to the global economy. This would bring down the gender gap in labor participation rates by 25 percent by 2025.
  • Women-owned companies will represent over 40 percent of registered businesses worldwide in 2020.

For over five decades, Frost & Sullivan has worked to help investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success.