Health And Wellness Market Report
Health and Wellness Market, by Product Type (Beauty & Personal Care Products, Health & Wellness Food, Wellness Tourism, Fitness Equipment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031
Global Health and Wellness Market Analysis
The Global Health and Wellness Market Size was $4,712.5 billion in 2021 and is predicted to expand at a CAGR of 10.9%, generating a revenue of $12,850.3 billion by 2031.
Global Health and Wellness Market Synopsis
Health and wellness are two concepts that are highly valued. All people, regardless of their age, background, or category, ought to pay attention to these concepts. The rationale for this is that when people are healthy, they can focus effectively on carrying out numerous duties and activities. They will also be able to live effective lives and accomplish the desired goals and objectives. Living effective and successful lives depends on being in good bodily and mental health. A person who is fit and healthy can live life to the fullest without experiencing any serious medical problems. Being healthy involves more than just a person's physical well-being; it also refers to their mental stability or sense of inner peace. Maintaining an active lifestyle and eating nutritious foods like vegetables and protein can both help you feel better about yourself. The impact of food on one's health and happiness is a growing concern for people in the twenty-first century. Supermarkets are stocked with processed foods that are deficient in vital nutrients and heavy in sodium, sugar, and saturated fats. These are shown to be the cause of obesity and significant health issues like diabetes, heart disease, cancer, and others. People have started concentrating more on natural foods, such as organic foods, in an effort to improve and maintain their physical health. The rising demand for environmentally friendly organic food items and the quick increase in the demand for sustainable health and wellness products & services worldwide is anticipated to boost the health and wellness market growth.
However, the high price of health and wellness-related goods and services is a major barrier to the market's expansion. The construction and upkeep of thermal springs and health spas demand substantial investments, which is expected to restrain health and wellness market expansion.
Environmental preservation and the harmful effects of chemical inputs on the soil, environment, and human health are all becoming more widely known on a global scale. As a result, people are now moving more toward organic and eco-friendly food products. There have been several, highly variable health benefits associated with eating organic food. Ascorbic acid and polyphenols are highly concentrated in organic plants, and PUFA and n-3 PUFA are concentrated in organic animal diets. The health and wellness market share growth is experiencing rapid expansion due to rising demand for environmentally friendly organic food items as well as rising demand for sustainable health and wellness goods and services. To meet product demand, existing manufacturers are also increasing technological partnerships, acquisitions, and product developments; this aspect is further anticipated to fuel market expansion in the near future.
According to regional analysis, the North America health and wellness market accounted for highest share in 2021 and is predicted to expand with a considerable CAGR during the forecast period.
Health and Wellness Overview
The words "wellness" and "health" are often used interchangeably. Although one cannot exist without the other, they are two distinct ideas with varying degrees of variability and distinct meanings. According to the World Health Organization (WHO), health is "a condition of whole physical, mental, and social well-being and not only the absence of sickness or infirmity (illness)" and wellness is "a good approach to living" and "the optimal condition of health of individuals and groups." Health is the goal, and the active process of reaching it is wellness.
COVID-19 Impact on Global Health and Wellness Market
The COVID-19 pandemic has brought several uncertainties, leading to severe economic losses as various businesses across the world were on a standstill. But the COVID-19 pandemic had a positive impact on the health and wellness market. Health and wellness emerged as key focus areas among people during the pandemic. The value of leading a healthy life has gained more recognition among people all around the world. The pandemic has highlighted socio-economic and psychological ramifications, imparting a crucial lesson on health. Although COVID-19 impacted the whole world, perhaps the bright side is that people are now more mindful of their own health.
People now more than ever want to improve their lifestyles, which were tarnished by bad habits or negligence prior to the pandemic. They are now pickier about what they eat, when they eat it, the types of workouts they do, and the items they purchase, with a focus on eating a balanced diet. With such significant shifts in consumer demand, the health and wellness market is going to grow. Moreover, numerous governments all around the world are focusing on improving health and wellness among the people of their countries by providing various guidelines and encouraging them to adopt healthy lifestyles. For instance, the Indian government promoted yoga and ayurvedic medicine during the pandemic to improve the health and wellness of people.
Rise in Demand for Thermal & Mineral Springs and Spas Drives the Growth of the Health and Wellness Market
People have utilized thermal mineral water to treat conditions like rheumatism, skin diseases, and poor digestion since ancient times. It is at least as old for people to travel to thermal springs for health and healing. One of the main factors driving the global spa, thermal, and mineral springs market is the increasing demand for these facilities. The growth of man-made thermal and mineral springs as well as health spas for the treatment of ailments, both physical and mental, will significantly expand the global health and wellness market growth. These thermal & mineral springs provide numerous health benefits, including relief from stress and strain, skin-related disease, improving vascular functions, and help in burning calories. As a result of the pandemic, there is a renewed emphasis on holistic well-being, nutrition, and rejuvenation. As a result, more and more individuals are planning their vacations and short getaways around these possibilities. To cater to this increase in demand, the hospitality group Taj India introduced Taj wellness retreats in September 2020. It offers 14 types of ayurvedic retreats at all Taj hotels, which combine the expertise of in-house spas.
