Health and Wellness Market

Product Overview

Rishikesh Yogkulam

Health and Wellness Market size was USD 4537.5 billion in 2021 and projected to grow from USD 5394.9 billion in 2023 to USD 11906 billion by 2032, exhibiting a CAGR of 9.2% during the forecast period.

Health and wellness are different concepts that are of greater importance and people of all age groups need to focus on health and wellness. The principle is maintaining health can result in enhanced focus on performing all activities. Maintaining good mental health and body results in leading effective and successful life. Involving in active lifestyle and consuming nutritious foods aids in feeling better. The increasing necessity and demand for environment friendly organic food items and growing demand for sustainable health and wellness products is expected to boost the growth of health and wellness market 

Market Highlights

Health and Wellness Market is expected to project a CAGR of 9.2% during the forecast period, 2022-2032

Health and Wellness Market is expected to reach USD 11906 billion, growing at a CAGR of 9.2% during forecast period owing to the growing expenditure of people on several health and wellness products globally. The increasing disposable incomes along with growing awareness regarding the health and wellness products is expected to boost the market growth. The expenditure by government on expansion of advanced healthcare infrastructure is increasing which is boosting the active & healthy lifestyle of population and is anticipated to drive the growth of the global health and wellness market. The impact of food on the health and happiness is increasing and due to the awareness people are shifting towards consuming natural foods like organic foods to enhance and maintain the physical, emotional and mental health.

Health and Wellness Market Segmentation

Personal Care, Beauty & Anti-Aging segment is expected to grow with high CAGR during the forecast period

Health and Wellness Market is classified based on the Sector into Healthy Eating, Nutrition & Weight Loss; Personal Care, Beauty & Anti-Aging; Physical Activity; Preventive & Personalized Medicine; Wellness Tourism; Spa Economy; Traditional and Complimentary Medicine; Others. Personal Care, Beauty & Anti-Aging segment dominated the market in 2021 and is expected to continue dominance over the forecast period due to the rising concerns of population about the physical appearance and well-being which is resulting in people opting personal Care, beauty & anti-aging products and services. Influence of social media may also drive the demand for the growth of market.

Immunity segment is expected to grow with high CAGR during the forecast period

Health and Wellness Market is classified based on the Functionality into Immunity, Heart & Gut Health, Bone Health, Skin Health, Others. Immunity segment is expected to dominate the market in the forecast period owing to the rising importance of maintaining immunity in individuals which will aid in protecting against any infections. After the pandemic, people are focusing on consuming foods with adequate nutrition as these protect against the attack of various microbes and virus thereby maintaining healthy living.

Market Dynamics

Growth Drivers

Growing Awareness Regarding Leading a Healthy Lifestyle are Expected to Boost the Growth of the Market

The prevalence of chronic diseases is increasing due to the modern living conditions, food habits and life style changes which is anticipated to boost the market growth. Improper exercising, tobacco and alcohol use, consumption of artificial sweeteners, oversaturated fats, and irregular sleeping patterns results in adverse outcomes, like hypertension, diabetes, hyperlipidemia etc. The demand for healthy products is increasing due to the growing awareness maintaining personal hygiene and wellness which is expected to boost the growth of health and wellness industry.

Increasing Demand for Anti-Aging Products May Boost the Growth of the Market

The demand for various skincare products is increasing due to the promises made by them to provide anti-aging and noticeable changes on using them for certain time period. The quality of a ingredients used in products improves the position of cosmetics. The innovation of certain produced made with the combination of "pharmaceuticals" and "cosmetics” termed as cosmeceutical consots of active ingredient with medicinal effect on the skin which enhances the structure and function of the skin, and results in improving the skin appearance and texture. Cosmetic products contain several antioxidants like vitamin C and vitamin E which possess anti-aging properties and aid in decrease the skin's natural degenerative process and is anticipated to boost the market growth.

Restraint

High Cost May Restrain the Growth of the Market

The costs required for production of synthetic ingredients is low and the quality of synthetic raw materials is less compared to natural ingredients which ma restrain market growth. The availability of ingredients has major impact on the price of a supplement which may turn out to be high and result in hampering the growth of the market.

Recent Developments

• In June 2021, Unilever agreed to acquire Paula’s Choice from TA Associates.
• In June 2021, bountiful company introduced Nature’s Bounty Optimal Solutions.
• In May 2021, Unilever partnered with ENOUGH to produce plant-based meat products.

Health and Wellness Market

Key Players Covered:

• L’Oréal
• Abbott
• Omron Healthcare, Inc.
• Nestlé
• LifeScan
• Koninklijke Philips N.V.
• F. Hoffmann-La Roche Ltd
• Medtronic
• Johnson & Johnson Services, Inc.
• The Coca-Cola Company
• General Mills Inc.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Health and Wellness Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The North America region dominated the market in 2021 due to the presence of high demand for health and wellness in countries of this region along with growing health consciousness and disposable incomes which is resulting in creating demand and awareness for health and wellness items. The presence of key market players in this region is expected to boost the market growth. The incidence of chronic diseases may also increase demand for health and wellness market during the forecast period.

Impact of Covid-19 on Health and Wellness Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 had negatively affected several industries but it had a positive impact on the growth of health and wellness market due to the increased popularity of people preferring healthy lifestyle. The awareness on conscious eating, exercising, and maintaining balanced diet had resulted in growth of the market. Covid-19mhad a positive impact on the growth of the Health and Wellness Market

Health and Wellness Market is further segmented by region into

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Health and Wellness Market Scope and Segments:

Frequently Asked Questions (FAQ):