Health and Wellness Market Research, 2031
The global health and wellness market size was valued at $4.7 trillion in 2021 and is projected to reach $12.9 trillion by 2031, growing at a CAGR of 10.9% from 2022 to 2031. Health and wellness have become increasingly important concerns among people, especially the young and middle-aged generation, in the past few years. The growing consumer spending on a wide range of health and wellness goods and services around the world is the main factor driving the global health and wellness market share. The rise of the health and wellness sector is mostly due to the rising burden of physical and mental illnesses including anxiety and depression.
Market Introduction and Definition
The ideas of wellness and good health are highly regarded. Everyone, regardless of age and category, should be aware of these ideas. The reasoning for this is that when people are healthy, they can focus successfully on a variety of tasks and activities. They will also be capable of leading productive lives and achieving their preferred goals and ambitions. Living a productive and successful life requires strong physical and mental health. A fit and healthy person can live life to the fullest without worrying about significant medical issues. Being healthy refers to a person's mental stability or sense of inner calm as well as physical well-being. More people are now adopting a healthy lifestyle like regular healthcare checkups, exercising, and healthy eating habits owing to many prevalent diseases like diabetes, thyroid, blood pressure, and constipation. Thermal mineral water has been used to cure illnesses such as rheumatism, skin problems, and poor digestion since ancient times. People have been traveling to thermal springs for health and healing for at least as long. The rising demand for these facilities is one of the major reasons driving the health and wellness market size.
Customers prefer various wellness services such as spas, gyms, and many others to live a balanced and healthy life and due to increase in concerns about comprehensive well-being and lifestyle changes. These services, however, are expensive and only available to individuals earning minimum wage, which is predicted to have a detrimental influence on the market. Expensive supplements and functional meals and beverages are expected to stymie the growth of the health and wellness industry. These factors are expected to harm the health and wellness market forecast throughout the time period.
Classical diets are being superseded by diets high in industrially processed foods, animal products, refined sugars, fats, and oils. Conversely, there is a link between less consumption of these foods and the (slowly) growing popularity of organic diets and unprocessed organic food products. It can be argued that the growth of the organic food business is already helping to achieve the goals of improving global public health and reducing the negative environmental consequences of food production and processing. As a result, consuming organic food helps preserve lives. All these factors are accounted for the health and wellness market growth.
Competitive Landscape
The key 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.
Market Segmentation
The global health and wellness are segmented on the basis of product type and region. On the basis of product type, the market is segmented into beauty & personal care products, health & wellness food, wellness tourism, fitness equipment, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Product
On the basis of product type, the beauty & personal care products segment dominated the market in 2021. The personal & beauty care products segment expected to have a dominating health and wellness market share. The growing desire for organic and natural beauty and personal care products has affected the growth of the beauty and personal care goods market. Beauty and personal care products have grown steadily over the years, owing to a beauty-conscious female population. Several other variables, such as rising income, increased awareness of the importance of sustaining long-term attractiveness, developing lifestyle, the introduction of an online shopping model, and the creation of a distribution channel, have continued to boost beauty and personal care product market growth.
Regional/Country Market Outlook
On the basis of region, North America dominated the global market in 2021 and is projected to remain the fastest-growing region during the forecast period. North America's rising disposable income, more health consciousness, stronger demand for healthy products, and enhanced consumer knowledge of health and wellness items all fuel demand for health and wellness. Furthermore, the presence of many leading industry players and the varied development methods they have adopted has contributed significantly to the growth of the North American health and wellness market opportunity in the region. Furthermore, there is a growing desire among people to enhance their health by adopting a healthy lifestyle, which includes the use of organic foods, vegan food items, and dietary supplements.
Impact of COVID-19 on the Global Health and Wellness Industry
- COVID-19 has had the most beneficial influence on the worldwide health and wellness industry. An increasing number of customers focused on their mental and physical health during the crisis. Thus, at this terrible time, health and wellness goods provided consumers with a sense of personal control, helped in the cultivation of inner peace, and provided much-needed emotional control.
- People all across the world have grown increasingly conscious of the importance of health well-bringing in recent years. To achieve excellent mental and physical health, health and wellness products are necessary.
- Customers find products and services that uphold the ideals of prevention and protection more relevant as a result of the COVID-19 pandemic. Consumers chose necessities above non-essential pleasures during the pandemic. As individuals seek alternative treatments for the disease, the demand for immunity-boosting supplements, such as ayurveda drugs and commodities, has skyrocketed.
- The coronavirus has spread around the world, causing extensive closures of businesses and local industrial industries. This blockade and isolation have hurt global economic activity.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the market from 2021 to 2031 to identify the prevailing health and wellness market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the health and wellness market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global health and wellness market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global health and wellness market trends, key players, market segments, application areas, and market growth strategies.
Health and Wellness Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 12.9 trillion |
 Growth Rate | CAGR of 10.9% |
 Forecast period | 2021 - 2031 |
 Report Pages | 280 |
 By Product Type |
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 By Region |
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 Key Market Players | Nestle, Abbott Laboratories, L’Oreal, Omron Healthcare, Inc., Animas LLC, B. Braun Melsungen AG, Koninklijke Philips N.V., lifescan, F. Hoffmann-La Roche Ltd, Medtronic, Inc., General Mills Inc., Johnson & Johnson Services, Inc. |
Analyst Review
The major health and wellness industry drivers are the rising demand for spas and thermal & mineral spring facilities throughout the world. In addition, growth in the number of artificial thermal and mineral springs, as well as health spas, to cure physical and mental disorders will offer a substantial boost to the global health and wellness sector. However, the high cost of health and wellness products and services is a significant limitation on industry expansion. Large expenditures are necessary for the establishment and maintenance of thermal springs and health spas, which is expected to restrict the market growth. Growing demand for ecologically responsible organic food items, as well as increasing demand for sustainable health and wellness goods and services, is creating enormous prospects for the health and wellness sector. Existing manufacturers are expanding technical partnerships, acquisitions, and product development to fulfill product demand; this factor is expected to drive market expansion in the near future.
Among the analyzed regions, North America is expected to account for the highest revenue in the market by the end of 2031, followed by Asia-Pacific, Europe, and LAMEA. Growing demand for wellness tourism and favorable government initiatives are the key factors responsible for the leading position of North America and Europe in the global health and wellness market.
Growing demand for spas, along with thermal & mineral spring centres, across the globe is one of the significant health and wellness market drivers. In addition, growing demand for eco-friendly organic food items, as well as increasing demand for sustainable health and wellness goods and services, is also creating enormous growth opportunities for the health and wellness sector.
The increasing demand for eco-friendly organic food items, together with the fast development in the demand for sustainable health and wellness goods and services throughout the world, is expected to boost the health and wellness industry growth.
The major growth strategies adopted by the health and wellness market players are product development and joint ventures.
Asia-Pacific will provide more business opportunities for the global health and wellness market in future.
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. are the major players in the health and wellness market.
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