To know more about the global health and wellness market drivers, get in touch with our analysts here.
High Cost of the Products and Services is a Key Restraining Factor for the Growth of the Health and Wellness Market
Customers prefer different wellness services like spas, gyms, and others to live a balanced and healthy life due to the rising worries about total wellness and changes in lifestyle. However, these services are pricey, which is expected to have a negative impact on the market. Costly supplements and functional foods and beverages are anticipated to impede the expansion of the health and wellness sector. These factors are anticipated to hamper the health and wellness market trends during the forecast period.
Growing Trend of Organic and Sustainable Products and Services is Anticipated to Produce Enormous Investment Opportunities in the Health and Wellness Market
Traditional diets are being supplanted by diets that contain significant amounts of industrially processed foods, animal products, and refined sugars, fats, and oils. Conversely, there is a correlation between lesser consumption of these foods and the (slowly) growing popularity of organic diets and unprocessed organic food products. It is contended that the expansion of the organic food industry is already helping to advance the goals of enhancing global public health and minimizing the negative environmental effects of food production and processing. Therefore, eating organic food helps save lives and ensures that humans will continue to exist in the future. This transition will give operators new opportunities while also placing the food system on a sustainable course in the value chain for food. The focus of healthcare costs for governments can change from increasing overall care and wellbeing to treating disease. Innovation spurred by rising public demand and awareness will deliver consumers additional choices for eco-friendly and healthy goods at reasonable costs.
To know more about the global health and wellness market opportunities, get in touch with our analysts here.
Global Health and Wellness Market, by Product Type
On the basis of product type, the market is divided into beauty & personal care products, health & wellness food, wellness tourism, fitness equipment, and others. Among these, the beauty & personal care products segment accounted for the highest market share in 2021, whereas the health & wellness food segment is estimated to show the fastest growth during the forecast period.
Global Health and Wellness Market Trends, by Product Type, 2021
Source: Research Dive Analysis
The beauty & personal care products segment is anticipated to have a dominant market share in 2021. Due to an increasingly beauty-conscious female population, the cosmetics and beauty sector has experienced consistent and long-term growth throughout the years. A number of additional variables, including increase in disposable income, changing lifestyles, shifting tastes and preferences, the rise of online shopping modes, and the growth of the distribution network, have continued to support the demand and supply of the products. The increase in use of skincare products, including anti-aging creams, blemish creams, exfoliators, has led to significant expansion in the market. A variety of new face washes for various skin types have been introduced. A variety of products that combat fatigue, stress, and aging have been produced due to the increased prominence of women's desire to seem young. Demand for cosmeceutical healthcare goods is being fueled in part by the growing trend of healthier lifestyles and greater awareness of the negative effects of utilizing synthetic healthcare and personal care products.
The health & wellness food segment is anticipated to show the fastest growth. Worldwide, there has been a significant shift in consumer purchasing habits toward consumption of healthy foods. Significant shifts in consumer behavior toward the consumption of healthy foods have occurred recently as a result of growing health knowledge, changing lifestyles, and growing concerns about the advantages of health and wellness food. Balanced diet that provides the body with the essential nutrients and number of calories needed for growth, proper physical and mental function, and satisfying the body's fundamental nutritional and metabolic needs all at once is necessary. Nutrition and food intake are crucial for maintaining health and wellbeing. Consumers are becoming aware that eating a nutritious diet is essential to preserving their entire well-being.
Health and Wellness Market, Regional Insights
The health and wellness market opportunity was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Health and Wellness Market Size & Forecast, by Region, 2021-2031 ($Billion)
Source: Research Dive Analysis
Market for Health and Wellness in North America to be the Most Dominant
The demand for health and wellness in the North America region is driven by consumers' increased disposable income, increased health consciousness, higher demand for healthy products, and improved consumer awareness of health and wellness items. A large part of the expansion of the North American health and wellness market is attributable to the existence of multiple top industry players and the various development strategies they have used. Also, there is increased demand among people to improve their health by adopting a healthy lifestyle, which includes using organic foods, vegan food products, and food supplements. There is rise in demand among the region’s spas because of their health and beauty benefits. Health and wellness services are projected to remain in high demand due to the rising need for leading physically and mentally healthy lives. It is anticipated that the frequency of chronic diseases will increase health and wellness market opportunities in the North America region.
