Health and Wellness Market to Hit USD 6.94 billion by 2031, at a CAGR 5.0% | Report by Transparency Market Research, Inc.

Advances in genetic testing and personalized medicine have led to the emergence of genomic health testing, allowing individuals to understand their genetic predispositions to certain health conditions and customize their lifestyle choices accordingly.

Wilmington, Delaware, United States, Dec. 04, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global health and wellness market was estimated to have acquired US$ 4.1 trillion in 2020. It is anticipated to register a 5.0% CAGR from 2021 to 2031 and by 2031, the market is likely to gain US$ 6.94 trillion.

The proliferation of smart home fitness equipment, virtual fitness classes, and interactive workout apps is expected to transform the way individuals approach physical activity, especially with the trend towards home based fitness.

Social media platforms and influencers play a significant role in shaping consumer preferences. Brands in the health and wellness space are leveraging these platforms for marketing and education.

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Global Health and Wellness Market: Key Players  

The following companies are well known participants in the global health and wellness market: 

• The Estée Lauder Companies Inc.
• L’Oréal S.A.
• Unilever plc
• BioThrive Sciences
• Abbott Laboratories
• Herbalife Nutrition Ltd.
• Amway Corp.
• THE BOUNTIFUL COMPANY
• Anytime Fitness LLC
• Lift Brands
• BodyHoliday Saint Lucia
• Healing Holidays (Cleveland Travel Ltd.)
• COMO Hotels and Resorts
• Grand Resort Bad Ragaz
• SOUKYA International Holistic Health Centre

Key Findings of Market Report  

• The growth of e-commerce is expected to facilitate easier access to health and wellness products. Online platforms provide a convenient way for consumers to research, purchase, and access information related to health and wellness.
• The holistic approach to wellness, considering physical, mental, and emotional well being, is gaining traction. The trend includes practices like holistic medicine, integrative healthcare, and mind body therapies.
• The beauty and wellness industries are converging, with products and services that promote both external beauty and internal well being, which includes skincare products with functional ingredients and wellness focused beauty routines.
• The recognition of mental health as an integral part of overall well being is leading to increased demand for products and services addressing stress management, anxiety, and mental health support.

Trends For Health and Wellness Market 

• Increased awareness of health and wellness issues is leading consumers to seek products and services that promote overall well being, which includes a focus on nutrition, physical activity, mental health, and preventive healthcare.
• A shift from treatment focused healthcare to preventive measures has been observed. Consumers are increasingly interested in maintaining good health and preventing illnesses rather than just treating them.
• The integration of technology in health and wellness, such as wearable devices, mobile apps, and telehealth services, is providing individuals with tools to monitor and manage their health more actively.
• There is a growing demand for personalized health and wellness solutions, including personalized nutrition plans, fitness programs, and health monitoring devices tailored to individual needs.

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Global Market for Health and Wellness: Regional Outlook 

Various reasons are propelling the growth of the health and wellness market in different regions. The regions include,

Europe

• Growing awareness and consciousness about health and wellness among European consumers, is leading to a demand for products and services that support a healthier lifestyle.
• Supportive government initiatives and policies are promoting health and wellness, including campaigns for healthier eating, increased physical activity, and public health awareness.
• Increasing adoption of digital health technologies and platforms, such as health apps, wearable devices, and telehealth services, are providing new opportunities for wellness monitoring and management.

North America

• A growing demand for nutritional supplements, including vitamins, minerals, and other health focused products are expected to support overall well being.
• Increasing interest in personalized nutrition plans are tailored to individual needs, including genetic factors, lifestyle, and dietary preferences.

Recent Development:

In 2023, the Estée Lauder Companies UK & Ireland unveiled the Voice Enabled Makeup Assistant application. The groundbreaking mobile app, driven by artificial intelligence, is designed to assist visually impaired users in applying makeup with greater ease and confidence. The primary goal of ELC in introducing VMA is to enhance support for the visually impaired community, fostering self expression and self empowerment through their engagement with makeup.

Global Health and Wellness Market Segmentation   
Sector

• • Personal Care, Beauty, and Anti Aging
  • Healthy Eating, Nutrition, and Weight Loss
  • Wellness Tourism
  • Physical Activity
  • Preventive & Personalized Medicine and Public Health
  • Traditional and Complementary Medicine
  • Spa Economy
  • Others

Region

• • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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