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The Global Health and Wellness Market size is estimated to grow by USD 1,927.6 billion, accelerating at a CAGR of 7.01% between 2023 and 2028. There is a growing focus on promoting health and wellness activities and programs, spurred by rising incidences of chronic diseases, stress, and other adverse health conditions. This emphasis underscores a proactive approach toward improving public health and well-being globally. Concurrently, there is an increasing number of new product launches in the market, reflecting heightened innovation and competition in addressing diverse health needs. Consumers are increasingly turning to fitness bands and wearable devices to monitor their physical activity and mental well-being. Besides, addressing pharmacy costs and navigating complex regulatory landscapes are additional hurdles faced by mental wellness apps and global health wellness market players.
These trends highlight a shift towards preventive healthcare measures and holistic lifestyle choices, as individuals and organizations prioritize health promotion initiatives. The rising prevalence of chronic diseases and stress further drives the demand for innovative solutions and supportive programs aimed at enhancing overall health outcomes. This dynamic environment encourages continuous advancements in health products and services, aiming to meet evolving consumer preferences and address emerging health challenges effectively. This market research and growth report also includes a thorough analysis of historical market data from 2018 to 2022.
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The market encompasses a broad spectrum of offerings aimed at promoting a balanced lifestyle and preventative healthcare. It integrates alternative therapies and holistic approaches alongside traditional medical practices to support disease prevention and treatment. Consumers are increasingly focused on maintaining a healthy lifestyle through nutrition and weight control, aided by herbal supplements and preventive screenings. The market also caters to mental health retreats and stress management products, reflecting rising awareness of mental health alongside fitness and exercise regimes supported by wearable fitness technology. Beauty treatments and apparel tailored for increased fitness consciousness are gaining traction, driven by cultural developments promoting wellness practices. Sub-markets within the industry are evolving to meet diverse consumer needs for wellness and illness management, emphasizing the importance of diet and apparel in maintaining overall health and vitality.
This market is experiencing growth due to the increasing prevalence of chronic diseases, stress, and other health issues. Chronic conditions like diabetes, multiple sclerosis, blood pressure, osteoporosis, and others are driving consumers to seek preventive measures within the global market.
Additionally, rising stress levels prompt investments in fitness equipment, healthcare devices, and supplementary diets. This trend is expected to propel the market's growth as individuals prioritize proactive health management.
The growing influence of thermal and mineral springs and spas is a significant trend shaping the industry's growth. Increasing requirements to treat varied physical and mental conditions like rheumatism, circulation disorders, improved joint health, spinal column ailments, bronchitis, and asthma have led to a growing demand for thermal/mineral springs and spas worldwide. Throughout regions like Europe, North America, and Asia, spas and health resorts use therapeutic waters sourced from natural thermal/mineral springs. The growth in the number of operating spas has been observed worldwide due to the increasing demand for spa services by consumers.
Moreover, thermal and mineral springs and spas are more prominent in Europe. In addition, major spa operators are focusing on using specialized therapeutic waters like Malkinskaya mineral water and iodine-bromine waters to treat cardiovascular conditions. Moreover, techniques like hydrosulfuric healing and hydropathic healing are increasingly being adopted by these spas for treating chemical and heat burns and increasing the limited mobility in disabled people. The above-mentioned factors are expected to positively impact the growth of the global health and wellness market during the forecast period.
The lack of cost transparency and value-based payments poses a significant challenge to market growth. Consumers are increasingly demanding transparency in pricing for products and services. Market vendors must avoid frequent price hikes to rebuild trust with health insurers, physicians, and consumers.
Moreover, cost control emerges as a primary challenge for vendors aiming to expand their consumer base in the health and wellness industry. Overcoming these challenges becomes crucial for major market players to ensure sustained growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Based on product type, the market is segmented into beauty and personal care products, health and wellness food, wellness tourism, fitness equipment, and preventive and personalized health. The market share growth by the beauty and personal care products segment will be significant during the forecast period. This segment includes subcategories such as cosmetics, personal care products such as shower gels, bathing soaps, skincare, haircare, deodorants, anti-aging skin creams, and other products.