Competitive Scenario in the Global Health and Wellness Market
Investments and agreements are common strategies followed by major market players. For instance, in April 2022, Eight Sleep, a smart mattress startup, introduced a new health coaching service. Users can connect with a performance coach through Span, which can offer advice on food and exercise. The advice is founded on information gathered from a variety of fitness and health trackers, including the Eight Sleep smart mattress.
Source: Research Dive Analysis
Some of the leading health and wellness market players are Abbott, B. Braun Melsungen AG, L’Oréal, Nestlé, General Mills Inc., Omron Healthcare, Inc., Medtronic, Koninklijke Philips N.V., LifeScan, Animas LLC, Johnson & Johnson Services, Inc., The Coca-Cola Company, and F. Hoffmann-La Roche Ltd.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Product Type
Key Companies Profiled
Q1. What is the size of the global health and wellness market?
A. The size of the global health and wellness market was over $4,712.5 billion in 2021 and is projected to reach $12,850.3 billion by 2031.
Q2. Which are the major companies in the health and wellness market?
A. Abbott, Nestlé, and Medtronicare some of the key players in the global health and wellness market.
Q3. Which region, among others, will possess great investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia-Pacific health and wellness market?
A. Asia-Pacific health and wellness market is anticipated to expand at an 11.3% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Agreements and investments are the two key strategies opted by the operating companies in this market.
Q6. Which companies are investing more in R&D practices?
A. L’Oréal, B. Braun Melsungen AG, and Johnson & Johnson Services, Inc. are the companies investing more in R&D activities for developing new products and technologies.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
1.5.Market size estimation
2.2.Key objectives of the study
2.5.Overview of the impact of COVID-19 on global health and wellness market
4.2.Growth impact forces
4.3.Market value chain analysis
4.3.1.List of raw material suppliers
4.3.2.List of manufacturers
4.3.3.List of distributors
4.4.Innovation & sustainability matrices
4.5.Porter’s five forces analysis
4.5.1.Bargaining power of suppliers
4.5.2.Bargaining power of consumers
4.5.3.Threat of substitutes
4.5.4.Threat of new entrants
4.5.5.Competitive rivalry intensity
4.7.Impact of COVID-19 on health and wellness market
4.7.1.Pre-covid market scenario
4.7.2.Post-covid market scenario
5.Health and Wellness Market, by Product Type
5.1.1.Market size and forecast, by Product Type
5.2.Beauty & Personal Care Products
5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by region, 2021-2031
5.2.3.Market share analysis, by country 2021 & 2031
5.3.Health & Wellness Food
5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region, 2021-2031
5.3.3.Market share analysis, by country 2021 & 2031
5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, by region, 2021-2031
5.4.3.Market share analysis, by country 2021 & 2031
5.5.1.Key market trends, growth factors, and opportunities
5.5.2.Market size and forecast, by region, 2021-2031
5.5.3.Market share analysis, by country 2021 & 2031
5.6.1.Key market trends, growth factors, and opportunities
5.6.2.Market size and forecast, by region, 2021-2031
5.6.3.Market share analysis, by country 2021 & 2031
5.7.Research Dive Exclusive Insights
6.Health and Wellness Market, by Region
184.108.40.206.Market size analysis, by Product Type
220.127.116.11.Market size analysis, by Product Type
18.104.22.168.Market size analysis, by Product Type
6.1.4.Research Dive Exclusive Insights
22.214.171.124.Market size analysis, by Product Type
126.96.36.199.Market size analysis, by Product Type
188.8.131.52.Market size analysis, by Product Type
184.108.40.206.Market size analysis, by Product Type
220.127.116.11.Market size analysis, by Product Type
6.2.6.Rest of Europe
18.104.22.168.Market size analysis, by Product Type
6.2.7.Research Dive Exclusive Insights
22.214.171.124.Market size analysis, by Product Type
126.96.36.199.Market size analysis, by Product Type
188.8.131.52.Market size analysis, by Product Type
184.108.40.206.Market size analysis, by Product Type
220.127.116.11.Market size analysis, by Product Type
6.3.6.Rest of Asia-Pacific
18.104.22.168.Market size analysis, by Product Type
6.3.7.Research Dive Exclusive Insights
22.214.171.124.Market size analysis, by Product Type
126.96.36.199.Market size analysis, by Product Type
188.8.131.52.Market size analysis, by Product Type
184.108.40.206.Market size analysis, by Product Type
6.4.5.Rest of LAMEA
220.127.116.11.Market size analysis, by Product Type
6.4.6.Research Dive Exclusive Insights
7.1.Top winning strategies, 2021
7.3.Market share analysis, 2021
8.2.B. Braun Melsungen AG
8.5.General Mills Inc.
