The health and wellness market recorded a notable revenue share in the market in 2021 and is set to be worth more than USD 7,656.7 billion by the end of 2030. It is poised to grow at a healthy CAGR of 5.5% from 2021 to 2030.
The report contains 150+ pages with detailed analysis. The market report also covers the estimated market sizes and trends for different countries across major regions, globally.
The rising prevalence of chronic diseases among the global population is the key driver of the global health and wellness market. The sedentary and hectic schedules of the consumers had resulted in the prevalence of stress, depression, anxiety, cancer, diabetes, and various other health related issues. Moreover, the lack of proper diet has resulted in the reduced intake of essential nutrients and minerals required for the healthy and active functioning of human body.
According to the World Health Organization, around 20% of the men and 16.7% of the women are diagnosed with cancer at least once in their lifetime, globally. Further, cardiovascular diseases results in around 18 million deaths across the globe annually. Therefore, rapidly rising prevalence of chronic diseases are the major drivers of the global health and wellness market.
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The integration of various latest technologies such as AR, VR, IoT, and blockchain are the various factors that are expected to provide lucrative growth opportunities to the market players across the globe. Constant research and development had resulted in the adoption of smart technologies and innovative ways in the manufacturing of various health and wellness products.
The rapidly growing biopharmaceutical industry is boosting the medicine industry globally. The development of various life-saving drugs and development of biologics have provided the treatment for deadly diseases like cancer and tumor.
The high costs of various health and wellness products such as functional food & beverages, nutritional supplements, preventive medicines, and personalized medicines may hamper the growth of the market especially in the underdeveloped and developing countries where the population of middle and lower income group is extremely high. Moreover, lack of awareness regarding several innovative health and wellness products such as personalized medicines, wellness tourism, and several other products and services may hamper the growth of the market during the forecast period.
Research Objective
the market revenue/volume with the help of widespread quantitative and qualitative insights, and forecasts of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2017 to 2020. This research report evaluates health and wellness market on a global and regional level.
It offers thorough analysis of market status, growth and forecast of the global health and wellness market for the period from 2017 to 2030. This research study offers historic data for the years 2017 to 2020 along with a forecast from 2021 to 2030 based on value.
This report also provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the health and wellness market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space.
This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
By sector, the personal & beauty & anti-aging segment dominated the global health and wellness market in 2020, garnering a market share of around 24%. The rising youth population in the underdeveloped and developing regions of Africa and Asia Pacific is the major factor that is expected to boost the growth of this segment during the forecast period. The increased penetration of social media platforms plays a huge role in influencing the youth.
Therefore, all the major market players are investing heavily to establish their online or digital presence. The recent outbreak of the COVID-19 pandemic has necessitated the adoption of digital technologies to remain competitive in the market.
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On the other hand, the wellness tourism sector is expected to be the fastest-growing segment during the forecast period. This is attributed to the increasing awareness regarding the wellness tourism among the population. The overall growth of the wellness tourism is attributed to the government and private investments to develop infrastructure in the country to attract tourism. Tourism is one of the major contributors to the GDP of major economies.
North America is the global leader in the health and wellness market. This is attributed to the increased consumer spending on the health and wellness products and services in the region. Further, the higher adoption rate of advanced and innovative technologies in North America has significantly boosted the growth of the health and wellness market in the past few years. North America is characterized by the presence of various top manufacturers of pharmaceuticals, beauty and personal care products, and nutritional supplements that crucially contributes towards the development of the health and wellness market in the region.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. The region is providing lucrative opportunities to the market players owing to the availability of cheap factors of production and favorable governmental policies that attracts foreign direct investments. Countries like China and India are becoming the manufacturing hub of the world as these countries are characterized by the presence of the manufacturing units of almost all the top players operating in the health and wellness market.
Moreover, the presence of huge youth population, rapid urbanization, and rapid industrialization are the various factors that are expected to drive the demand for the beauty and personal care products, nutritional supplements, physical activities, and various other wellness and health products, during the forecast period.
Various developmental strategies adopted by the market players such as partnerships, agreements, new product launches, mergers, and acquisitions contribute exponentially towards the market growth. For instance, in June 2021, Unilever entered into a partnership agreement with the food-tech company, ENOUGH to produce plant-based meat products in the market. Further, in June 2020, L’Oreal acquired Thayers Natural Remedies, a US based skincare brand, to integrate it into L’Oreal’s Consumer Products Division.
Some of the prominent players in the global health and wellness market include:
- Amway Corp.
- Bayer AG
- Danone
- David Lloyd Leisure Ltd.
- Fitness First
- Herbalife Nutrition Ltd.
- Holland & Barrett Retail Limited
- L’Oréal SA
- Nestlé SA
- Procter & Gamble
- Unilever Plc
- Vitabiotics Ltd.
Segments Covered in the Report
By Sector
- Personal Care & Beauty & Anti-Aging
- Nutrition & Weight Loss
- Physical Activity
- Wellness Tourism
- Preventive & Personalized Medicine
- Spa Economy
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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