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The beauty and personal care products segment showed a gradual increase in market share from USD 1,018.4 billion in 2018. The health and wellness food segment holds the second-largest market under the Product category. This segment comprises a range of foods, including superfood-based packaged snacks, juices, nutrition bars, energy drinks, sports nutrition drinks, plant-based dairy-free food and beverages, protein-enriched foods, almonds, nuts, food with fucoidan, cashews, and vegan and gluten-free foods. The growth of this segment can be attributed to the rising demand for superfood-based packaged food and beverages worldwide. These contain organic ingredients such as blueberry, cranberry, chia, sesame, hemp, and avocado.
Europe is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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This market has a huge presence in the North American region. The prevalence of chronic lifestyle diseases like diabetes, high blood pressure, asthma, arthritis, cancer, and dementia due to sedentary lifestyles, as well as other stress-related disorders, has increased significantly in the region. Additionally, trends such as "mindful snacking" have a positive impact on the market in North America. In June 2021, Iovate Health Sciences International Inc., a nutritional supplement company, launched the Purely Inspired Superfoods product line. The product is focused on delivering high-quality, nutritious products with Superfood Capsules as part of its new superfood product line. The increasing number of new product launches in the packaged health and wellness food sector, and other categories will drive this market in North America.
The market report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market is witnessing exponential growth driven by increasing consumer expenditure on health and wellness products and services worldwide. With rising concerns about physical diseases such as cancer and mental health issues like depression and anxiety, individuals are prioritizing their well-being. The increase in personal disposable income and growing awareness about health have led to significant government expenditure on enhancing healthcare infrastructure and promoting a healthy and active lifestyle. Demand for personal care products is escalating, especially as concerns about a sedentary lifestyle grow. Wellness tourism, involving activities like meditation, yoga, and recreational pursuits in natural settings like agricultural fields, is on the rise. The integration of digital devices is further driving the market, catering to diverse demographics, including the women population seeking beauty and anti-aging products and the cosmetics industry expanding its range of functional and healthy food products.
Moreover, the market is witnessing an increase in demand due to increasing awareness about physical and mental diseases and a growing desire for a healthy and active lifestyle. This trend is particularly pronounced among the working population, who seek functional beverages and other products to support their health goals. Furthermore, children are encouraged to adopt active lifestyles at an early age, with the popularity of children's bicycles and other physical activities contributing to the market's dynamic growth. Moreover, there is a growing consumer consciousness among consumers about the importance of mental health and understanding mental disorders, leading to increased interest in activities such as meditating and engaging in recreational activities. Overall, these factors contribute to the dynamic growth of the global health and wellness market. The market offers a range of options, from Synthetic and Natural ingredients to products like Hand sanitizers and Surgical scrubs. In addition, fitness centers and gyms promote physical activity and well-being, reflecting a holistic approach to healthcare and lifestyle management.
Further, the market is experiencing a significant shift as consumers become increasingly conscious of their well-being amidst rising concerns about health hazards associated with processed meat consumption and unhealthy fast food chains. There's a growing emphasis on adopting healthy and functional food and beverages, along with regular exercise, to mitigate the risk of conditions like Type 2 diabetes, cardiovascular disease, and Alzheimer's. Furthermore, individuals are prioritizing muscle strength, joint stability, and falling prevention, leading to an increase in demand for products and services that promote range of motion and overall physical fitness. Additionally, skincare products, cosmeceuticals, and therapies offered at spas and thermal springs are gaining popularity, emphasizing the importance of personal hygiene and holistic wellness in today's fitness-oriented society.
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Market Scope |
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Report Coverage |
Details |
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Page number |
181 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.01% |
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Market growth 2023-2027 |
USD 1,927.6 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.43 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key countries |
US, Canada, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
adidas AG, Amway Corp., Bayer AG, Beiersdorf AG, Danone SA, David Lloyd Leisure Ltd., General Mills Inc., Glooko Inc., Herbalife International of America Inc, LOreal SA, Nestle SA, Ogilvie and Co., PepsiCo Inc., RSG Group GmbH, Shiseido Co. Ltd., The Procter and Gamble Co., Unilever PLC, and Vitabiotics Ltd. |
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Market dynamics |
Parent market analysis, Market trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market forecasting for 2023-2027 |
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Customization purview |
If our market analysis and report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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