The increasing adoption of wearable devices is expected to drive the growth of the global health and wellness market. The primary factor behind this growth is the rising number of health-conscious consumers worldwide.
New York, May 23, 2023 (GLOBE NEWSWIRE) — The Health And Wellness Market in terms of revenue was estimated to be worth USD 4,332 Bn in 2022 and is poised to reach USD 8,379 Bn by 2032, growing at a CAGR of 7% from 2022 to 2032.
The state of complete mental, physical, and spiritual well-being is referred to as health and wellness. Personal care and beauty products, weight management, beauty tools, fitness, nutrition, and personalized and preventive medicine are just a few of the important facets of the health and wellness industry. Additionally, services based on wellness tourism, wellness real estate, health spas, and mineral and thermal springs are provided to customers and are a vital part of the industry’s operations.
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Key Takeaway:
- By Type, the beauty & personal care products segment generated the highest revenue share in 2022.
- In 2022, North America dominated the market with the highest revenue share of 39.5%.
- Asia-Pacific will grow at a significant CAGR from 2023-2032.
The key driver of the global health and wellness market share is increasing consumer spending on different health and wellness products and services. The increasing incidence of mental and physical illnesses, such as anxiety and depression, is largely responsible for the health and wellness market growth. Also, one of the key drivers of the growth of the market is the increasing frequency of chronic lifestyle diseases around the globe.
Factors affecting the growth of the health and wellness market
There are several factors that can affect the growth of the health and wellness market. Some of these factors include:
- Increasing Use of Wearable Devices: The growing use of wearable devices will likely facilitate the growth of the global health and wellness market.
- An Increase in The Number of Health-Conscious Consumers: The main factor driving the growth of the market is an increase in the number of health-conscious consumers around the globe.
- Unhealthy Lifestyles of People: Unhealthy lifestyles of people lead to an increase in the prevalence of chronic diseases, which leads to an increase in health consciousness.
- Reducing Pharmacy Costs: Cost transparency is one of the drawbacks which may hinder the growth of the market.
- Rapid Urbanization: Rapid urbanization will bring unhealthy lifestyles in some aspects, which results in the growth of the market.
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Top Trends in the Global Health And Wellness Market
Vendors are trying out novel concepts and introducing original products to hold their position in the health and wellness market. For instance, EVOLVE sells foods of the Supernova brand that are made of whole foods and don’t contain any fillers. Thus, during the forecast period, the global health and wellness market will grow at a faster rate as a result of the availability of whole organic products.
Thermal/mineral springs and spas have become progressively popular around the globe due to their ability to ease mental and physical exhaustion and also conditions like problems with rheumatism, circulation, bronchitis, problems with the spinal column, better joint health, and asthma. Resorts and spas have high demand in Asia, Europe, and North America.
Market Growth
Diabetes, asthma, high blood flow, blood sugar level, blood pressure, dementia, arthritis, cancer, and other stress-related disorders have significantly increased because of busy schedules and sedentary lifestyles. Thus, an extensive range of health-related practices, such as yoga, meditation, and sports, have become popular. Moreover, the rising use of wearable devices like trackers and fitness bands is driving the market expansion. The market is also boosted by the faster expansion of wellness tourism and mineral spas. For various cardiovascular conditions, rheumatism, spinal column conditions, asthma, circulation disorders, and bronchitis, spa operators use specialized therapeutic waters like iodine-bromine and Malkinskaya mineral water. The market is projected to be further pushed by other key factors, such as rapid urbanization, rising disposable incomes, and an increase in the number of health-conscious consumers worldwide.
Regional Analysis
North America held more than 39.5% of the revenue share of the market, and it is likely to continue throughout the forecast period. Elite consumers in NA are more concerned about their health and are more likely to buy healthy products. Also, they are more aware of health and wellness products. Additionally, the North American health and wellness market has developed considerably due to the presence of various major industry players as well as numerous growth strategies.
APAC is thought to be the most opportunistic market during the forecast period. Asia Pacific market size has developed as the most lucrative market because of its rising urbanization, large population, rapid industrialization, favorable government policies to encourage foreign direct investment (FDI), and enormous potential for growth in various health and wellness sectors. The health and wellness actual market size is developing chiefly due to major economies like Japan, India, China, and South Korea.