8.6.Omron Healthcare, Inc.
8.8.Koninklijke Philips N.V.
8.11.Johnson & Johnson Services, Inc.
8.12.The Coca-Cola Company
8.13.F. Hoffmann-La Roche Ltd
9.1.Parent & peer market analysis
9.2.Premium insights from industry experts
The panorama for consumer health and wellness is continuously shifting. Consumers are now focused toward making healthy changes to their lifestyle for living a better life. As people are turning their focus on a more holistic approach to their health and well-being, several brands and manufacturers are hugely investing in health and wellness products as well as services.
The health and wellness sector covers all activities which encourage physical and mental well-being. From healthy diet, personal care, beauty, nutrition, to meditation, weight-loss, spa treatments, and wellness tourism the health and wellness sector takes care of offering all these facilities to customers all across the globe. Today, this sector is experiencing tremendous growth because of the growing emphasis of people on healthcare and their changing lifestyles.
The Rise of Health and Wellness Trends
We live in a modern era, where we have access to various luxury services that can up lift our mental as well as physical well-being. Nowadays, people are opting for spas and thermal & mineral spring treatments. These treatments are seen as a remedy to cure patients suffering from stress, hyper tension, skin infections, abnormal blood circulation, and detoxification of the body. The advantages of thermal springs and health spas are majorly acting as a booster to the growth of health and wellness industry. Furthermore, rising occurrences of chronic disorders and diseases like asthma, arthritis and cancer are increasing the adoption of health and wellness services all across the world. Whereas, rise in trends for organic and sustainable products and services are seen as a major factor boosting the popularity of health and wellness sector.
Health and Wellness Market Trends and Developments
When it comes to current health and wellness craze, there is certainly a lot to keep up with. Several companies are coming up with interesting and new products and services that promise a better life. Some of the foremost players in the health and wellness market are Abbott, L’Oréal, B. Braun Melsungen AG, Nestlé, Omron Healthcare, Inc., General Mills Inc., Medtronic, Koninklijke Philips N.V., Animas LLC, LifeScan, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., The Coca-Cola Company, and others. These players are focused on planning and devising tactics, such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market. For instance:
- In March 2019, L'Oréal, the world's leading beauty company has announced partnership with uBiome, a leader in Microbial Genomics with an aim to advance novel research into the skin micro biome. These micro biomes are nothing but trillions of bacteria that live on the skin and also act a major barrier to your skin. With this partnership, the both these brands aim to conduct new research on the skin’s bacterial eco system, with a goal of providing in-depth skin insights to uBiome’s global community.
- In December 2020, Abbott, an American multinational medical devices and health care company, developed a new Pedialyte Hydration Solution in order to help support immune health, containing prebiotics, zinc, and vitamins E, C and B12. Along with this development, Abbott expanded its Pedialyte product portfolio with four novel product introductions: Pedialyte Sport, Pedialyte with Immune Support, Pedialyte Electrolyte Water with Zero Sugar, and Pedialyte Organic.
- In April 2021, Unilever, a leading consumer goods company, entered into an agreement to acquire a holistic wellness & lifestyle company, Onnit, which is based in Austin, Texas, the U.S. Onnit’s holistic health offering and digital-first model will help Unilever to grow its portfolio of innovative wellness & supplement brands that include Equilibra, OLLY, SmartyPants Vitamins, and Liquid I.V.
Forecast Analysis of the Global Health and Wellness Market
According to the report published by Research Dive, the global health and wellness market is expected to generate a revenue of $12,850.3 billion by 2031, growing tremendously at a CAGR of 10.9% during the forecast period from 2022 to 2031.
Be it beauty & personal care products or health & wellness food, wellness & tourism or fitness equipment, every sector of the health and wellness industry is booming. This is mainly because people today are more health conscious, which is expected to drive the growth of the global health and wellness market during the forecast period 2022-2031. In addition, the growing investments into research and development activities by various companies are fueling the growth of the industry. Considering all these factors, it is clear that the health and wellness industry in on the verge of gaining heights and bring in various novel products and services in the coming years. However, the high costs of products and services is the predicted to restrain the growth of the market.
Most Profitable Region
The North America health and wellness market is expected to be most dominant during the forecast period, owing to the increased disposable income and increased health consciousness among people in the region. In addition, the improved consumer awareness of health & wellness items and the higher demand for healthy products in the region are other factors expected to bolster the growth of the regional market during the forecast period.
Impact of COVID-19 on the Market
The outbreak of COVID-19 has had a positive impact on the growth of the global health and wellness market, mainly because health & wellness emerged as a key focus area among people during the pandemic period. The value of leading a healthy life has gained more recognition among people across the globe. The pandemic has highlighted socio-economic and psychological ramifications, imparting a crucial lesson on health.