Competitive Landscape
The market is moderately fragmented, with numerous market players. These market players are attempting to increase their share of the market by implementing strategies like investments, partnerships, and mergers and acquisitions. Additionally, businesses are investing in product and service enhancements. Also, they are focused on keeping prices competitive. The cosmetics company purchased the US-based company in order to incorporate Thayer’s Natural Remedies into L’Oréal’s Consumer Products Division. The various development strategies, like partnerships, brand-new product launches with cutting-edge features, and acquisitions, provide market players with lucrative market opportunities along with market expansion.
Market Key Players:
- Cleveland Travel Ltd.
- Abbott Laboratories
- Herbalife Nutrition Ltd
- L’Oréal S.A.
- Nestlé SA
- Procter & Gamble
- Unilever Plc
- Vitabiotics Ltd.
- Other Key Players.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | US$ 4,332 Billion |
| Market Size in 2032 | US4 8,379 Billion |
| CAGR (2023 to 2032) | 7% |
| North America Revenue Share | 39.5% |
| Europe Revenue Share | 21.6% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Unhealthy lifestyles of people lead to an upsurge in the occurrence of chronic diseases, which results in an increase in health consciousness. Regular physical activity can recover the overall health, physical fitness, and quality of life. Additionally, it declines the risk of developing long-term conditions like a variety of cardiovascular diseases, type 2 diabetes, cancers, anxiety, stress, and Alzheimer’s. One can improve stamina and strength, prevent muscle strength loss caused by disease, strengthen muscles, make it easy to do everyday things, and stabilize joints, with the help of intense training.
Market Restraints
Tablet-based supplements are more inexpensive to make than capsule-based ones. Though, there are some disadvantages to tablet-based supplements, such as the fact that the fillers and binders make it harder to digest them. Liquid supplements are preferred even though the quality of tablets is better than that of capsules. But the liquid supplements are typically more expensive. They are more easily absorbed and do not contain any chemicals. The rate of a supplement is considerably influenced by the origin (synthetic or natural) and availability of the ingredients.
Market Opportunities
The demand for sustainable health and wellness products and services and environment-friendly organic food products is propelling the market for health and wellness to speedy growth. Current manufacturers are also increasing product development, technological partnerships, and acquisitions to meet demand. It is also predictable to boost market growth during the forecast period.
Esters can improve the performance, texture, and smell of an extensive range of personal care products, including baby cleansers, body lotions, hair care products, and creams. These same effects may be achieved by synthetic compounds and chemicals, but they may also be risky. On the contrary, esters in personal care products are dermatologically harmless. They are also biodegradable and environmentally sustainable components. Most conventional cosmetics contain synthetic ingredients, but bio-based oleochemical-based cosmetics are progressively famous among consumers. The supreme people globally are keen to pay more for brands that are committed to sustainability. This preference for allegedly ‘green’ products is particularly apparent among Millennials.
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Report Segmentation of the Health And Wellness Market
Type Insight
The market is segmented into health and wellness food, fitness equipment, wellness tourism, beauty and personal care products, and other categories. During the forecast period, the health & wellness food segment is estimated to rise at the fastest rate, while the beauty & personal care products segment holds the largest market share; as customers’ preferences for organic and natural products develop, the market for beauty and personal care items has expanded. The market for beauty and personal care products has gradually grown over time as more women have become conscious of their looks. The creation of a distribution channel, the introduction of an online shopping model, and a growing understanding of the importance of preserving long-term appeal are just a few of the other elements that have fueled the market expansion for cosmetics and personal care items.
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Market Segmentation
By Type
- Health & Wellness Food
- Beauty & Personal Care Products
- Fitness Equipment
- Wellness Tourism
- Other Types
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Health And Wellness Market
- In May 2022, Oreo introduced a new line of gluten-free Oreos in the United States, along with Lacta Intense in Brazil, Oreo Zero in China, and Caramilk in Australia. As the company continues to focus on innovation around health and well-being, these products are the result of new formulations designed for health-conscious customers.
- In June 2021, Unilever agreed to acquire Paula’s Choice, a leading digital-led skincare brand, from TA Associates. Paula’s Choice is a pioneer in direct-to-consumer (DTC) eCommerce and products backed by science.
- In June 2021, Nature’s Bounty Optimal Solutions introduced the world’s first advanced skin, hair, and nail jelly beans.
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